Table 7 External Influence of Cultural Inclusivity.

From: Cultural inclusivity and corporate social responsibility in China

 

(1)

(2)

(3)

(4)

 

Stage1

Stage2

Stage1

Stage2

Dependent variable

Ge

CSR

Pg

CSR

CI

0.163*** (32.900)

 

-0.179*** (-24.252)

 

Ge

 

18.257*** (4.229)

  

Po

   

-16.652*** (-4.240)

Pm

    

Cont.

Fixed-Effects

Observations

10140

10140

10140

10140

R-squared

0.277

0.307

0.270

0.298

  1. Significance: ***p < 0.01, **p < 0.05, *p < 0.1.
  2. Note: F.cont.: firm-level control variables; R. cont.: regional-level control variables.