Table 11 The heterogeneity of CSR’s moderate role in stock return for companies with lower VS higher financial leverage.
Higher financial leverage | Lower financial leverage | |||||
|---|---|---|---|---|---|---|
WkRtn% | WkRtn% | WkRtn% | WkRtn% | WkRtn% | WkRtn% | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Logcovid19 | −0.763*** [0.061] | −0.747*** [0.058] | −0.772*** [0.057] | −0.462*** [0.061] | −0.423*** [0.058] | −0.463*** [0.058] |
CSR | 0.034 [0.384] | −0.354 [0.399] | ||||
CSR*Logcovid19 | 0 [0.051] | 0.077 [0.054] | ||||
StrategicCSR | 0.295 [0.418] | 0.207 [0.485] | ||||
StrategicCSR*LogCovid19 | −0.052 [0.056] | −0.038 [0.065] | ||||
ResponsiveCSR | −0.259 [0.493] | −0.835* [0.486] | ||||
ResponsiveCSR*LogCovid19 | 0.051 [0.066] | 0.163** [0.066] | ||||
Size | −0.200*** [0.051] | −0.181*** [0.052] | −0.194*** [0.048] | −0.106 [0.065] | −0.07 [0.066] | −0.085 [0.063] |
Leverage | 0.03 [0.293] | 0.017 [0.293] | 0.03 [0.293] | 0.467 [0.549] | 0.5 [0.548] | 0.454 [0.549] |
ROA | 0.563** [0.231] | 0.563** [0.231] | 0.563** [0.231] | 0.113 [0.426] | 0.149 [0.426] | 0.117 [0.426] |
MtB | −0.120* [0.064] | −0.113* [0.065] | −0.117* [0.064] | 0.016 [0.043] | 0.02 [0.043] | 0.019 [0.043] |
Age | 0.065 [0.082] | 0.068 [0.082] | 0.068 [0.082] | 0.058 [0.082] | 0.064 [0.082] | 0.071 [0.082] |
SOE | 0.219* [0.128] | 0.230* [0.129] | 0.227* [0.128] | −0.149 [0.146] | −0.141 [0.146] | −0.12 [0.146] |
Cash | −0.082 [0.767] | −0.085 [0.767] | −0.081 [0.767] | −0.168 [0.779] | −0.136 [0.779] | −0.155 [0.778] |
Growth | 0.128 [0.145] | 0.127 [0.145] | 0.125 [0.145] | 0.388** [0.191] | 0.379** [0.191] | 0.369* [0.191] |
Constant | 11.169*** [1.392] | 10.670*** [1.439] | 11.028*** [1.354] | 7.919*** [1.628] | 6.972*** [1.636] | 7.487*** [1.597] |
Week FE | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
N | 16774 | 16774 | 16774 | 16441 | 16441 | 16441 |
adj. R-sq | 0.054 | 0.054 | 0.054 | 0.04 | 0.04 | 0.04 |
