Table 7 Robustness test.

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[−10,10]

CAR[−10,10]

CAR[−10,10]

CAR[−10,10]

CAR[−10,10]

CAR[−10,10]

CAR[−10,10]

CAR[−10,10]

CAR[−10,10]

Panel A: Alternative measurement of CAR [−10, 10]

P_Epre×CSR

−0.023 (−0.64)

−0.040 (−1.61)

−0.005 (−0.24)

−0.010 (−0.57)

0.005 (0.32)

−0.002 (−0.11)

0.037** (2.26)

0.063*** (3.96)

0.065*** (4.12)

P_Epre

2.564** (2.51)

3.396*** (4.66)

2.572*** (4.44)

1.983*** (4.01)

1.358*** (3.17)

1.545*** (3.87)

0.520 (1.42)

−0.059 (−0.18)

−0.311 (−1.01)

CSR

0.002 (0.08)

0.016 (0.91)

0.072*** (5.29)

0.065*** (5.99)

0.055*** (5.81)

0.062*** (7.10)

0.063*** (7.62)

0.063*** (7.89)

0.059*** (7.67)

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.

4466

6134

7757

9529

11467

13459

15673

17767

19641

Adj_R2

0.068

0.078

0.077

0.062

0.054

0.075

0.061

0.054

0.051

Panel B: Alternative measurement of earnings pressure

 

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

−0.041** (-2.54)

−0.012 (−1.08)

0.004 (0.37)

0.004 (0.46)

0.005 (0.64)

0.004 (0.60)

0.022*** (3.39)

0.030*** (4.93)

0.025*** (4.41)

P_Epre

1.489*** (3.44)

0.606** (2.04)

0.355 (1.39)

0.306 (1.56)

0.087 (0.52)

0.064 (0.42)

−0.379** (-2.58)

−0.466*** (-3.61)

−0.474*** (-3.94)

CSR

−0.007 (−0.60)

0.001 (0.08)

0.015*** (2.59)

0.012*** (2.68)

0.008* (1.96)

0.013*** (3.44)

0.015*** (4.22)

0.017*** (4.82)

0.016*** (4.65)

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.

4466

6134

7757

9529

11467

13459

15673

17767

19641

Adj_R2

0.034

0.020

0.016

0.014

0.014

0.022

0.019

0.018

0.018

Panel C: High-dimension fixed effect

 

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

−0.042** (-2.41)

−0.013 (−1.14)

0.007 (0.69)

0.005 (0.62)

0.006 (0.87)

0.006 (0.82)

0.025*** (3.66)

0.032*** (5.05)

0.027*** (4.41)

P_Epre

1.302*** (2.65)

0.596* (1.75)

0.432 (1.50)

0.354 (1.60)

0.126 (0.68)

0.058 (0.35)

−0.407** (−2.57)

−0.468*** (−3.41)

−0.467*** (-3.64)

CSR

−0.007 (−0.64)

0.001 (0.11)

0.012** (2.05)

0.010** (2.22)

0.007* (1.68)

0.011*** (2.98)

0.013*** (3.71)

0.015*** (4.37)

0.015*** (4.25)

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

Industry×Year FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Obs.

4466

6134

7757

9529

11467

13459

15673

17767

19641

Adj_R2

0.048

0.031

0.025

0.020

0.020

0.026

0.024

0.022

0.021

Panel D: Alternative sample choice

 

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

−0.048* (−1.87)

−0.007 (−0.35)

0.009 (0.51)

0.006 (0.49)

0.010 (0.92)

0.011 (1.02)

0.019* (1.82)

0.021** (2.03)

0.019* (1.92)

P_Epre

2.328*** (2.91)

1.283** (2.07)

0.900 (1.57)

0.737* (1.79)

0.370 (1.10)

0.192 (0.61)

0.003 (0.01)

−0.125 (−0.42)

−0.281 (−1.09)

CSR

−0.008 (−0.47)

−0.004 (−0.28)

0.015 (1.54)

0.012* (1.66)

0.007 (1.13)

0.011* (1.82)

0.013** (2.30)

0.013** (2.42)

0.013** (2.54)

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.

1476

1968

2460

2952

3444

3936

4428

4920

5412

Adj_R2

0.054

0.032

0.025

0.020

0.020

0.024

0.019

0.018

0.018

  1. This table presents the results of robustness tests. In Panel A, the event window for CAR is extended to [−10, 10] to capture a longer time frame and provide a more comprehensive view of abnormal returns surrounding the event. In Panel B, the mean of analysts’ forecasts is replaced with the median to minimize the impact of extreme values and provide a more stable measure of analyst expectations. In Panel C, high-dimensional fixed effects at the industry × year level are included to account for potential variations across industries and time periods, enhancing the robustness of the results. In Panel D, the sample is restricted to 492 firms that are consistently present from 2010 to 2020, ensuring a stable sample and reducing potential biases from firms entering or exiting the study period. 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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