Table 6.

Impact of three types of CSR activities on stakeholder attention.

	Dependent variable= Cdindex
	Community				Customer				Employee
	Regression (1)		Regression (2)		Regression (3)		Regression (4)		Regression (5)		Regression (6)
Variable	Coefficient	t-value value	Coefficient	t-value	Coefficient	t-value	Coefficient	t-value	Coefficient	t-value	Coefficient	t-value
Treat_CSR	11.343***	2.70	37.106***	9.26	48.941***	10.66	71.948***	16.91	38.380***	7.17	70.051***	14.33
Post_CSR	65.121***	15.64	15.589***	2.96	63.398***	13.17	22.760***	4.44	45.659***	7.18	−10.098	−1.61
Growth	157.984***	12.58	157.206***	14.00	65.877***	5.57	66.535***	6.60	107.782***	9.20	106.670***	10.73
Roa	−2.039	−0.07	2.039	.09	9.193	.36	8.511	.43	52.558**	2.07	46.512**	2.37
Loss	74.078***	7.80	74.658***	9.30	105.786***	11.25	106.012***	13.59	86.967***	9.22	84.369***	10.89
Size	14.019***	9.08	14.059***	10.62	13.052***	8.81	13.444***	10.81	13.784***	9.01	13.916***	10.78
Lev	−69.376***	−6.88	−66.444***	−7.91	−70.871***	−7.93	−70.862***	−9.66	−29.769***	−3.22	−30.077***	−3.97
Stkhd	9.692***	2.84	10.004***	3.19	4.366	1.32	3.659	1.22	21.653***	6.71	22.127***	7.77
Board	−12.934***	−13.56	−13.142***	−15.75	−13.420***	−13.03	−13.613***	−14.89	−14.709***	−15.74	−14.651***	−18.34
INTERCEPT	−81.006**	−2.41	−182.554***	−5.52	−23.401	−0.71	−119.001***	−3.76	−199.038***	−5.99	−310.715***	−9.81
Date FE	No		Yes		No		Yes		No		Yes
Adjusted R2	.140		.351		.190		.405		.141		.369
Observation	6080		6080		6080		6080		6080		6080

Note: ***, ** and * represent the 1%, 5% and 10 % levels of significance, respectively.