Table 5.

Robustness 1: Corporate Sustainable value creation, Poverty alleviation Initiatives, and Corporate Internal Governance Control: System Generalized Method of Moments Estimation (GMM) Approach.

CVit
	1		2		3
Variables	Coef.	t-value	Coef.	t-value	Coef.	t-value
CVit-1	0.695***	5.36	0.489***	4.63	0.691***	4.49
PVAIit	0.048*	1.93			−0.140*	−1.79
IGCit			0.022**	2.37	−0.468	−1.03
PVAIit * IGCit					0.026*	1.89
Sizeit	−0.146***	−3.30	−.114***	−3.46	−0.127***	−3.31
PERit	−0.005***	−3.71	−0.006***	−4.68	−0.053***	−3.39
Levit	−0.075	−0.55	0.027	0.25	0.094	0.68
FZNit	−0.283	−1.62	−.184	−1.45	−0.269	−1.57
OWNit	0.006***	2.96	0.007**	2.39	0.011	0.51
Tobinsqit	0.056***	4.06	0.054***	4.66	0.056***	4.09
Lernerit	0.445***	4.19	0.688***	5.77	0.459***	4.05
Liquidityit	0.009**	2.48	0.006*	1.92	0.008**	1.98
FBDit	0.215	1.23	0.261*	1.80	0.239	1.36
ABDAit	−0.015*	−1.90	−0.016***	−2.53	−.011	−1.49
BSit	−0.003	−0.26	0.004	0.46	−0.349	0.34
FNature	0.77	0.63	−0.061	−0.85	−.0011	−0.10
Constant	0.354***	3.39	0.187*	1.77	0.628**	1.96
Observations	4459		4250		3257
Firms	1464		1436		1194
Endog (p)	1.541 (0.514)		7.545 (0.604)		1.564 (0.470)
Sargan J Test (p)	9.443 (0.408)		7.15 (0.350)		0.204 (0.652)
Hansen J Test (p)	4.816 (0.103)		5.448 (0.440)		0.816 (0.232)
AR1(p)	−3.567 (0.000)		−3.867 (0.000)		−3.602 (0.000)
AR2(p)	−1.711 (0.187)		−2.085 (0.137)		−1.748 (0.180)
Year Fixed effects	Yes		Yes		Yes
Firm Fixed effects	Yes		Yes		Yes
Industry Fixed effects	Yes		Yes		Yes
Province Fixed effects	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.

t-values are in parentheses.

Industry median of ROA and CV are used as the instrumental variables.

***p < .01, **p < .05, *p < .1.