Results of Two-Stage Least Squares Regressions
| Variable | First Stage | Second Stage |
|---|---|---|
| Market Share (t - 1) | 0.9865*** | |
| (0.0011) | ||
| Adjusted Total Corporate Social Responsibility | 4.6833*** | |
| (1.0463) | ||
| Advertising Intensity × Total Corporate Social Responsibility | 2.8842*** | |
| (0.5993) | ||
| Blue State | 0.0412* | |
| (0.0239) | ||
| Voting | 0.0041*** | |
| (0.0010) | ||
| Advertising Intensity | 1.8144*** | 5.8575*** |
| (0.2201) | (1.9791) | |
| Leverage | 0.0082 | −0.1553 |
| (0.0431) | (0.1935) | |
| R&D Intensity | 0.0912* | −0.6120** |
| (0.0526) | (0.2927) | |
| Economic Growth | 2.79 e−06 | −0.00003 |
| (5.32 e−06) | (0.00002) | |
| Year fixed effects | Yes | Yes |
| Industry fixed effects | Yes | Yes |
| First-stage Cragg & Donald test (F-value) | 10.02 | |
| Overidentification test (p-value) | 0.1814 | |
| Adjusted R2 | 0.3775 | 0.9777 |
| F stat. | 25.06*** | 20,406.81*** |
Note: Robust standard errors clustered at the company level are used to compute t-statistics. Standard errors in parentheses.
*p<0.10; **p<0.05, ***p<0.01.