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Does Firm Size Influence the Relationship Between CSR and Capital Structure?

Table 3: Results of panel data analysis

Variables Variablename Model 1a Model 1b Model 2a Model 2b
Independent variables
Corporate governanceperformance GPS 3.23e-05 0.00543***
(7.28e-05) (0.00108)
Social performance SPS -2.56e-05 0.00702***
(8.39e-05) (0.00164)
Control Variables
Return on asset ROA -0.214*** -0.211*** -0.215*** -0.212***
(0.0521) (0.0511) (0.0527) (0.0506)
Tangible asset TA 0.172*** 0.170*** 0.173*** 0.174***
(0.0377) (0.0376) (0.0375) (0.0382)
Firm size SIZE 0.0400*** 0.0528*** 0.0407*** 0.0558***
(0.00871) (0.00719) (0.00847) (0.00641)
Joint effect GPS*SIZE -0.000243***
(4.73e-05)
Joint effect SPS*SIZE -0.000315***
(7.21e-05)
Constant -0.747*** -1.030*** -0.760*** -1.096***
(0.194) (0.163) (0.189) (0.142)
Observations 3291 3291 3291 3291
N 331 331 331 331
R-squared 0.12 0.13 0.12 0.13
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