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

Table 5

Robustness check: GLS method.

	(1)	(2)	(3)	(4)
Board size	0.068	0.031	0.029	0.036
	[0.137]	[0.139]	[0.138]	[0.138]
Firm size	−2.792	−2.736	−2.857	−3.102
	[0.579]	[0.598]	[0.599]	[0.602]
Leverage	−10.700	−10.500	−10.450	−10.400
	[1.486]	[1.545]	[1.543]	[1.538]
R&D	0.567	0.497	0.529	0.570
	[0.256]	[0.262]	[0.011]	[0.261]
Subsidiaries	0.060	0.061	0.059	0.059
	[0.011]	[0.011]	[0.011]	[0.011]
CSR		−0.026	−0.130	−0.123
		[0.011]	[0.059]	[0.059]
CSR^2			0.00182	0.00176
			[0.001]	[0.001]
DOI				−3.886
				[1.143]
Constant	20.120	19.150	21.700	22.500
	[1.375]	[1.485]	[1.762]	[1.773]
N	2000	1947	1947	1947

Standard errors in brackets; , , .