Table 10 Two-stage regression results (Models 1 & 3).
Variables | First Stage | Second Stage | |||||||
|---|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
DV = CSR | DV = TQ | DV = ROA | DV = ROE | DV = ROIC | DV = TQ | DV = ROA | DV = ROE | DV = ROIC | |
PrCSR | −0.350*** | −1.233*** | −1.744*** | −1.465*** | −0.357*** | −1.107*** | −1.612*** | −1.289*** | |
(0.043) | (0.259) | (0.441) | (0.301) | (0.044) | (0.277) | (0.491) | (0.322) | ||
CSR_IND | 0.492*** | ||||||||
(0.082) | |||||||||
CSR_INI | 1.352*** | ||||||||
(0.046) | |||||||||
MVAIC | 0.005 | −0.006 | 1.553*** | 2.067*** | 1.515*** | −0.007 | 1.623*** | 2.415*** | 1.627*** |
(0.009) | (0.017) | (0.161) | (0.278) | (0.187) | (0.020) | (0.170) | (0.312) | (0.201) | |
PrCSR*MVAIC | 0.006 | −0.499*** | −0.869*** | −0.513*** | |||||
(0.015) | (0.140) | (0.256) | (0.166) | ||||||
_cons | −1.797*** | −4.333*** | −28.026*** | −56.459*** | −35.896*** | −4.351*** | −27.523*** | −55.555*** | −35.791*** |
(0.256) | (0.505) | (3.239) | (6.196) | (4.253) | (0.514) | (3.362) | (6.767) | (4.446) | |
Control variables | Included | ||||||||
Observations | 776 | 776 | 776 | 776 | 776 | 776 | 776 | 776 | 776 |
Wald chi2 | 2103.86 | 517.52 | 965.44 | 937.42 | 953.28 | 508.35 | 875.51 | 803.73 | 848.20 |
Kleibergen-Paap rk LM statistics (under-identification test) | 43.338 (P = 0.0000) | ||||||||
Kleibergen-Paap rk Wald F statistic (weak identification test) | 250.852 | ||||||||
Hansen J statistic (over-identification test) (p-value) | 0.1349 | 0.9337 | 0.9633 | 0.9595 | 0.1040 | 0.9057 | 0.8692 | 0.8921 | |
Year/Sector Dummies | Included | ||||||||
