MINISTRY OF EDUCATION AND TRAINING
UNIVERSITY OF ECONOMICS HO CHI MINH CITY
*********
TRAN THI THANH HUYEN
IMPACT OF DISCLOSURE OF CORPORATE SOCIAL
RESPONSIBILITY REPORTS TO THE FINANCIAL
PERFORMANCE OF LISTED COMPANIES ON VIETNAM’S
STOCK MARKET
Major: Accounting
Code : 9340301
SUMMARY OF DOCTORRAL DISSERTATION IN CONOMICS
Ho Chi Minh City 2021
The project was completed at:
University of Economics Ho Chi Minh City
Academic Instuctors: Assoc.Prof. Ph.D Bui Van Duong
Ph.D Nguyen Dinh Hung
Reviewer 1:......................................................................................
Reviewer 2:......................................................................................
Reviewer 3:......................................................................................
The dissertation will be presentes to the dissertation Board at the
school level of university of Economics Ho Chi Minh City
At ( Hours) (day ) (month) (Year)
The dissertation can be found at the library…………………………
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INTRODUCTION
1. The reason for the topic The practice activities and social responsibility disclosures of public companies in Vietnam have evolved since 2006, and according to the statistics of the 2018 Annual Report Contest there are more than 700 listed companies on both the HOSE and HNX Stock Exchange and nearly 600 listed companies participated in the voting contest. Although there are many differences in the degree of publishing social responsibility reports, of the 239 listed companies on the VNR500 list in 2018, 149/239 companies (about 63%) have made the disclosure full content of social responsibility report over the years from 20132018. This suggests that there are still many companies that do not provide much information regarding environmental issues, workers, communities and products, or the extent to which information is disclosed on these issues in regular annual reports (Ho Viet Tien, Nguyen Thi Van Anh, 2017). Studies on social responsibility in Vietnam have only started in 2004 with research on social responsibility with content related to business ethics and corporate culture by Nguyen Manh Quan (2004); corporate social responsibility in the issue of wages by Le Thanh Ha (2006), the relationship between the disclosure of social responsibility information and corporate values of Nguyen Thi Bich Ngoc et al (2015), responsibility Social and corporate values of Ho Viet Tien et al (2016), social responsibility and financial performance of Ho Viet Tien et al (2017), impact of social responsibility disclosures by banks products to the financial performance of Nguyen Thi Bich Ngoc (2018),…. And so far, Vietnamese enterprises have adopted a number of social responsibility frameworks and have a number of organizations that have taken measures of social responsibility, but these efforts still have limitations by information disclosure (VBCSD, 2015). Besides, due to the wide and multidimensional concept of social responsibility, there is no unified framework, so awareness and implementation of social responsibility of each enterprise are not
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through sustainable development
reports,
high. Currently in Vietnam there is only Circular 155/2015 / TT BTC supplementing regulations on information disclosure related to sustainable development and the environmental and social impacts of the company. This provision is not clear or specific, leading to different levels of presentation and publication of corporate social responsibility reports. Some companies make and add additional content in the publication of social responsibility reports on a voluntary basis, but the level of publication of social responsibility reports varies from company to company. There are companies that present and disclose information only according to the regulations issued by the State in the annual report. There are companies that have not fully presented as prescribed or companies not only present and disclose information fully according to regulations but they also publish social responsibility reports ... by different means such as through images, through mass media .... From the above comments and in accordance with the needs of reality, the author chooses the topic “Impact of publishing social responsibility reports to the financial performance of listed companies on the stock market of Vietnam” for researching. 2. Research methodology Overall objective: To study the impact of disclosing social responsibility reports to the financial performance of companies listed on Vietnam's stock market. Detail objectives: First, determine the scale of information
disclosure on the social responsibility reports of companies listed on
Vietnam's stock market;
Second, measure the impact of publishing social responsibility reports to corporate financial performance.
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3. Questions of reseach (1) What factors establish the scale of social responsibility reporting of companies listed on Vietnam's stock market? (2) How is the impact of publishing social responsibility reports to the financial performance of listed companies on Vietnam's stock market ? 4. Research object, research scope.
4.1 Subjects of study
The impact of publishing social responsibility reports to financial
performance of listed companies.
4.2 Scope of the study
In terms of space: Companies listed on the Ho Chi Minh City Stock
Exchange and the Hanoi Stock Exchange.
In terms of time: Collecting data from reports related to social
responsibility in the period 2013 2018 of listed companies on the
stock market of Vietnam.
Content scope:
Disclosure of a social responsibility report is understood as
publishing information on social responsibility on social
responsibility reports, annual reports, sustainable development
reports or other similar reports. Therefore, the terms of publishing
social responsibility reports, disclosing social responsibility
information and disclosing information on social responsibility
reports are understood similarly within the research scope of the
thesis.
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Social responsibility reports are reports that contain information about corporate social responsibility, which can be a separate report (Social Responsibility Report) or as part of the published reports of listed companies such as annual reports, sustainable development reports ... 5. Research Methodology The thesis uses mixed research methods, including:
Qualitative research method to analyze and describe conceptual
framework,
measurement method content,
publish social
responsibility report and financial performance as the basis for the
selection of content of the social responsibility report which is
measured, identified indicators reflect financial performance of the
company;
Quantitative research method to measure disclosure of social
responsibility reports, financial performance indicators of businesses,
build a suitable regression model to measure the impact of Social
responsibility reporting disclosure in general to the financial
performance of the business and measuring the impact of each
content disclosed social responsibility reports on financial
performance.
6. New contributions of the thesis
a. Academic contribution
1) The thesis has reviewed and systematically reviewed previous studies related to the presentation, publication and measurement of social responsibility reports and the impact of publishing social responsibility reports on financial performance. This result is the
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premise for the research proposal of the thesis as well as related research directions in the field; (2) Add to the line of research on social responsibility reports and the impact of social responsibility practices to financial performance, specifically to show the impact of social responsibility reporting to performance financial results of companies in Vietnam.
b. Contribution in practice
(1) The thesis is an essential reference for policy makers, regulators and professional organizations to develop the content of publishing social responsibility reports. As a basis for issuing specific, clear and consistent regulations in accordance with international conventions without losing the identity of Vietnam's culture, economy and politics, creating favorable conditions for enterprises with international integration. (2) Listed companies rely on research results and regulations on socially responsible information presentation and disclosure to make and publish their social responsibility reports to contribute to increasing the quality of disclosure. information about social responsibility. Investors, subjects interested in the company's operations have a more multidimensional perspective on the company's operations and business directions in addition to the financial information that the financial statements bring. (3) The subjects directly affected by the interests of the company such as recruiting candidates, employees in the company, investors, administrators, consumers .... can evaluate corporate social responsibility activities. From there, it supports decisions to join or work with businesses, make investment decisions, develop business orientation or choose consumer products. (4) The thesis is the basis for building and evaluating cost accounting and management accounting indicators related to issues of
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environmental protection, energy saving, product improvement, and responsibility. community; developing accounting policies as well as making the assessment of responsibility centers clearer; is the basis for making short and longterm financial policies, separating accounting costs on energy saving, environmental protection, product development into specific items to ensure the explanation and provision of information are transparent and clear; Criteria for building accounting policies related to employees' salaries and welfare; support for the explanation of the Notes to the financial statements about the changes between implementation and planning. At the same time, supporting stakeholders to incorporate non financial information in addition to financial information of the financial statements in decision making; help the company build a better image for stakeholders. Therefore, this study has made a good contribution to the practice of presenting and publishing social responsibility reports of listed companies in the Vietnamese context.
6. The structure of the thesis
In addition to the introduction The thesis includes 5 chapters, including: Chapter 1:Literature review; Chapter 2: Theoretical basis; Chapter 3: Research method; Chapter 4: Research results and discussion; Chapter 5: Conclusion and implications
CHAPTER 1: LITERATURE REVIEW
1.1 Relevant research in the world
1.2 Relevant studies in Vietnam
1.3 Comment on previous studies and research orientation of the
thesis
Firstly, there is no framework for social responsibility in Vietnam to build the awareness of the parties concerned. It is necessary for the legal organization to provide a specific, clear and permanent regulation on presentation and disclosure of social
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responsibility information for enterprises to implement. (Chau Thi Le Duyen, Nguyen Huynh Kim Ngan and Nguyen Thanh Liem, 2014; Ho Ngoс Thao Trang, Lіafіsu Sіna Yеkіnі, 2014; Bich Thi ọ ễ Ngoc Nguyеn et al., 2015; Nguy n Th Lành and Ph m Th Ng c Trâm, 2016; Tr n Thi Hoang Yen, 2016; Page Сam Hoang et al, 2016; Ho Viet Tien and Ho Thi Van Anh, 2017; Nguyen Bich Ngoc, 2018)
Secondly, some respondents found that the sample data collected was too small, leading to poor reflection of the data (Chau Thi Le Duyen, Nguyen Huynh Kim Ngan and Nguyen Thanh Liem, 2014; Ho Ngo Thao Trang, Lіafіsu Sіna Yеkіnі, 2014; Bich Thi Ngoc Nguyеn et al., 2015; Nguyen Thi Lanh and Pham Thi Ngoc Tram, 2016; Tran Thi Hoang Yen, 2016; Nguyen Bich Ngoc, 2018)
Third, currently, the index which reflects financial performance only applies a part of the accounting indexes such as ROA, ROЕ, ROS or TBQ market index. There has been no appreciation on the good market indexes such as P / B, P / Е, ЕPS. (Page Сam Hoang et al, 2016; Ho Viet Tien and Ho Thi Van Anh, 2017; Nguyen Bich Ngoc, 2018)
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Fourthly, the control variation in the Vietnam’ before reasearch does not include the control variation of the law through the character of the management apparatus. This issue reflects the manager's actions to the presentation and disclosure of information, quality of information on social responsibility of enterprises as well as the plans and effects of social responsibility in the future (Chau Thi Le Duyen, Nguyen Huynh Kim Ngan and Nguyen Thanh Liem, ị 2014; Ho Ngoс Thao Trang, Lіafіsu Sіna Yеkіnі, 2014; Nguy n Th Lành and Ph m Th Ng c Trâm, 2016; Tr n Th Hoàng Y n, 2016; Nguy n Bích Ng c, 2018). Except for the researches of Bich Thi Ngoc Nguyеn et al. (2015) using institutional variation and research
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of Trang Сam Hoang et al (2016) measuring the diversity of the Board of Directors to the financial efficiency of enterprises.
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Fifthly, which names do not reflect the impact of the publication of social income reports on listed companies, but often only go into analysis of influencing factors (Nguyen Thi Lanh, Pham Thi Ngoc Tram, 2016); conceptual content analysis (Nguyen Thi Lanh, Pham Thi Ngoc Tram, 2016; Hoang Long, 2007; Hong Minh, 2007) or the relationship between the implementation of social responsibility and the financial performance of banks (Tran Thi Hoang Yen, 2016; Nguyen Bich Ngoc, 2018); Major financial firms (Ho Ngoс Thao Trang, Lіafіsu Sіna Yеkіnі, 2014) local firms (Châu Th L Duyên, Nguy n Hu nh Kim Ngân and Nguy n Thanh Liêm, 2014) or listed firms but limited by sample number and study period is 1 year (Ho Viet Tien, Ho Thi Van Anh, 2017)
From the analyzed research gaps, the author sees a need for a broader and more complete study to identify the factors related to disclosures and to learn about the current state of the social responsibility report disclosures in Vietnam as well as the impact of publishing social responsibility reports to financial performance. On that basis, the research orientation of the thesis will aim to determine: Factors related to information disclosed on social responsibility reports affect the financial performance of companies listed on the Vietnamese stock market. The status of publishing social responsibility reports of companies listed in Vietnam from 20132018; The impact of publishing social responsibility reports to financial performance of enterprises listed on the stock market in Vietnam.
SUMMARY OF CHAPTER 1.
CHAPTER 2: THEORETICAL BASIS
2.1. Overview of social responsibility
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Theory of social responsibility
The concept of social responsibility report
2.2. Presentation of Social Responsibility Report
2.3. Disclosure of information on social responsibility reports
2.4. Measure published information of the social responsibility
report
2.5. Overview of financial performance of businesses
2.6. The impact of disclosure of social income statements
information to the financial efficiency of enterprises
2.7. Background theory
SUMMARY OF CHAPTER 2
CHAPTER 3: RESEARCH METHODOLOGY
3.1. Analytical framework and research process
Figure 3.1 Analytical framework
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Figure 3.2 Procedure for research
(Source: Author Summary)
3.2. Research Methods
Diagram 3.3 Step by step multimethod mixed design
(Source: Nguyen Dinh Tho, 2011)
The author uses Stata to analyze data based on three main research models : 1) POOL OLS model table data model, 2) model FЕM ; 3) REM model to select the appropriate regression model. In case of defective models will use regression model weighted FGLS using methods bias adjustment (robust standard erros) to eliminate the defects of REM or FEM models.
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3.3. Research model and research hypotheses
Figure 3.7 Model of research
( Source: Author Summary) Based on the research model, the author proposes the research
hypotheses:
Hypothesis
Expected
Research
There are meaningful and significant relationships
between publication of CSR to ROA
+
Garcia Castro (2010),
Buys et al (2010),
There are significant and significant relationships between the publication of a CSR to the ROA..
Scholtens (2008),
+
Shre Securities (2011)
There are meaningful and significant relationships between the publication of a CSR to the ROЕ.
Lіouі and Sharma
(2012), Lее et al
There are meaningful and significant relationships between publication of CSR to ROE
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There are meaningful and significant relationships between the publication of a CSR REPORT to TBQ
+
There are meaningful and significant relationships between publication of CSR to TBQ
(2013), Ghelli (2013),
Ho Viet Tien et al. The
+
(2017)
There are meaningful and significant relationships between the publication of CSR to P / B There are meaningful and significant relationships between publication of CSR to P / B.
3.4. Measure variables in the regression model
Measure
The scale СSRІj
ROA
ROЕ
Gross profit before tax / total assets Total profit before tax / equity
TBQ
Content Level of disclosure of social responsibility information Business performance indicators Business performance indicators Business performance indicators
P / B
(Total market value + Total liabilities)) / book value of total enterprise assets Market value / Book value value
SІZЕ AGЕ
Profit (total assets) Years of business listing on HOSЕ and HNX.
LЕV ІNDUS DІRЕС
Business performance indicators Company size Number of years of operation of enterprises Financial leverage Type of Industry Member of Board of Directors established
Total liabilities / total equity Manufacturing and production Number Member of board of directors established / total members of the board of directors
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(Source: Author Summary)
3.5. Research sample, data collection and processing methods
The research sample in this thesis has been selected in the list of
Top 500 largest enterprises in Vietnam based on Fortunе model
published in Vietnam R500 of 2018 to select and select objects,
collect and collect data in the period from 2013 to 2018.
SUMMARY OF CHAPTER 3
CHAPTER 4 RESEARCH RESULTS AND DISCUSSION
4.1. Research results
Chart 4.1. Comparing the level of publication of corporate
social responsibility reports in 20132015 and 20162018
(Source: Author Summary)
Chart 4.2 Chart of actual situation of each publication
content of social responsibility report for manufacturing and manufacturing industry
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(Source: Author Summary)
Chart 4.3 Chart comparing the status of publication of
social responsibility reports between manufacturing
industries and manufacturing sectors between 20132015 and
20162018
(Source: Author Summary)
Chart 4.4 Chart comparing the current status of
manufacturing social responsibility reporting
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(Source: Author Summary)
Chart 4.5 – Chart comparing current status of
manufacturing industry's corporate social responsibility
reporting
(Source: Author Summary)
4.2. Correlation analysis 4.3. Analyze the impact of publication of social
responsibility reports on financial performance
ROA:With 5% significance, Prob = 0.0000 <5% the model
makes sense, with CSRI correlated with the ROA. The results show that the observations on the mixed results include: information disclosed about the number of years of operation of the enterprise (AGЕ), the size of the company (SІZ thành) and Ho
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Chi Minh's business sector (INDUS) acted in the same direction as ROA; The observation is that it is related to the debt / equity ratio of the enterprise (LEV) and the ratio of the board of directors (DIREC) to the number of activities with ROA. In particular, the information related to the debt / equity ratio of the enterprise (LEV) and the ratio of the board of directors (DIREC) can cause negative impacts on the enterprise at a satisfactory level means 1%.
ROE: With 5% significance, Prob = 0.0000 <5% the model makes sense, CSRI correlates with the ROI. The results show that the observations on mixed results include: published information on the fields and trades in Ho Chi Minh City (INDUS) acting in the same direction as the ROE; Observation is related to the number of years of operation (AGЕ), the size of the company (S (ZЕ), the debt / equity ratio of the enterprise (LEV) and the board of directors (DIREC) ) is considered as a function with ROE. In particular, the information related to the debt / equity ratio of the enterprise (LEV) and the ratio of the board of directors (DIREC) can cause negative impacts on the enterprise at a satisfactory level meaning 1% and 10%; while information about industries and sectors in Ho Chi Minh City (INDUS) can cause positive impacts on enterprises at the meaningful level of 10%.
TBQ : With 5% significance, Prob = 0.0000 <5% the model makes sense, CSRI correlates with the TBQ. The results show that the observations on mixed results include: published information on fields and trades in Ho Chi Minh City (INDUS) having positive effects with TBQ; Observation is related to the number of years of operation (AG (), the size of the company (SІZЕ), the debt / equity ratio of the enterprise (LEV) and the board of directors (DIREC) ) is considered as a function with TBQ. The results show that company size (SІZЕ), corporate debt / equity ratio (LEV) and board rate (DIREC) information can cause unacceptable actions profitability for
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enterprises is significant at 5%, 1% and 1%; while information about industries and industries in Ho Chi Minh City (INDUS) can cause positive impacts on enterprises at 1% significance level..
P / B: With 5% significance, Prob = 0.0000 <5% the model makes sense, CSRI correlates with the P / B. The results show that the combined results include: disclosures about the size of the company (SІZЕ), debt / equity ratio of the enterprise (LEV) and the board of directors. value (DIREC) works in the same direction as P / B; The observation is related to the number of years of operation of the enterprise (AG) and Ho Chi Minh City's field(INDUS) is considered as the most effective P / B. In particular, the information related to the number of years of operation of the enterprise (AG và) and the field and industry of Ho Chi Minh City (INDUS) can cause negative actions for enterprises at the desired level meaning 1% and 5%; while the published information on the debt / equity ratio of the firm (LEV) can have positive effects on the business at 1% significance level.
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Figure 4.6 Results of CSRI's impact models on financial efficiency
ROA ROE TBQ PB VARIABLES OLS FEM REM FGLS OLS FEM REM FGLS OLS FEM REM FGLS OLS FEM REM FGLS
csri 1.856 4.994 1.500** 1.500** 0.412*** 6.534** * (1.561) (2.117) 6.534** * (1.561) 4.938** * (0.746) 15.55** * (3.611) 13.36** * (1.700) 13.36** * (1.700) 1.712** * (0.246) 0.963** * (0.329) 1.712** * (0.246) 19.60** * (1.264) (6.078) (0.607) 2.047** * (0.789) (0.607) (0.150) age 0.0505 0.0187 0.0505 0.0205 0.138 0.115 0.115 0.0150 0.0276* 0.0150 0.0439 0.0334
(0.0769) (0.102) (0.0769) (0.0413) (0.179) (0.292) (0.0916) (0.0916) (0.0121) (0.0158) (0.0121) (0.0696) 0.0603* * (0.0298) 0.0968* * (0.0379) 0.0603* * (0.0298) 0.0259** * (0.00753) lev 0.419*** 0.0250* * 0.106** * 0.0250* * 0.437** * 0.396** * 0.437** * 0.593** * (0.0788) 0.674** * (0.143) 0.593** * (0.0788) 0.448** * (0.0364) 0.651** * (0.167) 2.269** * (0.410) 0.598** * (0.102) 0.598** * (0.102) (0.0124) (0.0222) (0.0124) (0.0315) (0.0533) (0.0315) (0.0207) 0.324** * (0.0470) size 0.264 0.272 0.264 0.104 0.549 1.159 0.0328 0.0328 0.138** 0.138** 0.695** 0.314** 0.232 0.314** 0.0661
(0.455) (0.455) (0.0580) (0.368) (0.437) (0.368) (0.165) (0.922) (1.253) (0.0580) (0.321) (0.163) (0.140) (0.140) (0.0525) 0.222** * (0.0679) indus 1.061 1.061 0.414 1.611 1.187* 1.187* 0.176 0.0727 0.0727 0.141** 0.176 (0.731) (0.286) (1.393) (0.639) (0.639) (0.116) (0.305) (0.305) (0.0608) 1.557** * (0.413) (0.116) (0.731) direc 3.656** 5.203 9.244 2.634* 2.634* 0.378 0.0705 1.568* 0.0705 0.171 0.378 3.656**
Standard errors in parentheses
(0.661) (0.946) (0.661) (0.155) 5.190** * (1.198) 1.104** * (0.395) (0.264) (1.673) 7.731** * (2.537) (1.673) 1.870** * (0.664) (3.632) (7.283) (1.516) (1.516) (0.264) 0.244 0.545 0.244 0.503*** Constant (0.640) (0.707) (0.640) (0.190) 11.23** * (1.339) 1.264** * (0.295) 0.961** * (0.260) 5.182** * (1.646) 9.111** * (1.897) 5.182** * (1.646) 3.973** * (0.752) 10.48** * (3.837) 22.92** * (5.445) 11.89** * (1.812) 11.89** * (1.812) 0.961** * (0.260) 894 894 894 894 894 894 894 Observations 894 894 894 894 894 894 894 894 894 0.080 0.107 Rsquared 0.042 0.044 149 149 149 149 149 149 149 Number of id 149 149 149 149 149 149 149 149 149
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*** p<0.01, ** p<0.05, * p<0.1
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4.4. Analyze the impact between the contents of the
responsibility reports on financial
publication of social performance
ROA: With meaning Prob = 0.0002 <5% the model makes sense. Specifically, the aspects of disclosing correlated social responsibility information with ROA include: CSR_env, CSR_ene with 1% significance level. The results are consistent with studies of Deegan (2002), Kuasirikun and Scherer (2004), Haniffa and Cooke (2005), Pahuja (2009), Setyorini and Ishak (2012) Ho Thi Van Anh (2018). However, no relationship between CSR_comand ROA was found . This result is contrary to the studies of Branco & Rodrigues (2009), Joshi and Gao (2009), Lii (2011), Nejati and Ghasemi (2012), David (2012).
This shows that the disclosure of the content of social responsibility reporting is related to the environment and energy positively to the ROA, reducing environmental costs in the long term while increasing the image. of the company to investors.
(2015). This shows
that
ROE: With meaning Prob = 0.0000 <5% the model makes sense. Specifically, the content of the social responsibility report that is correlated with each other includes: csr_env, csr_emp with 1% significance level . This result is consistent with the studies of Criso'stomo, Freir and Vasconcellos (2011), Korathotage (2012), the disclosures of Wisuttorn social responsibility reporting that relate to the environment and employees positively impact the company's image through salary information and employee compensation policies. , environmental protection activities help workers as well as investors assess the sustainable and harmonious development of their rights with stakeholders.
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TBQ : With meaning Prob = 0.0000 <5% the model makes sense. Specifically, the aspects of disclosing social responsibility information that are correlated with TBQ include: CSR_env, CSR_ene, CSR_emp, CSR_pro with 1% significance level. This result is consistent with studies by Deegan (2002), Kuasirikun and Scherer (2004), Haniffa and Cooke (2005), Pahuja (2009), Setyorini and Ishak (2012) Ho Thi Van Anh (2018). This shows that the disclosure of the content of social responsibility reporting is related to the environment, energy, employees, products to enhance the company's image, so that the company can expand its market share. To meet the needs of consumers for green, clean products in line with the sustainable development trend that businesses are aiming for.
CSR_emp showed
P / B: With meaning Prob = 0.0000 <5% the model makes sense. Quantitative results show that the disclosure of related social responsibility information with P / B includes: CSR_env, CSR_com, CSR_sub with significance levels of 5%, 1% and 10% the negative respectively. Meanwhile, correlation with P / B with 1% significance level. This result is contrary to the studies of Van de Veldee et al. (2005), Fiori et al. (2007)
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Figure 4.10 Impact of each publication of social responsibility reporting on financial performance ROA ROE TBQ PB VARIABLES OLS FEM REM FGLS OLS FEM REM FGLS OLS FEM REM FGLS OLS FEM REM FGLS csr_env 1.405 0.386 1.405 0.604 1.701 0.604 0.299 0.0217 0.299 0.342*** 0.226 0.613 0.226 0.0750
(1.165) 0.904 (1.356) 0.931 (1.165) 0.904 (2.936) 1.205 (3.917) 1.068 (2.936) 1.205 csr_ene 4.572** * (1.446) 1.255 (0.184) 0.361** (0.184) 0.361** (0.0803) 0.212*** (0.442) 0.616 (0.512) 0.612 (0.442) 0.616 (0.105) 0.216**
(1.114) 3.097** (1.838) 3.541** (1.114) 3.097** 2.019** * (0.658) 1.476** * (0.552) 0.975 (5.309) 10.31** csr_emp (0.177) 0.300 (0.213) 0.818** * (0.288) 0.236 (0.177) 0.300 (0.0491) 0.226*** (0.436) 0.399 (0.694) 0.146 (0.436) 0.399
csr_com (0.644) 0.491 (0.443) 0.542 (1.369) 1.269 (0.936) 0.691 (2.349) 11.42** * (3.571) 2.466 (2.397) 0.222 (4.272) 3.473 (3.064) 6.356** (2.349) 11.42** * (3.571) 2.466 (2.397) 0.222 (1.369) 1.269 (0.936) 0.691 csr_pro (1.223) 6.223** * (1.682) 1.240 (1.134) 1.061 (0.232) 0.0564 (0.166) 0.110 (0.0844) 0.0673 (0.0568) 0.336*** (0.516) 0.408 (0.354) 0.274 (0.558) 0.0978 (0.400) 0.490 (0.516) 0.408 (0.354) 0.274 (0.0995) 0.344*** (0.128) 0.439*** (0.0928) 0.101 (0.216) 0.137 (0.148) 0.380** * (0.216) 0.137 (0.148) 0.380** *
age
csr_sub
(0.478) 0.183 (0.641) 0.0245 (0.0447) (0.913) 1.180 (1.406) 0.0970 (0.0822) (2.171) 2.270 (3.319) 0.255 (0.188) (3.234) 0.391 (5.000) 0.251 (0.316) (2.171) 2.270 (3.319) 0.255 (0.188) (0.913) 1.180 (1.406) 0.0970 (0.0822) (1.479) 1.458 (1.061) 4.074** * (1.120) 0.337 (1.732) 0.139 (0.109) (1.093) 0.0493 (1.577) 0.169* (0.0990) (0.144) 0.151 (0.223) 0.0198 (0.0130) (0.175) 0.308 (0.271) 0.0322* (0.0171) (0.144) 0.151 (0.223) 0.0198 (0.0130) (0.0491) 0.108 (0.0733) 0.00958** (0.00375) (0.349) 0.0687 (0.538) 0.0479 (0.0317) (0.423) 0.161 (0.653) 0.0797* (0.0413) (0.349) 0.0687 (0.538) 0.0479 (0.0317) lev 0.00239 0.443*** (0.0957) 0.222* (0.129) 0.0195** (0.00816 ) 0.411*** 0.443** * 0.395** * 0.0276* * 0.105** * 0.0276* *
0.440** * (0.0395) 0.00628 0.605** * (0.0803) 0.302 0.717** * (0.170) 0.876 2.264** * (0.410) 1.140 0.717** * (0.170) 0.876 0.605** * (0.0803) 0.302 0.675** * (0.142) 0.345 size 0.548** * (0.107) 0.0795 (0.0127) 0.149** (0.0127) 0.149** (0.00254) 0.00474 (0.0315) 0.277* (0.0536) 0.200 (0.0315) 0.277* (0.0202) 0.0706
(0.437) (0.0223) 0.222** * (0.0684) (1.261) (0.165) indus (0.377) 1.104 (0.747) 3.222* direc (0.377) 1.104 (0.747) 3.222* (0.185) 0.291 (0.309) 1.712** (0.954) 1.932 (1.415) 4.582 7.379 (0.954) 1.932 (1.415) 4.582 (0.493) 0.930 (0.666) 2.129 (0.0595) 0.171 (0.119) 0.374 (0.0595) 0.171 (0.119) 0.374 (0.0185) 0.0268 (0.0236) 0.176** (0.143) 0.0696 (0.301) 0.0742 1.562 (0.143) 0.0696 (0.301) 0.0742 (0.0525) 0.154** (0.0643) 0.211
Constant (3.712) 8.380** (3.712) 8.380** (0.0869) 0.741*** (0.666) 0.117 (0.959) 0.599 (0.666) 0.117 (0.160) 0.494** (1.713) 5.078** * 6.608** * (2.541) 10.15** * 1.109** * (0.398) 1.141** * (1.713) 5.078** * (0.743) 4.171** * (7.339) 23.96** * (1.625) 11.70** * (0.271) 0.943** * (0.271) 0.943** *
21
(1.754) 894 (1.754) 894 (0.849) 894 (4.138) 894 (4.138) 894 (2.015) 894 (0.278) 894 (0.278) 894 (0.0792) 894 (0.674) 894 (0.674) 894 (0.199) 894 Observations Rsquared Number of id 149 (1.997) 894 0.065 149 149 149 149 149 149 149 149 149 (0.754) 894 0.080 149 (5.766) 894 0.056 149 149 149 (0.313) 894 0.116 149
149 Standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1
