Table 7 COVID-19 shock, CSR and stock daily return.

From: The effects of heterogeneous CSR on corporate stock performance: evidence from COVID-19 pandemic in China

 

Day_Return (1)

Day_Return (2)

Day_Return (3)

LogCovid19day

−7.973*** [0.603]

−2.356*** [0.018]

−2.389*** [0.018]

CSR

−0.173*** [0.038]

  

CSR*LogCovid19day

0.061*** [0.009]

  

StrategicCSR

 

0.152*** [0.044]

 

StrategicCSR*LogCovid19day

 

−0.032*** [0.010]

 

ResponsiveCSR

  

−0.467*** [0.048]

ResponsiveCSR*LogCovid19day

  

0.134*** [0.011]

Size

0.001 [0.008]

0.008 [0.008]

0.011 [0.007]

Leverage

−0.117*** [0.037]

−0.120*** [0.037]

−0.122*** [0.037]

ROA

0.074* [0.038]

0.079** [0.038]

0.076** [0.038]

MtB

0.012* [0.007]

0.013* [0.007]

0.014** [0.007]

Age

−0.039*** [0.012]

−0.039*** [0.012]

−0.037*** [0.012]

SOE

0.056*** [0.019]

0.055*** [0.020]

0.063*** [0.020]

Cash

0.282*** [0.107]

0.287*** [0.107]

0.284*** [0.107]

Growth

0.106*** [0.023]

0.108*** [0.023]

0.104*** [0.023]

Constant

2.129*** [0.203]

10.587*** [0.231]

10.604*** [0.222]

Day FE

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

N

152370

152370

152370

adj. R-sq

0.371

0.371

0.371

  1. Note: [] denotes standard errors. ***, **, and * denote significance levels at 1, 5, and 10%, respectively.
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