TABLE 5.
2SLS Instrumental regression (cognitive CEO and CSR activity).
| (1) | (2) | (3) | (4) | (5) | |
| Variables | CSRR | CSRR | CSRR | CSRR | CSRR |
| CCEO*INDIR | 0.0244** | 0.0170** | 0.0169** | ||
| (0.0317) | (0.0274) | (0.0275) | |||
| EPS | 0.00135 | 0.00126 | −0.000290 | −0.000301 | 0.00130 |
| (0.00382) | (0.00382) | (0.00366) | (0.00366) | (0.00382) | |
| Leverage | −0.00119 | −0.000831 | −0.00138 | ||
| (0.00555) | (0.00555) | (0.00557) | |||
| AGE | 0.00784** | 0.00919** | 0.00902** | 0.00675** | 0.00522* |
| (0.0274) | (0.0286) | (0.0286) | (0.0269) | (0.0258) | |
| LNTA | 7.15e-05* | 6.51e-05* | 0.000649** | 0.000626* | 4.54e-05* |
| (0.00288) | (0.00288) | (0.00286) | (0.00286) | (0.00288) | |
| FSZ | −0.00405 | −0.00402 | −0.00391 | −0.00390 | −0.00403 |
| (0.00278) | (0.00278) | (0.00277) | (0.00277) | (0.00278) | |
| Dual | −0.00994 | −0.00974 | −0.0106 | −0.0105 | −0.00970 |
| (0.00761) | (0.00761) | (0.00761) | (0.00762) | (0.00762) | |
| SOE | 0.0149** | 0.0153** | 0.0141** | 0.0144** | 0.0140** |
| (0.00594) | (0.00592) | (0.00593) | (0.00593) | (0.00595) | |
| Fage | 0.00528*** | 0.00526*** | 0.00520*** | 0.00522*** | 0.00530*** |
| (0.000747) | (0.000747) | (0.000745) | (0.000744) | (0.000747) | |
| CCEO | 0.00424** | 0.00601** | |||
| (0.00690) | (0.00783) | ||||
| Constant | 0.540*** | 0.540*** | 0.527*** | 0.527*** | 0.540*** |
| (0.0534) | (0.0534) | (0.0531) | (0.0531) | (0.0534) | |
| Observations | 1,555 | 1,555 | 1,556 | 1,556 | 1,555 |
| R2 | 0.181 | 0.181 | 0.180 | 0.180 | 0.181 |
Standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1. Table 5 reveals that CCEO and CCEO*INDIR are positively significant for CSR ratio (tenth and first row). Additionally, the variables “AGE,” “Fage,” “LNTA,” and “SOE” are positively significant for CSSR.