Related party transactions and firm value in an emerging market: Does corporate social responsibility matter?

Figures & data

Table 1. Descriptive statistics of all variables

Variable	Obs	Mean	Std. Dev.	Min	Max
roa	3,051	0.073	0.083	−0.296	0.589
roe	3,054	0.109	0.288	−7.715	8.332
tobinq	2,859	1.136	1.249	−25.96	17.06
rpt_sales	3,062	0.435	0.495	0	1
rpt_purchases	3,062	0.428	0.494	0	1
rpt_total	3,062	0.869	0.337	0	1
size	3,062	27.239	1.524	23.440	32.253
lev	3,014	0.232	0.190	0	0.798
rev_grow	3,002	0.177	0.733	−0.948	9.421
tang	3,056	0.261	0.222	0	0.970

Table 2. Regression results with independent variable in the form of dummy variable

Variables	Model 1	Model 2	Model 3
	roa	roe	tobinq
rpt_salesdummy	0.004	0.041**	−0.079
	[1.12]	[2.25]	[−1.09]
rpt_purchasedummy	−0.001	0.003	−0.159*
	[−0.22]	[0.13]	[−1.79]
rpt_totaldummy	0.006	−0.009	0.146**
	[1.51]	[−0.59]	[2.21]
size	0.006***	0.019**	0.195***
	[3.97]	[2.49]	[4.78]
lev	−0.179***	−0.218**	−1.504***
	[−17.07]	[−2.48]	[−4.15]
rev_grow	0.008***	0.031***	0.035
	[5.11]	[4.08]	[0.72]
tang	0.007	−0.015	0.26
	[0.77]	[−0.35]	[1.53]
_cons	0	−0.369*	−3.500***
	[.]	[−1.79]	[−3.19]
Industry	Yes	Yes	Yes
year	Yes	Yes	Yes
N	2939	2941	2790
Adjusted R2	0.201	0.031	0.089

t statistics in brackets, * p < 0.1, ** p < 0.05, *** p < 0.01

Table 3. Descriptive statistics of the RPT variable by ratio measure

Variable	Obs	Mean	Std. Dev.	Min	Max
roa	2,651	0.076	0.085	−0.296	0.589
roe	2,653	0.114	0.301	−7.715	8.332
tobinq	2,520	1.151	1.289	−25.960	17.060
rpt_total	2,661	0.439	1.150	0.000	15.320
rpt_purchase	2,661	0.229	0.965	0.000	11.090
CSR_all	1,124	0.281	0.146	0	0.939
size	2,661	27.260	1.492	23.441	32.209
lev	2,616	0.233	0.190	0.000	0.798
rev_grow	2,622	0.168	0.701	−0.949	9.421
tang	2,661	0.259	0.220	0.000	0.970

Table 4. Regression results of RPT Sales

Variables	Model 1	Model 2	Model 3
	roa	roe	tobinq
rpt_sales	0.013***	0.025***	0.052
	[2.99]	[2.71]	[1.07]
size	0.005***	0.020***	0.237***
	[2.59]	[2.88]	[3.99]
lev	−0.168***	−0.272***	−1.814***
	[−12.41]	[−3.00]	[−3.08]
rev_grow	0.006**	0.044***	0.159*
	[2.41]	[2.89]	[1.68]
tang	0.005	−0.027	0.374
	[0.42]	[−0.46]	[1.46]
_cons	0.017	0	0
	[0.30]	[.]	[.]
Industry	yes	yes	yes
year	yes	yes	yes
N	1263	1263	1219
Adjusted R2	0.227	0.06	0.114

t statistics in brackets, * p < 0.1, ** p < 0.05, *** p < 0.01

Table 5. Regression results of RPT purchase

Variables	Model 1	Model 2	Model 3
	roa	roe	tobinq
rpt_purchase	0.003**	0.004	−0.003
	[2.13]	[1.22]	[−0.17]
size	0.005***	0.018***	0.211***
	[3.33]	[2.71]	[3.63]
lev	−0.173***	−0.299***	−1.792***
	[−13.03]	[−2.99]	[−2.80]
rev_grow	0.008***	0.039***	0.162*
	[3.16]	[2.96]	[1.73]
tang	0.016	−0.017	0.241
	[1.40]	[−0.25]	[0.95]
_cons	−0.03	−0.327*	−4.464***
	[−0.70]	[−1.89]	[−2.89]
Industry	yes	yes	yes
year	yes	yes	yes
N	1261	1259	1207
Adjusted R2	0.248	0.051	0.097

t statistics in brackets, * p < 0.1, ** p < 0.05, *** p < 0.01

Table 6. Regression results of RPT Total

Variables	Model 1	Model 2	Model 3
	roa	roe	tobinq
rpt_total	0.004***	0.007**	−0.013
	[2.98]	[2.35]	[−0.74]
size	0.007***	0.023***	0.210***
	[4.36]	[2.84]	[4.86]
lev	−0.179***	−0.233**	−1.627***
	[−15.54]	[−2.37]	[−4.19]
rev_grow	0.008***	0.032***	0.039
	[4.46]	[3.41]	[0.69]
tang	0.016	0.018	0.249
	[1.53]	[0.41]	[1.37]
_cons	0	−0.462**	0
	[.]	[−2.13]	[.]
Industry	yes	yes	yes
year	yes	yes	yes
N	2568	2569	2463
Adjusted R2	0.204	0.028	0.092

t statistics in brackets, * p < 0.1, ** p < 0.05, *** p < 0.01

Table 7. Regression results with the moderate role of CSR

Variables	Model 1 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8	Model 9
	roa	roa	roa	roe	roe	roe	tobinq	tobinq	tobinq
csr_all*rpt_totaldummy	0.062***			0.156			0.963**
	[4.15]			[1.61]			[2.36]
csr_all*rpt_salesdummy		0.021*			0.119*			0.167
		[1.82]			[1.88]			[0.52]
csr_all*rpt_purchasedummy			0.008			0.077			−0.396
			[0.60]			[1.22]			[−1.15]
size	−0.011***	−0.010***	−0.010***	−0.001	0	0	0.207*	0.209**	0.218**
	[−3.46]	[−3.25]	[−3.21]	[−0.04]	[0.03]	[0.02]	[1.95]	[2.01]	[2.06]
lev	−0.178***	−0.177***	−0.177***	−0.202	−0.206	−0.203	−2.670***	−2.619***	−2.658***
	[−9.80]	[−9.47]	[−9.43]	[−1.05]	[−1.04]	[−1.03]	[−2.74]	[−2.77]	[−2.78]
rev_grow	0.006**	0.006**	0.006**	0.041**	0.042**	0.042**	0.033	0.036	0.033
	[2.40]	[2.50]	[2.49]	[2.21]	[2.22]	[2.23]	[0.31]	[0.33]	[0.30]
tang	−0.009	−0.01	−0.009	−0.027	−0.03	−0.023	0.226	0.22	0.212
	[−0.61]	[−0.71]	[−0.64]	[−0.36]	[−0.41]	[−0.31]	[0.67]	[0.66]	[0.63]
_cons	0	0.411***	0.415***	0	0.119	0.139	0	0	−4.748
	[.]	[4.29]	[4.31]	[.]	[0.28]	[0.33]	[.]	[.]	[−1.56]
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	1095	1095	1095	1100	1100	1100	1091	1091	1091
Adjusted R2	0.284	0.276	0.274	0.028	0.028	0.027	0.104	0.1	0.101

t statistics in brackets, * p < 0.1, ** p < 0.05, *** p < 0.01

Data availability statement

Data from the present study will be available on request from the corresponding author.