Research Article
The Relationship between Corporate Social Responsibility and Firm Value of Chinese Firms: Exploring from Degree of Internationalization
| | (1) | (2) | (3) | (4) |
| Board size | −0.00768 | −0.0018 | 0.000948 | −0.00265 | [0.021] | [0.022] | [0.022] | [0.022] | Firm size | −0.899 | −0.880 | −0.900 | −0.887 | [0.296] | [0.295] | [0.299] | [0.294] | Leverage | −0.382 | −0.530 | −0.597 | −0.571 | [0.302] | [0.309] | [0.314] | [0.312] | R&D | 0.025 | −3.3E − 05 | 0.00231 | 0.00974 | [0.020] | [0.020] | [0.020] | [0.021] | Subsidiaries | 0.00434 | 0.00349 | 0.00307 | 0.00307 | [0.001] | [0.001] | [0.001] | [0.001] | CSR | | −0.00674 | −0.0247 | −0.0247 | | [0.001] | [0.006] | [0.006] | CSR2 | | | 0.000208 | 0.000207 | | | [0.000] | [0.000] | DOI | | | | −0.925 | | | | [0.390] | Constant | 2.610 | 2.944 | 3.265 | 3.463 | [0.373] | [0.409] | [0.460] | [0.473] | Hausman | 52.720 | 55.330 | 53.030 | 60.700 | N | 2000 | 1947 | 1947 | 1947 | Adj. R2 | 0.027 | 0.058 | 0.066 | 0.073 | Year | Yes | Yes | Yes | Yes | Firms | Yes | Yes | Yes | Yes |
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Standard errors in brackets; , , . |