Table 13 The heterogeneity of CSR’s moderate role in stock return for smaller VS larger companies.
Lager companies | Smaller companies | |||||
|---|---|---|---|---|---|---|
WkRtn% | WkRtn% | WkRtn% | WkRtn% | WkRtn% | WkRtn% | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Logcovid19 | −0.513*** [0.061] | −0.476*** [0.057] | −0.556*** [0.055] | −0.680*** [0.062] | −0.664*** [0.060] | −0.686*** [0.061] |
CSR | 0.157 [0.370] | 0.037 [0.443] | ||||
CSR*Logcovid19 | −0.027 [0.050] | 0.032 [0.060] | ||||
StrategicCSR | 0.805** [0.374] | 0.43 [0.653] | ||||
StrategicCSR*LogCovid19 | −0.130*** [0.050] | −0.057 [0.088] | ||||
ResponsiveCSR | −0.929** [0.467] | −0.232 [0.511] | ||||
ResponsiveCSR*LogCovid19 | 0.146** [0.063] | 0.078 [0.069] | ||||
Size | −0.173*** [0.057] | −0.155*** [0.058] | −0.177*** [0.054] | −0.216** [0.109] | −0.176 [0.108] | −0.205* [0.108] |
Leverage | 0.19 [0.326] | 0.174 [0.327] | 0.188 [0.326] | −0.042 [0.228] | −0.051 [0.228] | −0.05 [0.228] |
ROA | 1.116* [0.574] | 1.117* [0.573] | 1.104* [0.573] | 0.412** [0.210] | 0.431** [0.209] | 0.414** [0.209] |
MtB | 0.038 [0.063] | 0.042 [0.063] | 0.038 [0.063] | −0.058 [0.051] | −0.052 [0.051] | −0.059 [0.051] |
Age | 0.076 [0.082] | 0.084 [0.082] | 0.081 [0.082] | 0.083 [0.084] | 0.085 [0.084] | 0.094 [0.084] |
SOE | 0.161 [0.117] | 0.175 [0.118] | 0.17 [0.118] | −0.136 [0.163] | −0.124 [0.164] | −0.112 [0.163] |
Cash | −0.836 [0.806] | −0.825 [0.806] | −0.842 [0.806] | −0.001 [0.725] | 0.013 [0.725] | −0.005 [0.725] |
Growth | 0.185 [0.161] | 0.18 [0.161] | 0.182 [0.161] | 0.205 [0.164] | 0.207 [0.164] | 0.195 [0.164] |
Constant | 9.332*** [1.593] | 8.611*** [1.627] | 9.639*** [1.546] | 11.230*** [2.471] | 10.444*** [2.459] | 11.016*** [2.456] |
Week FE | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
N | 16844 | 16844 | 16844 | 16371 | 16371 | 16371 |
adj. R-sq | 0.034 | 0.035 | 0.035 | 0.059 | 0.059 | 0.059 |
