Table 4.

Corporate Sustainable value creation, Poverty alleviation Initiatives, and Corporate Internal Governance Control.

	(1)	(2)	(3)	(4)
	CVit	CVit	CVit	CVit
PVAIit	.002***	.001***		−.009*
	(9.52)	(4.97)		(-1.77)
IGCit			.004**	−.003
			(2.35)	(-.75)
PVAIit x IGCit				.0015**
				(2.01)
Sizeit		.002***	.002***	.001***
		(8.84)	(12.27)	(5.97)
PERit		−.008***	−.007***	−.007***
		(-12.63)	(-11.90)	(-9.77)
Levit		−.003**	−.004***	−.001***
		(-2.55)	(-3.11)	(-4.95)
FZNit		.003	.004*	.007**
		(1.63)	(1.71)	(2.72)
OWNit		.001***	.001***	.001***
		(5.24)	(5.41)	(3.84)
Tobinsqit		.005***	.005***	.005***
		(16.17)	(16.44)	(13.24)
Lernerit		.021***	.023***	.024***
		(12.59)	(12.59)	(11.54)
Liquidityit		.002	.017***	.018**
		(1.36)	(2.64)	(2.19)
FBDit		−.004	.003	−.018
		(-.001)	(.16)	(-.73)
ABDAit		−.001	−.001	−.002**
		(-1.54)	(-1.60)	(-2.09)
BSit		.001	.002	.001
		(.98)	(1.40)	(.71)
FNatureit		−.034***	−.039***	−.003***
		(-6.57)	(-7.35)	(-4.78)
Constant	.022***	−.039***	−.067***	.064***
	(38.61)	(-5.61)	(-5.74)	(4.22)
Observations	6859	6477	6200	4491
R-squared	.018	.177	.188	.193
Adj R2	.017	.175	.186	.189
F-stat	58.099	31.332	34.981	29.398
Industry FE effects	Yes	Yes	Yes	Yes
Year FE effects	Yes	Yes	Yes	Yes
Firm FE effects	Yes	Yes	Yes	Yes

Notes: CV_it is measured by the logarithm of (Net Profit/Average Balance of Total Owners' Equity) * [1 - Dividend per Share Before Taxes/(Net Profit in Current Period/Average Balance of Paid-in Capital)]; PVAI_it is measured as the logarithm of the scale of enterprises' targeted poverty alleviation investment plus one; IGC_it is measured as the natural logarithm of corporate internal control index based on COSO Framework (1994); Tobinsq_it is measured by Tobin'Q values; Size_it Natural logarithm of total assets; PER_it is measured as Price earnings ratio; Liquidity_it is measured as Yearly Turnover (Total Shares); OWN_it is measured as the shareholding of the largest shareholder; FZN_it is measured by [(Trading financial assets + derivative financial assets + long-term equity investment + investment real estate + held-to-maturity investment)/total assets]; BS_it is measured as Total number of directors; ABDA_it is measured as Average age of board of directors; FBD_it is measured as Ratio of female directors to total number of board of directors; Lerner_it is measured as the logarithm of Lerner Index of an Individual Stock (percentage markup of price above marginal cost); ${\mathrm{P}\mathrm{V}\mathrm{I}}_{\mathrm{i}\mathrm{t}}{*\mathrm{I}\mathrm{G}\mathrm{C}}_{\mathrm{i}\mathrm{t}}$ is the interaction of enterprises' targeted poverty alleviation investment plus one and Corporate internal governance control; ${\mathrm{F}\mathrm{N}\mathrm{a}\mathrm{t}\mathrm{u}\mathrm{r}\mathrm{e}}_{\mathrm{i}\mathrm{t}}$ is a dummy variable represents the ownership nature of firm where state-owned firms = 1 and 0 otherwise. t-values are in parentheses.

***p < .01, **p < .05, *p < .1.