Table 3 Baseline results.
From: Earnings pressure and firm value: the shifting moderating effect of corporate social responsibility
2010–2012 | 2010–2013 | 2010–2014 | 2010–2015 | 2010–2016 | 2010–2017 | 2010–2018 | 2010–2019 | 2010–2020 | |
|---|---|---|---|---|---|---|---|---|---|
CAR[−1,1] | CAR[−1,1] | CAR[−1,1] | CAR[−1,1] | CAR[−1,1] | CAR[−1,1] | CAR[−1,1] | CAR[−1,1] | CAR[−1,1] | |
P_Epre×CSR | −0.030* (−1.83) | −0.012 (−1.05) | 0.007 (0.74) | 0.005 (0.57) | 0.005 (0.69) | 0.004 (0.64) | 0.020*** (3.24) | 0.027*** (4.68) | 0.022*** (3.91) |
P_Epre | 0.969* (1.95) | 0.389 (1.16) | 0.270 (0.96) | 0.239 (1.10) | 0.055 (0.31) | −0.019 (−0.12) | −0.399*** (-2.71) | −0.469*** (-3.61) | −0.486*** (-4.00) |
CSR | −0.004 (−0.38) | 0.004 (0.47) | 0.014** (2.35) | 0.011** (2.43) | 0.007* (1.69) | 0.010*** (2.88) | 0.012*** (3.46) | 0.013*** (3.71) | 0.012*** (3.59) |
N_Epre | −0.309 (−0.22) | −0.384 (−0.32) | 0.385 (0.35) | 0.178 (0.18) | −0.402 (−0.45) | −0.763 (−0.96) | −1.189* (−1.65) | −1.079 (−1.56) | −1.303** (-2.07) |
Size | −0.372 (−0.58) | −0.663 (−1.44) | −0.508 (−1.18) | −0.436 (−1.37) | −0.503** (-2.06) | −0.582*** (-2.83) | −0.406** (-2.15) | −0.129 (−0.74) | −0.052 (−0.32) |
Age | 1.530*** (2.88) | 0.996** (2.51) | 1.273*** (3.76) | 1.137*** (4.08) | 1.252*** (5.31) | 1.384*** (6.66) | 1.377*** (7.20) | 1.277*** (7.42) | 1.269*** (7.98) |
LEV | 0.549 (0.32) | 1.670 (1.41) | 1.534 (1.51) | 0.347 (0.45) | 0.284 (0.46) | −0.281 (−0.52) | −0.918* (−1.84) | −1.278*** (-2.70) | −1.447*** (-3.20) |
BM | 3.927*** (3.72) | 3.810*** (5.16) | 2.983*** (4.59) | 1.925*** (3.59) | 1.677*** (3.70) | 1.732*** (4.39) | 0.828** (2.33) | 0.286 (0.86) | 0.333 (1.08) |
OI | −0.187 (−0.45) | 0.359 (1.12) | 0.348 (1.19) | 0.286 (1.26) | 0.333* (1.89) | 0.374** (2.44) | 0.251* (1.73) | 0.103 (0.77) | 0.041 (0.32) |
SOE | −0.840 (−0.78) | −0.433 (−0.60) | −0.169 (−0.28) | −0.000 (−0.00) | −0.333 (−0.77) | −0.406 (−1.04) | −0.158 (−0.44) | −0.077 (−0.23) | −0.376 (−1.36) |
Polluting | −0.870 (−0.91) | −0.253 (−0.35) | −0.734 (−1.22) | −0.396 (−0.80) | −0.347 (−0.77) | −0.135 (−0.33) | −0.468 (−1.25) | −0.240 (−0.68) | −0.064 (−0.19) |
Duality | 0.160 (0.31) | −0.123 (−0.37) | 0.192 (0.68) | 0.083 (0.36) | 0.015 (0.08) | 0.003 (0.02) | 0.093 (0.56) | −0.026 (−0.16) | 0.036 (0.25) |
Inshold | 2.507 (1.28) | −0.817 (−0.61) | 1.780 (1.62) | 0.798 (0.99) | 1.205* (1.80) | 0.834 (1.42) | 0.724 (1.32) | 1.155** (2.23) | 1.003** (2.02) |
Top1 | -3.439 (−1.13) | -2.962 (−1.53) | -3.625** (-2.26) | −1.780 (−1.51) | −1.743* (−1.81) | −0.488 (−0.59) | 0.985 (1.28) | 0.864 (1.20) | 0.726 (1.07) |
BS | 0.008 (0.14) | 0.036 (0.78) | 0.011 (0.29) | −0.005 (−0.17) | 0.006 (0.23) | 0.016 (0.69) | 0.016 (0.74) | 0.005 (0.23) | 0.009 (0.46) |
PID | 0.794 (0.39) | −0.231 (−0.16) | 0.204 (0.16) | 0.470 (0.46) | 0.419 (0.49) | 0.331 (0.44) | 0.274 (0.40) | 0.622 (0.98) | 0.558 (0.95) |
Constant | 6.120 (0.54) | 2.525 (0.36) | −1.840 (−0.27) | −0.905 (−0.19) | −0.480 (−0.13) | −0.088 (−0.03) | −0.938 (−0.33) | -3.431 (−1.30) | -3.484 (−1.43) |
Year FE | Y | Y | Y | Y | Y | Y | Y | Y | Y |
Firm FE | Y | Y | Y | Y | Y | Y | Y | Y | Y |
Obs. | 4466 | 6134 | 7757 | 9529 | 11467 | 13459 | 15673 | 17767 | 19641 |
Adj_R2 | 0.033 | 0.020 | 0.016 | 0.014 | 0.014 | 0.022 | 0.019 | 0.019 | 0.018 |
