Table 12 The heterogeneity of CSR’s moderate role in stock return recovery for companies with lower VS higher financial leverage.
Higher financial leverage | Lower financial leverage | |||||
|---|---|---|---|---|---|---|
RtnRecovery | RtnRecovery | RtnRecovery | RtnRecovery | RtnRecovery | RtnRecovery | |
Logcovid19 | 0 [0.134] | 0 [0.128] | 0 [0.125] | −0.001 [0.146] | 0 [0.140] | −0.001 [0.140] |
CSR | 2.318*** [0.844] | −0.461 [0.960] | ||||
CSR*Logcovid19 | −0.002 [0.013] | 0.001 [0.129] | ||||
StrategicCSR | 0.589 [0.920] | 0.995 [1.167] | ||||
StrategicCSR*LogCovid19 | −0.001 [0.012] | 0.002* [0.001] | ||||
ResponsiveCSR | 2.406** [1.082] | −1.406 [1.169] | ||||
ResponsiveCSR*LogCovid19 | −0.002 [0.146] | 0.001 [0.158] | ||||
Size | −0.539*** [0.113] | −0.257** [0.115] | −0.153 [0.105] | 0.143 [0.157] | −0.046 [0.158] | 0.107 [0.153] |
Leverage | −4.425*** [0.645] | −4.743*** [0.646] | −4.665*** [0.645] | −6.476*** [1.320] | −6.563*** [1.319] | −6.360*** [1.320] |
ROA | −1.400*** [0.507] | −1.379*** [0.508] | −1.378*** [0.507] | 0.059 [1.025] | −0.084 [1.024] | 0.103 [1.024] |
MtB | −0.226 [0.141] | −0.13 [0.142] | −0.073 [0.141] | −1.075*** [0.104] | −1.095*** [0.104] | −1.081*** [0.104] |
Age | −0.596*** [0.180] | −0.595*** [0.180] | −0.521*** [0.180] | −0.400** [0.197] | −0.453** [0.197] | −0.446** [0.197] |
SOE | 0.116 [0.281] | 0.18 [0.283] | 0.407 [0.281] | −1.692*** [0.350] | −1.782*** [0.352] | −1.811*** [0.351] |
Cash | 2.922* [1.682] | 2.828* [1.686] | 2.870* [1.683] | 7.229*** [1.874] | 7.059*** [1.874] | 7.222*** [1.873] |
Growth | −1.760*** [0.318] | −1.733*** [0.319] | −1.809*** [0.318] | 0.25 [0.459] | 0.34 [0.460] | 0.325 [0.459] |
Constant | 19.454*** [3.053] | 15.270*** [3.166] | 10.423*** [2.972] | 6.737* [3.920] | 10.395*** [3.937] | 7.629** [3.843] |
Week FE | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
N | 16734 | 16734 | 16734 | 16431 | 16431 | 16431 |
adj. R-sq | 0.046 | 0.042 | 0.045 | 0.049 | 0.049 | 0.05 |
