Table 14 The heterogeneity of CSR’s moderate role in stock return recovery for smaller VS larger companies.
Lager companies | Smaller companies | |||||
|---|---|---|---|---|---|---|
RtnRecovery | RtnRecovery | RtnRecovery | RtnRecovery | RtnRecovery | RtnRecovery | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Logcovid19 | 0 [0.133] | −0.001 [0.125] | 0 [0.120] | −0.002 [0.148] | −0.002 [0.144] | −0.002 [0.146] |
CSR | 1.523* [0.815] | 0.632 [1.060] | ||||
CSR*Logcovid19 | 0.126 [0.110] | −0.001 [0.143] | ||||
StrategicCSR | 0.183 [0.824] | 1.355 [1.561] | ||||
StrategicCSR*LogCovid19 | 0.189* [0.110] | −0.001 [0.210] | ||||
ResponsiveCSR | 1.51 [1.028] | −0.117 [1.222] | ||||
ResponsiveCSR*LogCovid19 | −0.001 [0.139] | 0 [0.165] | ||||
Size | 0.404*** [0.125] | 0.579*** [0.128] | 0.652*** [0.119] | −1.178*** [0.261] | −1.165*** [0.258] | −1.068*** [0.259] |
Leverage | −5.026*** [0.721] | −5.122*** [0.723] | −5.223*** [0.721] | −1.365** [0.546] | −1.354** [0.546] | −1.388** [0.546] |
ROA | −1.969 [1.273] | −1.719 [1.273] | −1.751 [1.272] | 0.184 [0.501] | 0.198 [0.501] | 0.237 [0.501] |
MtB | −0.048 [0.138] | −0.021 [0.139] | −0.003 [0.138] | −1.409*** [0.122] | −1.394*** [0.122] | −1.393*** [0.122] |
Age | −0.236 [0.180] | −0.225 [0.181] | −0.146 [0.181] | −0.109 [0.200] | −0.158 [0.201] | −0.104 [0.200] |
SOE | 0.573** [0.258] | 0.588** [0.260] | 0.741*** [0.259] | −2.290*** [0.391] | −2.371*** [0.392] | −2.263*** [0.391] |
Cash | 5.134*** [1.774] | 5.204*** [1.775] | 5.171*** [1.773] | 4.882*** [1.733] | 4.919*** [1.733] | 4.922*** [1.733] |
Growth | −0.29 [0.354] | −0.297 [0.354] | −0.358 [0.354] | −1.584*** [0.394] | −1.534*** [0.394] | −1.577*** [0.394] |
Constant | −6.061* [3.505] | −9.428*** [3.582] | −11.956*** [3.402] | 35.570*** [5.911] | 35.658*** [5.880] | 33.755*** [5.876] |
Week FE | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
N | 16804 | 16804 | 16804 | 16361 | 16361 | 16361 |
adj. R-sq | 0.037 | 0.036 | 0.037 | 0.051 | 0.052 | 0.051 |
