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

Table 6

Robustness check: Ohlson model.

	(1)	(2)	(3)
EPS	2.437	3.185	3.187
	[0.517]	[0.624]	[0.619]
BPS	0.674	0.593	0.618
	[0.186]	[0.188]	[0.189]
Board size	−0.148	−0.106	−0.0879
	[0.186]	[0.194]	[0.194]
Firm size	−3.733	−3.407	−3.590
	[1.640]	[1.623]	[1.626]
Leverage	12.01	11.13	10.83
	[2.355]	[2.423]	[2.438]
R&D	0.224	0.0723	0.0836
	[0.231]	[0.231]	[0.230]
Subsidiaries	0.049	0.046	0.043
	[0.011]	[0.011]	[0.011]
DOI	−5.350	−5.022	−4.955
	[2.303]	[2.247]	[2.323]
CSR		−0.0358	−0.158
		[0.009]	[0.038]
CSR^2			0.00142
			[0.000]
Constant	8.845	10.30	12.34
	[2.661]	[2.876]	[2.902]
N	2000	1947	1947
Adj. R^2	0.096	0.114	0.119
Year	Yes	Yes	Yes
Firms	Yes	Yes	Yes

Standard errors in brackets; , , .