Table 3 Definition of variables.

From: Has corporate involvement in government-initiated corporate social responsibility activities increased corporate value?—Evidence from China’s Targeted Poverty Alleviation

Type of variable

Symbol

Definition

Dependent variable

Tq

(Market value of equity + Market value of net debt)/(Total assets at year-end – Net intangible assets – Net goodwill)

ROA

Net profit as a percentage of average total assets for the year

Vcsr

Dummy variable, takes the value of 1 if listed companies voluntarily disclose CSR reports, and 0 otherwise.

TPA1-6

1–6 respectively indicates if corporations take part in industrial development, education, employment transfer, healthcare, ecological protection, basic living standards guarantee

Explanatory variable

Treatment1

Dummy variable, takes the value of 1 if corporation participates in TPA from 2016 to 2018, and 0 otherwise.

Treatment2

Dummy variable, takes the value of 1 if corporation made monetary donations to TPA from 2016 to 2018, and 0 otherwise.

Treatment3

Dummy variable, takes the value of 1 if corporation made resource donations to TPA from 2016 to 2018, and 0 otherwise.

Post

Takes the value of 1 if year is 2016 or later, and 0 otherwise.

Control variable

Lev

Total liabilities / Total assets

Idr

Independent directors / Board of directors

Ctr

Shareholding ratio of the largest shareholder

Grow

(Amount of total operating revenues for the current year—amount of total operating revenues for the same period of the previous year) / (amount of total operating revenues for the same period of the previous year)

Ocf

Operating cash flow/total assets at end of period

Age

Cumulative years of operation from the year the company was listed to the year of observation

Size

Logarithm of total corporate assets

Analysts

Logarithm of analysts’ attention

Big4

Takes the value of 1 if audited by Big 4, and 0 otherwise.

State

Takes the value of 1 if the ultimate controller is the government, and 0 otherwise.

Mb

Ratio of book value to market value of the company at the end of the year

Charity_ln

Natural logarithm of the total amount of corporate charitable donations apart from TPA inputs

Industry

Industry dummy variable, taking the first code of the China Securities Regulatory Commission’s 2012 “Industry Classification Guidelines for Listed Companies”

Year

Annual dummy variable

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