企业社会责任、人力资本质量与中国资源型企业绩效
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郑明贵,陶思敏,彭群婷,刘丽珍
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Corporate Social Responsibility,Human Capital Quality and Performance of Chinese Resource-based Enterprises
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Minggui ZHENG,Simin TAO,Qunting PENG,Lizhen LIU
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表5 基准回归结果
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Table 5 Baseline regression results
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变量 | 企业绩效(Roa) |
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(1) | (2) | (3) | (4) | (5) |
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Csr | | 0.092*** | 0.500*** | 0.469*** | 0.465*** | | | (22.37) | (41.10) | (35.80) | (35.53) | Csr2 | | | -0.549*** | -0.501*** | -0.498*** | | | | (-35.11) | (-30.23) | (-30.06) | Mqf | | | | | 0.017** | | | | | | (2.25) | Csr×Mqf | | | | | -0.443*** | | | | | | (-5.69) | Csr2×Mqf | | | | | 0.526*** | | | | | | (5.31) | Size | 0.009*** | 0.007*** | 0.003*** | 0.002 | 0.002 | | (9.13) | (7.12) | (3.48) | (0.92) | (1.39) | Soe | -0.011*** | -0.015*** | -0.009*** | -0.003 | -0.003 | | (-3.96) | (-5.83) | (-4.40) | (-0.55) | (-0.51) | Lev | -0.161*** | -0.145*** | -0.101*** | -0.113*** | -0.114*** | | (-31.36) | (-29.94) | (-23.24) | (-18.91) | (-19.13) | Share | 0.013* | 0.008 | 0.001 | -0.012 | -0.012 | | (1.79) | (1.27) | (0.23) | (-1.29) | (-1.35) | Board | 0.014*** | 0.010** | 0.007* | 0.010* | 0.009* | | (2.97) | (2.15) | (1.93) | (1.82) | (1.73) | Growth | 0.030*** | 0.027*** | 0.021*** | 0.021*** | 0.021*** | | (19.83) | (18.86) | (16.02) | (14.82) | (14.81) | Age | -0.000 | 0.001*** | 0.001*** | -0.002 | -0.001 | | (-0.74) | (5.39) | (3.42) | (-0.77) | (-0.33) | 固定效应 | No | No | No | Yes | Yes | Constant | -0.124*** | -0.103*** | -0.074*** | -0.047 | -0.081 | | (-5.93) | (-5.34) | (-4.58) | (-0.90) | (-1.55) | N | 4494 | 4494 | 4494 | 4494 | 4493 | R2 | 0.227 | 0.298 | 0.435 | 0.456 | 0.461 |
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