Table 5 The effects of heterogenous CSR on the association between COVID-19 and corporate stock return.
WkRtn% (1) | WkRtn% (2) | WkRtn% (3) | |
|---|---|---|---|
Logcovid19 | −0.598*** [0.040] | −0.584*** [0.041] | −0.619*** [0.041] |
StrategicCSR | 0.318 [0.315] | ||
StrategicCSR*LogCovid19 | −0.055 [0.042] | ||
ResponsiveCSR | −0.552 [0.346] | ||
ResponsiveCSR*LogCovid19 | 0.110** [0.047] | ||
Size | −0.144*** [0.036] | −0.133*** [0.039] | −0.146*** [0.036] |
Leverage | −0.003 [0.179] | −0.009 [0.179] | −0.005 [0.179] |
ROA | 0.512*** [0.184] | 0.513*** [0.184] | 0.500*** [0.184] |
MtB | −0.028 [0.035] | −0.026 [0.035] | −0.027 [0.035] |
Age | 0.079 [0.056] | 0.081 [0.056] | 0.084 [0.056] |
SOE | 0.05 [0.095] | 0.058 [0.095] | 0.066 [0.095] |
Cash | −0.108 [0.519] | −0.105 [0.519] | −0.124 [0.519] |
Growth | 0.217* [0.113] | 0.213* [0.113] | 0.206* [0.113] |
Constant | 9.296*** [0.985] | 8.947*** [1.033] | 9.334*** [0.988] |
Week FE | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes |
N | 33215 | 33215 | 33215 |
adj. R-sq | 0.045 | 0.045 | 0.045 |
