Table 9 The heterogeneity of CSR’s moderate role in stock return for state VS non-state companies.
Non-State Cpmpanies | State Companies | |||||
|---|---|---|---|---|---|---|
WkRtn% | WkRtn% | WkRtn% | WkRtn% | WkRtn% | WkRtn% | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Logcovid19 | −0.510*** [0.053] | −0.483*** [0.051] | −0.493*** [0.051] | −0.913*** [0.072] | −0.889*** [0.069] | −0.892*** [0.065] |
CSR | −0.509 [0.353] | −0.361 [0.443] | ||||
CSR*Logcovid19 | 0.097** [0.047] | 0.044 [0.059] | ||||
StrategicCSR | −0.45 [0.453] | −0.154 [0.441] | ||||
StrategicCSR*LogCovid19 | 0.057 [0.061] | 0.005 [0.059] | ||||
ResponsiveCSR | −0.427 [0.415] | −0.098 [0.634] | ||||
ResponsiveCSR*LogCovid19 | 0.094* [0.056] | 0.035 [0.085] | ||||
Size | −0.190*** [0.053] | −0.155*** [0.053] | −0.167*** [0.051] | −0.112** [0.056] | −0.099* [0.057] | −0.115** [0.053] |
Leverage | −0.163 [0.216] | −0.181 [0.216] | −0.17 [0.216] | 0.578* [0.342] | 0.56 [0.343] | 0.549 [0.344] |
ROA | 0.448** [0.209] | 0.462** [0.209] | 0.455** [0.209] | 0.097 [0.478] | 0.082 [0.478] | 0.065 [0.479] |
MtB | −0.03 [0.043] | −0.026 [0.043] | −0.025 [0.042] | −0.043 [0.065] | −0.043 [0.065] | −0.048 [0.065] |
Age | 0.094 [0.070] | 0.098 [0.070] | 0.103 [0.070] | 0.067 [0.107] | 0.073 [0.107] | 0.073 [0.107] |
Cash | −0.201 [0.634] | −0.169 [0.635] | −0.181 [0.634] | 0.597 [0.958] | 0.587 [0.958] | 0.587 [0.958] |
Growth | 0.253* [0.138] | 0.253* [0.138] | 0.242* [0.138] | 0.176 [0.204] | 0.173 [0.204] | 0.172 [0.204] |
Constant | 9.004*** [1.462] | 8.217*** [1.476] | 8.398*** [1.436] | 11.037*** [1.493] | 10.544*** [1.525] | 10.846*** [1.448] |
Week FE | Yes | Yes | Yes | Yes | Yes | Yes |
Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
N | 23158 | 23158 | 23158 | 10057 | 10057 | 10057 |
adj. R-sq | 0.046 | 0.045 | 0.046 | 0.055 | 0.055 | 0.055 |
