The Relationship between Corporate Social Responsibility and Firm Value of Chinese Firms: Exploring from Degree of Internationalization

Table 4

Regression results.

	(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]
CSR^2			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. R^2	0.027	0.058	0.066	0.073
Year	Yes	Yes	Yes	Yes
Firms	Yes	Yes	Yes	Yes

Standard errors in brackets; , , .