Table 1 Variable definition.
From: Cultural inclusivity and corporate social responsibility in China
Category | Variable | Definition |
|---|---|---|
Dependent variable | CSR | CSR Indicators from Hexun.com |
Independent variable | CI | Cultural inclusivity index constructed in this article |
Out_diet | Alternative Variable for cultural inclusivity indicator | |
Firm-level control variables | Size | Logarithm of total assets at the end of the year |
Lev | Total liabilities divided by total assets at the end of the year | |
ROA | Net profit after tax divided by total assets | |
BM | Book value divided by market value | |
Attention | Total number of analysts following the firm | |
RET | Annual stock return | |
Turnover | Turnover rate of total assets | |
TOP_1 | Proportion of the largest shareholder’s shareholding in the total share capital | |
TOP_10 | Proportion of shares held by the top ten shareholders to the total share capital | |
SOE | Dummy variable of property rights is taken as 1 for state-owned enterprises and 0 for others | |
Boardsize | Total number of directors | |
Indeboard | Proportion of independent directors to the total number of directors | |
Sep | Separation rate of management right and ownership | |
Lncom | Logarithm of management compensation | |
CO_CEO | Dummy variable: CO_CEO is 1 for dual role for the board chairman, otherwise 0 | |
Geographic level control cariables | GDP_per | Local per capita GDP |
GDP_growth | local GDP growth rate | |
Pop_growth | Local population growth | |
Consume_per | Logarithm of local per capita consumption |
