TABLE 3.

Variance inflation factor analysis and descriptive statistics.

Items	Panel A			Panel B
Variable	Obs	Mean	Std. Dev.	VIF	1/VIF
ROI	2,502	0.340	0.605	1.33	0.750
ROE	2,502	0.461	0.985	1.40	0.712
Firm Size	2,502	10.09	0.570	2.33	0.43
CEO Duality	2,502	0.258	0.437	1.02	0.984
Growth	2,502	0.139	0.575	1.08	0.922
Leverage	2,502	0.088	0.094	1.26	0.794
Asset tangibility	2,502	3.00	5.87	2.20	0.453
CSR	2,502	1.950	1.76	1.04	0.96
VIF mean					1.49

Std. Dev., standard deviation (SD); VIF, variance inflation factor.