TABLE 4.
Chief executive officer (CEO) duality and firm performance with the moderating impact of corporate social responsibility (CSR) practices.
| Model 1 (ROI) | Model 2 (ROE) | ROI (3) | ROE (4) | |
| CEO Duality | −0.534** (0.261) |
−1.21** (0.699) |
1.521*** (0.7251) |
1.01** (0.560) |
| CSR | 0.198 (0.279) |
0.289 (0.146)** |
||
| CSR*CEO duality | 0.924** (0.492) |
0.588*** (0.229) |
||
| Leverage | −5.44*** (1.25) |
−6.08*** (2.13) |
−6.86** (3.15) |
−5.62*** (1.91) |
| Growth | 0.068** (0.041) |
−0.112 (0.148) |
3.021** (1.78) |
1.949* (1.213) |
| Firm size | 2.73*** (0.558) |
4.65*** (0.952) |
−1.25*** (5.64) |
4.97*** (1.65) |
| Assets tangibility | −1.41*** (4.30) |
−1.48** (7.52) |
2.55*** (0.856) |
0.038 (0.287) |
| Constant | −26.36*** (5.46) |
−45.1*** (9.29) |
−25.24*** (8.72* |
−0.403 (2.60) |
| Wald test | 42.24*** | 44.87*** | 8.76*** | 10.40*** |
| AR (1) | −1.94 | −2.16 | −0.65 | −1.02 |
| AR (2) | −1.37 | 0.30 | −0.42 | 0.95 |
| Sargan Test | 311.2 | 208.4 | 4.48 | 98.25 |
| Observation | 2,502 | 2,502 | 2,502 | 2,502 |
Level of significance in this study is indicated with “*” [***p < 0.01, **p < 0.05, and *p < 0.1].