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
Instrumental Variables	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