The impact of CSR and green investment on stock return of Chinese export industry

Figures & data

Figure 1. Exports and imports of China.

Source: General Administration of Customs of the P.R. China.

Table 1. Measurements of variables.

S#	Variables	Measurements
01	Stock return	Log of changes in the stock return.
02	Corporate social responsibilities	The ratio of CSR expenses and total expenses
03	Green credit	The ratio of green credit and total credit
04	Green investment	The ratio of green investment and total investment
05	Return on assets	The ratio of net income and total assets

Source: Author’s calculation.

Figure 2. Mean values.

Source: Author’s calculation.

Figure 3. Standard deviations.

Source: Author’s calculation.

Figure 4. Minimum values.

Source: Author’s calculation.

Figure 5. Maximum values.

Source: Author’s calculation.

Table 2. Descriptive statistics.

Variable	Obs	Mean	Std. Dev.	Min	Max
SR	240	1.620	0.572	−0.179	3.437
CSR	240	0.188	0.206	0.021	0.771
GC	240	0.264	0.909	0.180	0.516
GI	240	0.301	0.035	0.223	0.789
ROA	240	5.028	0.824	2.862	6.399

Source: Author’s calculation.

Table 3. Correlation matrix.

Variables	SR	CSR	GC	GI	ROA
SR	1.000
CSR	0.264	1.000
GC	0.420	−0.003	1.000
GI	0.540	−0.025	0.807	1.000
ROA	0.145	−0.414	0.213	0.337	1.000

Source: Author’s calculation.

Table 4. Variance inflation factor.

	VIF	1/VIF
GI	3.160	0.316
GC	2.908	0.344
ROA	1.401	0.714
CSR	1.230	0.813
Mean VIF	2.175	.

Source: Author’s calculation.

Table 5. Hausman specification test.

	Coef.
Chi-square test value	91.586
p-value	0.000

Source: Author’s calculation.

Table 6. Fixed effect model.

SR	Beta	S.D.	t-value	p-value	L.L.	U.L.	Sig
CSR	1.510	0.197	7.67	0.000	1.122	1.898	***
GC	0.070	0.029	2.42	0.016	0.013	0.127	**
GI	0.008	0.003	2.83	0.005	0.003	0.014	***
ROA	−0.432	0.096	−4.51	0.000	−0.621	−0.243	***
Constant	1.82	0.553	3.29	0.001	0.729	2.910	***
R-squared		0.456		Number of obs		238
F-test		44.782		Prob > F		0.000

Notes. *** p < .01; ** p < .05; * p < .1.

Source: Author’s calculation.

Table 7. Robust standard error.

SR	Beta	S.D.	t	p > t	L.L.	U.L.
SR	1.510	0.112	13.460	0.000	1.275	1.745
GC	0.070	0.013	5.520	0.000	0.043	0.096
GI	0.008	0.002	3.370	0.003	0.003	0.013
ROA	−0.432	0.259	−1.670	0.112	−0.973	0.110
_cons	1.820	1.282	1.420	0.172	−0.863	4.502

Source: Author’s calculation.