Table 5 Heterogeneity analysis of ownership: SOEs and Non-SOEs.

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: SOEs

P_Epre×CSR

−0.050** (-2.37)

−0.007 (−0.54)

0.012 (0.93)

0.010 (1.00)

0.011 (1.30)

0.010 (1.25)

0.014* (1.94)

0.012* (1.70)

0.008 (1.20)

P_Epre

2.440*** (3.42)

0.540 (1.18)

0.398 (1.00)

0.221 (0.71)

−0.009 (−0.03)

−0.081 (−0.35)

−0.179 (−0.84)

−0.234 (−1.18)

−0.313* (−1.71)

CSR

−0.006 (−0.43)

0.004 (0.43)

0.009 (1.31)

0.013** (2.24)

0.009* (1.83)

0.013*** (2.95)

0.012*** (2.72)

0.011*** (2.60)

0.011*** (2.69)

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.

2206

2991

3726

4489

5275

6036

6845

7636

8334

Adj_R2

0.030

0.018

0.013

0.012

0.010

0.020

0.014

0.011

0.010

Panel B: Non-SOEs

 

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

−0.021 (−0.70)

−0.021 (−0.99)

−0.003 (−0.19)

−0.003 (−0.22)

−0.003 (−0.25)

−0.004 (−0.31)

0.024** (2.26)

0.039*** (3.98)

0.033*** (3.55)

P_Epre

0.211 (0.30)

0.273 (0.54)

0.264 (0.64)

0.330 (1.06)

0.160 (0.63)

0.057 (0.25)

−0.520** (-2.50)

−0.495*** (-2.70)

−0.485*** (-2.82)

CSR

0.001 (0.04)

0.005 (0.43)

0.018* (1.73)

0.008 (1.05)

0.004 (0.62)

0.007 (1.15)

0.012** (2.13)

0.015*** (2.62)

0.014** (2.45)

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.

2260

3143

4031

5040

6192

7423

8828

10131

11307

Adj_R2

0.043

0.025

0.022

0.018

0.019

0.026

0.026

0.026

0.025

  1. This table presents the heterogeneity analysis based on ownership structure, 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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