Table 7 Heckman two-stage regression results.

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

 

First stage

Second stage

 

Treatment (1)

Tqt+1 (2)

Tpa_mean

0.102*** (2.578)

 

Tpa

 

0.038*** (3.187)

Lev

0.307 (1.226)

−0.071 (−0.544)

Ddbl

1.208* (1.834)

0.669** (2.041)

Ctr

−0.007*** (−2.671)

0.006*** (4.401)

Grow

−0.125 (−1.425)

0.074** (1.967)

Ocf

−1.001 (−1.615)

2.031*** (3.352)

Age

−0.001 (−0.173)

−0.004 (−1.236)

Big4

0.042 (0.338)

−0.004 (−0.054)

Size

0.197*** (4.060)

−0.069** (−2.351)

Analysts

−0.078** (−1.978)

0.051** (2.570)

State

0.617*** (6.820)

−0.084 (−1.597)

Mb

−0.364* (−1.677)

−2.591*** (−15.200)

Charity

0.053*** (3.056)

−0.006 (−0.522)

lambda

 

0.302 (0.509)

_cons

−5.587*** (−5.968)

4.605*** (7.353)

R2

0.529

0.598

N

1343

1305

  1. *,**,*** indicate significance level of 0.1/0.05/0.01, respectively. Figures in parentheses are the values of standard errors.
Back to article page