Table 4.

Risk and Social Performance before and after the financial crisis

	Toptier	Lowtier	Medtier	Zerotier	All
voldw
Pre-crisis	0.40	0.41	0.38	0.43	0.40
Post-crisis	0.38	0.50	0.38	0.43	0.44
p value (difference)	0.002	0.000	0.168	0.909	0.000
IV4ffdw
Pre-crisis	0.36	0.36	0.33	0.38	0.35
Post-crisis	0.30	0.39	0.28	0.37	0.35
p value (difference)	0.000	0.000	0.000	0.368	0.501
betad4ffw
Pre-crisis	1.04	1.12	1.08	1.10	1.09
Post-crisis	1.12	1.05	1.08	1.08	1.07
p value (difference)	0.000	0.000	0.843	0.103	0.001

	Toptier	Lowtier	Medtier	Zerotier	All
SP
Pre-crisis	0.05	−0.07	−0.02	0	−0.03
Post-crisis	0.16	−0.10	0.06	0	−0.02
p value (difference)	0.000	0.000	0.000	nd	0.007
Str
Pre-crisis	0.05	0	0.06	0	0.04
Post-crisis	0.16	0	0.17	0	0.07
p value (difference)	0.000	nd	0.000	nd	0.000
Con
Pre-crisis	0	0.07	0.09	0	0.06
Post-crisis	0	0.10	0.12	0	0.09
p value (difference)	nd	0.000	0.000	nd	0.000

This table presents the means and t test results (p values) for the difference in means for risk and social performance measures across two periods. Years 1991 through 2007 are defined as Pre-crisis period, and Years 2010 through 2012 are defined as Post-crisis period. The variables reported are: total risk (voldw), idiosyncratic risk (IV4ffdw), systematic risk (beta4ffdw), net social performance (SP), Strengths (Str), and Concerns (Con). All variables are defined in Table 1. The sample is divided into four groups based on Strengths (Str) and Concerns (Con) measures. The toptier group includes all firms having positive Str, but zero Con. The lowtier group includes all firms having positive Con, but zero Str. The medtier group includes all firms having both positive Str and positive Con. The zerotier group includes all firms having zero Str and zero Con. The acronym “nd” means “not defined”