Table 12 Exogenous test of instrumental variables.
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
CSR | CER | CSR | CER | |
Pay | 5.536*** | 0.784** | ||
(0.928) | (0.341) | |||
IV_S | −0.466 | 0.022 | ||
(0.792) | (0.321) | |||
Share | −0.112*** | −0.064*** | ||
(0.039) | (0.012) | |||
IV_E | 0.771 | 0.138 | ||
(0.644) | (0.251) | |||
Lev | −12.025*** | 1.173 | −15.218*** | 0.436 |
(3.046) | (1.082) | (3.380) | (1.134) | |
TobinQ | 0.228 | 0.161* | −0.122 | 0.070 |
(0.291) | (0.087) | (0.394) | (0.090) | |
Age | −1.681*** | −0.545*** | −1.277*** | −0.506*** |
(0.296) | (0.100) | (0.323) | (0.103) | |
ROE | 0.003 | −0.001** | 0.003 | −0.001** |
(0.003) | (0.000) | (0.002) | (0.000) | |
Dual | −1.897** | −0.645* | −2.289*** | −0.812** |
(0.844) | (0.331) | (0.854) | (0.329) | |
Size | 1.678** | 0.571** | 2.197*** | 0.612** |
(0.740) | (0.273) | (0.830) | (0.278) | |
HHI1 | −0.202 | −0.049 | −0.184 | −0.045 |
(0.161) | (0.058) | (0.163) | (0.057) | |
Top1 | 0.203 | 0.021 | 0.223 | 0.026 |
(0.142) | (0.050) | (0.144) | (0.050) | |
Senior | −0.440** | −0.105 | −0.079 | −0.043 |
(0.183) | (0.072) | (0.184) | (0.068) | |
2010.Year | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | |
2011.Year | 2.292** | 0.765** | 2.411** | 0.921** |
(0.935) | (0.349) | (1.007) | (0.375) | |
2012.Year | 4.565*** | 1.429*** | 4.671*** | 1.548*** |
(1.104) | (0.411) | (1.197) | (0.436) | |
2013.Year | 6.199*** | 1.505*** | 6.022*** | 1.588*** |
(1.309) | (0.428) | (1.450) | (0.462) | |
2014.Year | −2.963** | −1.465*** | −3.287** | −1.446*** |
(1.234) | (0.429) | (1.460) | (0.476) | |
2015.Year | −0.520 | −0.499 | −1.133 | −0.477 |
(1.529) | (0.464) | (1.810) | (0.534) | |
2016.Year | 4.650*** | 1.317** | 3.284 | 1.211** |
(1.634) | (0.514) | (1.995) | (0.612) | |
2017.Year | −2.077 | −1.041** | −3.765* | −1.202** |
(1.578) | (0.468) | (2.006) | (0.583) | |
2018.Year | −1.211 | −0.542 | −2.967 | −0.611 |
(1.736) | (0.493) | (2.269) | (0.638) | |
2019.Year | 0.595 | −0.161 | −0.638 | −0.305 |
(1.952) | (0.564) | (2.536) | (0.736) | |
2020.Year | 1.426 | 0.282 | −0.271 | 0.152 |
(2.138) | (0.599) | (2.789) | (0.782) | |
2021o.Year | 0.000 | 0.000 | 0.000 | 0.000 |
(0.000) | (0.000) | (0.000) | (0.000) | |
_cons | −47.082*** | −7.863* | 24.205*** | 3.377 |
(13.674) | (4.699) | (8.064) | (2.674) | |
Observations | 3205 | 3205 | 2780 | 2780 |
R-squared | 0.229 | 0.188 | 0.220 | 0.194 |
