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05 May 2023
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06 May 2023
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Variable | Abbreviation | Explanation |
---|---|---|
Dependent | CSRP | Firm’s corporate social responsibility performance measured by RKS rating score |
CSRD | Firm’s corporate social responsibility disclosure | |
Independent | WExpE | Percentage of women directors with only foreign education experience |
WExpW | Percentage of women directors with only foreign work experience | |
WExpEW | Percentage of women directors with foreign education and work experience | |
WNat | Percentage of women directors with foreign nationality | |
Control (board level) |
BSize | Number of directors on the corporate board |
BInd | Percentage of independent directors on the corporate board | |
Dua | Dummy variable = 1 if CEO and board chairperson is the same, otherwise = 0 | |
WCEO | Dummy variable = 1 if CEO is a woman, otherwise = 0 | |
Control (firm level) |
Size | The natural logarithm of firm total assets at the end of the year |
Staff | The natural logarithm of total number of employees | |
Tobin’s Q | Ratio of market value of total debt to total assets | |
Leverage | Ratio of book value of debt to total assets | |
SOE | Dummy variable = 1 if the firm is state-owned enterprise, otherwise = 0 | |
Age | Listing age of firm |
Variable | N | Mean | Standard deviation | Minimum | Maximum |
---|---|---|---|---|---|
CSRP | 6,223 | 3.638 | 0.296 | 2.953 | 4.333 |
CSRD | 6,207 | 0.639 | 0.133 | 0.071 | 0.857 |
WExpE | 4,079 | 0.005 | 0.021 | 0 | 0.125 |
WExpW | 4,079 | 0.010 | 0.032 | 0 | 0.143 |
WExpEW | 4,079 | 0.003 | 0.018 | 0 | 0.111 |
WNat | 6,212 | 0.002 | 0.015 | 0 | 0.111 |
BSize | 6,212 | 2.191 | 0.209 | 1.609 | 2.708 |
BInd | 6,212 | 0.377 | 0.057 | 0.333 | 0.600 |
Dua | 6,212 | 0.173 | 0.378 | 0 | 1 |
WCEO | 6,212 | 0.051 | 0.220 | 0 | 1 |
Size | 6,212 | 23.18 | 1.448 | 20.40 | 27.14 |
Staff | 6,212 | 8.465 | 1.379 | 5.236 | 12.19 |
Tobin’s Q | 6,086 | 1.766 | 1.019 | 0.836 | 6.373 |
Leverage | 6,212 | 0.493 | 0.199 | 0.071 | 0.895 |
SOE | 6,223 | 0.612 | 0.487 | 0 | 1 |
Age | 6,223 | 12.75 | 6.385 | 1 | 26 |
VIFs | CSRP | CSRD | WExpE | WExpW | WExpEW | WNat | BSize | BInd | Dua | WCEO | Size | Staff | Tobin’s Q | Leverage | SOE | Year | |
CSRP | 1 | ||||||||||||||||
CSRD | .201*** | 1 | |||||||||||||||
WExpE | 1.01 | −.0100 | −.043*** | 1 | |||||||||||||
WExpW | 1.06 | .074*** | .008* | 0.001 | 1 | ||||||||||||
WExpEW | 1.06 | .048*** | .012** | −.043*** | .016 | 1 | |||||||||||
WNat | 1.13 | −.052*** | −.011 | −.008 | .213*** | .205*** | 1 | ||||||||||
BSize | 1.41 | .135*** | −.008 | .009 | .009 | .008 | −.021* | 1 | |||||||||
BInd | 1.23 | .026** | −.018 | −.026* | .043*** | .017 | .029** | −.424*** | 1 | ||||||||
Dua | 1.11 | −.059 | .006 | .015 | .023 | −.036** | .003 | −.145*** | .075*** | 1 | |||||||
WCEO | 1.01 | .001 | .002 | .048*** | .013 | −.010 | .045*** | −.076*** | .032** | .025** | 1 | ||||||
Size | 2.85 | .449*** | −.027** | −.017 | .044*** | .046*** | .059*** | .205*** | .117*** | −.105*** | −.005 | 1 | |||||
Staff | 2.03 | .416*** | .030** | .005 | .057*** | .073*** | .092*** | .225*** | .080*** | −.070*** | −.028** | .533*** | 1 | ||||
Tobin’s Q | 1.34 | −.133*** | −.017 | .035** | 0.001 | −.024 | −.012 | −.145*** | .015 | .103*** | −.001 | −.465*** | −.280*** | 1 | |||
Leverage | 1.5 | .122*** | −.072*** | −.030* | .020 | .008 | −.025** | .092*** | .051*** | −.090*** | .007 | .526*** | .314*** | −.411*** | 1 | ||
SOE | 1.3 | .135*** | −.083*** | −.038** | −.030* | −.062*** | −.044*** | .243*** | −.019 | −.295*** | −.085*** | .294*** | .201*** | −.204*** | .222*** | 1 | |
Age | 1.2 | .086*** | −.039*** | −.019 | −.037** | .015 | −.012 | .040*** | −.012 | −.141*** | .003 | .203*** | .038*** | −.139*** | .195*** | .289*** | 1 |
Variables | CSRP | CSRD | ||||||
Model (1) | Model (2) | Model (3) | Model (4) | Model (5) | Model (6) | Model (7) | Model (8) | |
Lagged DV | 0.468*** | 0.481*** | 0.467*** | 0.492*** | 0.345*** | 0.304*** | 0.356*** | 0.305*** |
(0.05) | (0.06) | (0.05) | (0.07) | (0.05) | (0.08) | (0.05) | (0.08) | |
WExpE | 0.692* | 0.687* | 0.547*** | 0.536*** | ||||
(0.42) | (0.41) | (0.04) | (0.03) | |||||
WExpW | 0.968** | 1.017** | 0.229*** | 0.288*** | ||||
(0.42) | (0.42) | (0.05) | (0.04) | |||||
WExpEW | 1.129** | 0.979** | 0.496*** | 0.522*** | ||||
(0.48) | (0.48) | (0.06) | (0.06) | |||||
WNat | −0.443 | −0.292 | −0.217 | −0.224 | ||||
(0.61) | (0.62) | (0.59) | (0.58) | |||||
BSize | 0.051*** | 0.075*** | 0.059*** | 0.085*** | 0.029 | 0.034 | 0.024 | 0.034 |
(0.02) | (0.02) | (0.02) | (0.01) | (0.06) | (0.08) | (0.06) | (0.07) | |
BInd | 0.231 | 0.255* | 0.256* | 0.266 | 0.056 | 0.048 | 0.052 | 0.072 |
(0.16) | (0.15) | (0.15) | (0.18) | (0.12) | (0.14) | (0.12) | (0.12) | |
Dua | 0.017 | 0.008 | 0.022 | 0.007 | 0.011 | 0.012 | 0.011 | 0.005 |
(0.02) | (0.02) | (0.02) | (0.02) | (0.07) | (0.06) | (0.05) | (0.05) | |
WCEO | −0.019 | −0.071* | −0.013 | −0.062 | −0.017 | −0.026 | −0.016 | −0.036 |
(0.04) | (0.04) | (0.05) | (0.04) | (0.05) | (0.04) | (0.04) | (0.03) | |
Size | 0.031 | 0.067* | 0.032 | 0.063* | −0.061 | −0.058 | −0.064* | −0.058 |
(0.04) | (0.04) | (0.04) | (0.04) | (0.05) | (0.06) | (0.04) | (0.04) | |
Staff | 0.034 | 0.022 | 0.028 | 0.022 | −0.039 | −0.026 | −0.027 | −0.026 |
(0.03) | (0.03) | (0.03) | (0.03) | (0.05) | (0.06) | (0.06) | (0.05) | |
Tobin’s Q | 0.012* | 0.011 | 0.012* | 0.011 | 0.001 | 0.001 | 0.002 | 0.001 |
(0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.03) | (0.01) | |
Leverage | −0.113 | −0.115 | −0.110 | −0.067 | −0.109 | −0.090 | −0.107 | −0.090 |
(0.10) | (0.09) | (0.10) | (0.09) | (0.09) | (0.10) | (0.09) | (0.09) | |
SOE | −0.031 | −0.025 | −0.030 | −0.022 | −0.131* | −0.085 | −0.124* | −0.115 |
(0.05) | (0.06) | (0.05) | (0.06) | (0.08) | (0.07) | (0.07) | (0.07) | |
Age | 0.002 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
(0.06) | (0.00) | (0.03) | (0.00) | (0.10) | (0.09) | (0.09) | (0.09) | |
Constant | 2.995* | 2.824** | 3.008** | 2.575** | 0.885 | 0.533 | 0.476 | 0.327 |
(1.77) | (1.13) | (1.46) | (1.21) | (1.18) | (1.17) | (1.71) | (1.71) | |
N | 5,067 | 3,276 | 5,067 | 3,276 | 5,056 | 3,268 | 5,056 | 3,268 |
Year dummies | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled |
Industry dummies | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled |
Number of instruments | 137 | 137 | 151 | 191 | 151 | 196 | 167 | 213 |
Number of groups | 833 | 706 | 833 | 706 | 832 | 705 | 832 | 705 |
Hasen J-test | 56.02 | 64.65 | 63.43 | 76.37 | 56.49 | 107.84 | 72.73 | 110.21 |
Variables | CSRP | CSRD | ||||||
Model (1) | Model (2) | Model (3) | Model (4) | Model (5) | Model (6) | Model (7) | Model (8) | |
Lagged DV | 0.468*** | 0.481*** | 0.493*** | 0.516*** | 0.345*** | 0.287** | 0.354*** | 0.286*** |
(0.05) | (0.08) | (0.07) | (0.08) | (0.05) | (0.12) | (0.05) | (0.11) | |
WExpE | 0.35*** | 0.36*** | 0.058* | 0.045** | ||||
(0.07) | (0.07) | (0.03) | (0.02) | |||||
WExpW | 0.058*** | 0.059*** | 0.026** | 0.037* | ||||
(0.01) | (0.01) | (0.01) | (0.02) | |||||
WExpEW | 0.269** | 0.283** | 0.154* | 0.146* | ||||
(0.13) | (0.12) | (0.08) | (0.08) | |||||
WNat | −0.328 | −0.306 | −0.114 | −0.085 | ||||
(0.28) | (0.23) | (0.14) | (0.16) | |||||
BSize | 0.051*** | 0.071*** | 0.06*** | 0.081*** | 0.029 | 0.033 | 0.022 | 0.069 |
(0.02) | (0.02) | (0.02) | (0.01) | (0.06) | (0.08) | (0.06) | (0.07) | |
BInd | 0.231 | 0.243 | 0.262* | 0.278* | 0.056 | 0.050 | 0.052 | 0.070 |
(0.16) | (0.16) | (0.16) | (0.15) | (0.12) | (0.14) | (0.11) | (0.12) | |
Dua | 0.017 | 0.007 | 0.021 | 0.009 | 0.011 | 0.012 | 0.011** | 0.005 |
(0.02) | (0.04) | (0.03) | (0.03) | (0.06) | (0.06) | (0.05) | (0.05) | |
WCEO | −0.019 | −0.058 | −0.012 | −0.052 | −0.017 | −0.026 | −0.018 | −0.033 |
(0.04) | (0.05) | (0.04) | (0.04) | (0.05) | (0.04) | (0.18) | (0.03) | |
Size | 0.031 | 0.071* | 0.042 | 0.069** | −0.061 | −0.058 | −0.066* | −0.057 |
(0.04) | (0.04) | (0.04) | (0.03) | (0.05) | (0.06) | (0.04) | (0.04) | |
Staff | 0.034 | 0.029 | 0.031 | 0.022 | −0.039 | −0.026 | −0.027 | −0.026 |
(0.03) | (0.03) | (0.04) | (0.03) | (0.05) | (0.06) | (0.05) | (0.03) | |
Tobin’s Q | 0.012 | 0.006 | 0.013 | 0.007 | 0.001 | 0.000 | 0.002 | 0.001 |
(0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.03) | (0.01) | |
Leverage | −0.113 | −0.146 | −0.121 | −0.094 | −0.109 | −0.088 | −0.112 | −0.100 |
(0.10) | (0.12) | (0.11) | (0.11) | (0.09) | (0.10) | (0.09) | (0.09) | |
SOE | −0.030 | −0.022 | −0.037 | −0.024* | −0.131 | −0.092 | −0.118 | −0.114 |
(0.05) | (0.07) | (0.06) | (0.07) | (0.08) | (0.08) | (0.07) | (0.07) | |
Age | 0.002 | 0.004 | 0.001 | 0.004 | 0.001 | 0.000 | 0.001 | 0.000 |
(0.01) | (0.01) | (0.01) | (0.01) | (0.10) | (0.01) | (0.90) | (0.01) | |
Constant | 2.995* | 0.814 | 3.228** | 2.044 | 0.885 | 0.642 | 0.432 | 0.369 |
(1.77) | (1.74) | (1.51) | (1.54) | (1.18) | (1.16) | (1.71) | (1.69) | |
N | 5,067 | 3,276 | 5,067 | 3,276 | 5,056 | 3,268 | 5,056 | 3,268 |
Year dummies | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled |
Industry dummies | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled |
Variables | CSRP | CSRD | ||||||
Model (1) | Model (2) | Model (3) | Model (4) | Model (5) | Model (6) | Model (7) | Model (8) | |
Lagged DV | 0.546*** | 0.611*** | 0.545*** | 0.576*** | 0.31*** | 0.282*** | 0.323*** | 0.286*** |
(0.08) | (0.08) | (0.08) | (0.09) | (0.08) | (0.09) | (0.08) | (0.09) | |
WExpE | 1.656*** | 1.826*** | 3.738** | 3.555** | ||||
(0.56) | (0.56) | (1.72) | (1.72) | |||||
WExpW | 4.933*** | 5.065*** | 1.351*** | 1.356*** | ||||
(0.79) | (0.80) | (0.44) | (0.44) | |||||
WExpEW | 3.169*** | 2.362*** | 3.461*** | 3.331*** | ||||
(0.72) | (0.72) | (0.76) | (0.75) | |||||
WNat | −1.837 | −1.268 | −0.444 | −0.604 | ||||
(1.12) | (1.11) | (2.34) | (2.34) | |||||
BSize | 0.105* | 0.106* | 0.105* | 0.106* | 0.132 | 0.147 | 0.123 | 0.151 |
(0.06) | (0.06) | (0.06) | (0.06) | (0.25) | (0.27) | (0.24) | (0.25) | |
BInd | 0.454 | 0.450 | 0.425 | 0.443 | 0.276 | 0.252 | 0.252 | 0.316 |
(0.55) | (0.55) | (0.52) | (0.52) | (0.47) | (0.49) | (0.47) | (0.47) | |
Dua | 0.030 | 0.022 | 0.057 | 0.026 | 0.048 | 0.047 | 0.047 | 0.049 |
(0.07) | (0.08) | (0.07) | (0.08) | (0.29) | (0.28) | (0.28) | (0.28) | |
WCEO | 0.026 | −0.146 | 0.035 | −0.111 | −0.074 | −0.082 | −0.069 | −0.115 |
(0.16) | (0.14) | (0.14) | (0.14) | (0.21) | (0.20) | (0.21) | (0.21) | |
Size | 0.217* | 0.234* | 0.215 | 0.232* | −0.247 | −0.243 | −0.246 | −0.232 |
(0.13) | (0.13) | (0.14) | (0.13) | (0.20) | (0.22) | (0.21) | (0.19) | |
Staff | 0.080 | −0.008 | 0.075 | −0.045 | 0.173 | −0.120 | 0.128 | −0.119 |
(0.10) | (0.11) | (0.10) | (0.10) | (0.21) | (0.21) | (0.21) | (0.20) | |
Tobin’s Q | 0.020 | 0.019 | 0.021 | 0.019 | 0.004 | 0.004 | 0.005 | 0.004 |
(0.02) | (0.03) | (0.02) | (0.03) | (0.03) | (0.04) | (0.03) | (0.03) | |
Leverage | −0.242 | −0.221 | −0.240 | −0.209 | −0.384 | −0.348 | −0.346 | −0.348 |
(0.31) | (0.31) | (0.34) | (0.34) | (0.40) | (0.41) | (0.40) | (0.41) | |
SOE | −0.045 | −0.039 | −0.044 | −0.039 | −0.508 | −0.439 | −0.427 | −0.464 |
(0.19) | (0.19) | (0.18) | (0.18) | (0.53) | (0.53) | (0.52) | (0.53) | |
Age | 0.021** | 0.019 | 0.021 | 0.018 | 0.005 | 0.004 | 0.004 | 0.004 |
(0.01) | (0.01) | (0.02) | (0.02) | (0.03) | (0.03) | (0.03) | (0.02) | |
Constant | 4.029 | 4.676* | 4.775* | 4.232 | 3.195 | 2.959 | 2.912 | 2.908 |
(2.83) | (2.84) | (2.84) | (2.83) | (4.85) | (4.86) | (4.86) | (4.86) | |
N | 5,067 | 3,276 | 5,067 | 3,276 | 5,056 | 3,268 | 5,056 | 3,268 |
Year dummies | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled |
Industry dummies | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled | Controlled |
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