Table 4 Heterogeneity analysis of industry: polluting vs non-polluting firms.

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]

Panel A: Polluting firms

P_Epre×CSR

−0.033 (−1.32)

−0.010 (−0.63)

0.007 (0.49)

0.007 (0.63)

0.009 (0.98)

0.008 (0.90)

0.016* (1.79)

0.016* (1.72)

0.013 (1.45)

P_Epre

0.520 (0.64)

0.224 (0.46)

0.138 (0.35)

0.131 (0.41)

0.093 (0.35)

0.089 (0.36)

−0.189 (−0.76)

−0.109 (−0.51)

−0.059 (−0.30)

CSR

0.009 (0.51)

0.011 (0.89)

0.012 (1.27)

0.014** (2.03)

0.015** (2.35)

0.015*** (2.60)

0.016*** (2.61)

0.016*** (2.78)

0.016*** (2.80)

Controls

Y

Y

Y

Y

Y

Y

Y

Y

Y

Year FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Obs.

1423

1958

2480

3044

3633

4237

4885

5508

6086

Adj_R2

0.029

0.018

0.014

0.011

0.009

0.012

0.010

0.009

0.011

Panel B: Non-polluting firms

P_Epre×CSR

−0.027 (−1.26)

−0.015 (−0.95)

0.011 (0.76)

0.004 (0.38)

0.003 (0.30)

0.002 (0.25)

0.023*** (2.74)

0.034*** (4.42)

0.026*** (3.54)

P_Epre

1.257** (1.96)

0.558 (1.19)

0.204 (0.53)

0.222 (0.76)

−0.016 (−0.07)

−0.112 (−0.52)

−0.550*** (-2.92)

−0.650*** (-3.87)

−0.666*** (-4.28)

CSR

−0.007 (−0.49)

0.002 (0.18)

0.015** (2.00)

0.010* (1.66)

0.003 (0.67)

0.009* (1.92)

0.012*** (2.64)

0.012*** (2.98)

0.012*** (2.79)

Controls

Y

Y

Y

Y

Y

Y

Y

Y

Y

Year FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Obs.

3043

4176

5277

6485

7834

9222

10788

12259

13555

Adj_R2

0.038

0.022

0.018

0.016

0.017

0.026

0.024

0.024

0.023

  1. This table presents the heterogeneity analysis across industries, with the cumulative abnormal return (CAR[−1,1]) as the dependent variable. Each successive column extends the analysis by incorporating an additional year. Variable definitions are provided in Table 1. All regression models include firm and year fixed effects. t-statistics are reported in parentheses, and ***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively. Standard errors are clustered at the firm level.
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