Table 2.

Results of regression analysis of the CSR, HR practices, and Turnover rate.

Variables	Dependent variable: firm-level turnover rate
	1	2	3	4	5	6	7	8	9	10
Firm size (log)	−9.20***	−9.33***	−2.80**	−2.83**	−8.88***	−8.82***	−9.38***	−9.35***	−7.02***	−7.02***
Firm age (log)	−0.07	−0.13	−2.38*	−2.38*	−0.08	−0.08	−0.55	−0.57	−0.78	−0.77
ROA (log)	−2.31*	−2.29*	−1.34	−1.36	−2.29*	−2.28*	−2.27*	−2.24*	−2.51*	−2.51*
Industry dummy	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
External CSR		−1.95*	−0.5	−0.08	−1.71†	−1.15	−1.63	−1.12*	−1.78†	−0.97
POF			1.03	2.11*
Individual performance-based pay					1.31	−0.36*
The expense of training and development(log)							−1.76†	−1.13
Suggestion system									−1.57	−0.77
External CSR* POF				−2.15*
External CSR* Performance-based pay						−0.18*
External CSR* Expense of T&D								−1.37†
External CSR* suggestion system										−0.55*
R 2	0.22	0.23	0.17	0.17	0.22	0.22	0.23	0.24	0.21	0.21
Number of observation	372	372	119	119	365	365	356	356	296	296

Coefficient is non-standardized β. All variables were changed to logged variables for reducing the degree of distortion.

^† p  < 0.10;

^* p  < 0.05;

^** p  < 0.01;

^***p < 0.001.