Article Figures & Data
Tables
- TABLE 1
Descriptive Statistics
Variable Obs M Mdn SD Min Max VIF Market Share 2,541 22.5230 15.6661 23.3824 0.0803 100 Total CSR 2,541 −0.0499 0.0000 0.2962 −1.2738 0.9524 1.12 Advertising Intensity 2,541 0.0134 0.0000 0.0264 0.0000 0.1697 1.08 Leverage 2,541 0.1998 0.1920 0.1348 0.0000 1.3947 1.07 R&D Intensity 2,541 0.0480 0.0064 0.1072 0.0000 1.9957 1.08 Economic Growth 2,541 12,850.21 13,381.6 1,576.22 10,472.3 14,685.30 1.00 Note: Obs = observations; M = mean; Mdn = median; Min = minimum; Max = maximum; VIF = variance inflation factor; CSR = corporate social responsibility; R&D = research and development.
- TABLE 2
Variables for the Study
Types of Variables Variable Operationalization Source Dependent Variable Market share Percentage of sales revenue as compared with total sales revenue in an industry at four-digit SIC level Compustat Independent Variable Corporate social responsibility activities (summation of community and environment score) CSR strength minus CSR concerns KLD database Moderating Variable Advertising intensity Advertising expenditure divided by sales Compustat Control Variable Leverage Total long-term debt divided by total asset Compustat Advertising intensity Advertising expenditure divided by sales Compustat R&D intensity R&D expenditure divided by sales Compustat Economic growth Gross domestic product Federal Reserve Bank of St. Louis website Instrumental Variables Blue and red states (Dummy variable) 1 if the company's headquarters are located in a blue state, and 0 otherwise www.electoral-vote.com Voting The average margin of victory in the five presidential elections between 1992 and 2008 for the democratic president candidate in the state where company i's headquarters is located. www.commons.wikimedia.org Note: CSR = corporate social responsibility; R&D = research and development.
- TABLE 3
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.
- TABLE 4
Correlation Matrix
Variable 1 2 3 4 5 6 1 Market Share 1.0000 2 Total CSR .2985 1.0000 3 Advertising Intensity .2636 .2383 1.0000 4 Leverage −.2414 −.0629 −.0415 1.0000 5 R&D Intensity .7435 .1466 −.0230 −.2034 1.0000 6 Economic Growth −.0409 .0476 .0052 .0090 −.0429 1.0000 Note: CSR = corporate social responsibility; R&D = research and development.
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Vol 57 Issue 4
