Table 1.
Descriptive statistics and t-tests.
| Variable | Section A: Descriptive statistics |
Section B: t-tests |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) |
(2) |
(3) |
(4) | |||||||||
| Descriptive statistics [N = 6080] |
Treat_CSR = 0 [N = 1976] |
Treat_CSR = 1 [N = 4104] |
t-tests | |||||||||
| Mean | Std. Dev. | min | p25 | median | p75 | max | Mean | Std. Dev. | Mean | Std. Dev. | difference | |
| Cdindex | 222.723 | 138.960 | .000 | 137.000 | 195.000 | 294.000 | 629.000 | 17.630 | 136.7756 | 247.806 | 132.9226 | −77.176*** |
| Treat_CSR | .675 | .468 | .000 | .000 | 1.000 | 1.000 | 1.000 | .000 | .000 | – | – | – |
| Post_CSR | .384 | .486 | .000 | .000 | .000 | 1.000 | 1.000 | .000 | .000 | .569 | .000 | −.569*** |
| Treat_com | .475 | .499 | .000 | .000 | .000 | 1.000 | 1.000 | .000 | .000 | .704 | 1.000 | −.704*** |
| Post_com | .250 | .433 | .000 | .000 | .000 | .500 | 1.000 | .000 | .000 | .370 | .000 | −.370*** |
| Treat_emp | .325 | .468 | .000 | .000 | .000 | 1.000 | 1.000 | .000 | .000 | .481 | .000 | −.481*** |
| Post_emp | .185 | .388 | .000 | .000 | .000 | .000 | 1.000 | .000 | .000 | .274 | .000 | −.274*** |
| Treat_cus | .475 | .499 | .000 | .000 | .000 | 1.000 | 1.000 | .000 | .000 | .704 | 1.000 | −.704*** |
| Post_cus | .270 | .444 | .000 | .000 | .000 | 1.000 | 1.000 | .000 | .000 | .400 | .000 | −.400*** |
| Growth | .019 | .145 | −.325 | −.081 | .024 | .143 | .290 | .009 | .164 | .023 | .134 | −.014*** |
| Roa | −.009 | .140 | −.507 | .006 | .023 | .059 | .176 | −.051 | .178 | .011 | .112 | −.063*** |
| Loss | .200 | .400 | .000 | .000 | .000 | .000 | 1.000 | .308 | .462 | .148 | .355 | .160*** |
| Size | 21.816 | 1.429 | 18.276 | 21.045 | 21.789 | 22.602 | 24.384 | 21.470 | 1.712 | 21.980 | 1.236 | −.517*** |
| Lev | .387 | .210 | .059 | .195 | .412 | .594 | .899 | .315 | .331 | .422 | .438 | −.107*** |
| Stkhd | 10.296 | .660 | 8.149 | 9.906 | 10.439 | 10.692 | 11.443 | 10.513 | .554 | 10.192 | .682 | .321*** |
| Board | 8.850 | 2.140 | 5.000 | 7.500 | 9.000 | 10.500 | 15.000 | 8.462 | 1.95 | 9.037 | 2.20 | −.575*** |
Note: ***, ** and * represent the 1%, 5% and 10 % levels of significance, respectively.