How does the corporate life cycle influence Vietnamese firms corporate social responsibility?

Figures & data

Table 1. Industry-specific research sample for the years 2014–2018

Industry	2014	2015	2016	2017	2018	Grand total
Basic materials	56	56	56	56	56	280
Consumer cyclicals	38	38	38	38	38	190
Consumer non-cyclicals	11	11	11	11	11	55
Energy	7	7	7	7	7	35
Health care	9	9	9	9	9	45
Industrials	72	72	72	72	72	360
Technology	7	7	7	7	7	35
Utilities	18	18	18	18	18	90
Grand total	218	218	218	218	218	1090

Table 2. Descriptive statistics of variables

Variable	Obs	Mean	Std. Dev.	Min	Max
csr_all	1,090	0.2586	0.1454	0.000	0.939
re_ta	1,090	0.0943	0.1365	−1.548	0.573
re_te	1,090	0.1306	0.9143	−20.345	0.832
lc_intro	1,090	0.1486	0.3559	0.000	1.000
lc_grow	1,090	0.2239	0.4170	0.000	1.000
lc_mature	1,090	0.3899	0.4880	0.000	1.000
lc_decline	1,090	0.0780	0.2683	0.000	1.000
lc_shakeout	1,090	0.1596	0.3664	0.000	1.000
assetgr	1,065	0.1484	0.3216	−0.670	2.808
lev	1,090	0.2491	0.1903	0.000	0.736
size	1,090	28.1941	1.2934	23.330	31.991
big4	1,087	0.3910	0.4882	0.000	1.000
age	1,090	2.7743	0.4746	0.693	4.779

Table 3. Pearson’s correlation coefficient matrix

	1	2	3	4	5	6	7	8	9	10	11	12	13
1. CSR	1.00
2. RE_TA	0.10	1.00
3. RE_TE	0.07	0.54	1.00
4. Introduction	−0.04	−0.11	0.01	1.00
5. Growth	−0.01	0.00	0.05	−0.22	1.000
6. Mature	0.11	0.14	0.06	−0.33	−0.43	1.00
7. Decline	−0.07	−0.10	−0.08	−0.12	−0.15	−0.23	1.00
8. Shake-out	−0.05	−0.01	−0.10	−0.18	−0.23	−0.24	−0.13	1.00
9 .Asset growth	−0.07	0.05	0.10	0.26	0.30	−0.24	−0.10	−0.20	1.000
10. Leverage	−0.02	−0.26	−0.05	0.29	0.17	−0.24	−0.01	−0.15	0.09	1.00
11. Size	0.28	−0.08	−0.02	0.07	0.12	−0.09	−0.01	−0.08	0.05	0.35	1.00
12. Big4	0.32	−0.06	−0.07	−0.08	0.02	0.04	0.00	0.01	−0.10	−0.00	0.40	1.00
13. Age	0.10	0.01	0.01	0.03	0.02	−0.00	−0.03	−0.03	−0.04	0.04	−0.02	−0.02	1.00

Table 4. Regression results DeAngelo et al. (2006) life cycle measure (RE/TA and RE/TE)

Variables	Model 6	Model 7
	csr_all	csr_all
Re_ta	0.333***
	[2.74]
Re_te		0.063**
		[2.35]
Assetgr	−0.034**	−0.042**
	[−2.29]	[−2.53]
Lev	−0.001	−0.048*
	[−0.03]	[−1.68]
Size	0.023***	0.024***
	[5.27]	[5.24]
Big4	0.086***	0.088***
	[7.77]	[7.50]
Age	0.022**	0.023**
	[2.05]	[2.09]
_cons	−0.497***	−0.477***
	[−3.97]	[−3.72]
Sargan test	0.3482	0.1945
Basmann test	0.3519	0.1969
N	841	841
R-sq	0.141	0.094

Note: T statistics in brackets; * p < 0.1, ** p < 0.05, *** p < 0.01

Table 5. Regression results Dickinson (2011) life cycle measure

Variables	Model 1	Model 2	Model 3	Model 4	Model 5
	csr_all	csr_all	csr_all	csr_all	csr_all
Introduction	0.172*
	[1.86]
Growth		0.116**
		[2.18]
Shake-out			−0.161**
			[−2.46]
Mature				−0.048
				[−0.55]
Decline					−0.217
					[−0.54]
Assetgr	−0.052*	−0.064***	−0.057***	−0.026	−0.034
	[−1.79]	[−2.75]	[−2.85]	[−0.79]	[−0.73]
Lev	−0.135**	−0.102***	−0.103***	−0.082	−0.035
	[−2.50]	[−3.06]	[−3.15]	[−1.47]	[−0.66]
Size	0.025***	0.021***	0.023***	0.024***	0.025***
	[4.58]	[4.35]	[4.86]	[4.12]	[4.61]
Big4	0.091***	0.076***	0.080***	0.087***	0.087***
	[6.76]	[6.80]	[7.03]	[6.75]	[6.61]
Age	0.006	0.020*	0.018	0.013	0.001
	[0.43]	[1.74]	[1.58]	[1.00]	[0.03]
_cons	−0.449***	−0.385***	−0.383***	−0.403**	−0.413**
	[−2.86]	[−2.83]	[−2.81]	[−2.15]	[−2.29]
Sargan test	0.5772	0.0963	0.2071	0.1043	0.1107
Basmann test	0.5812	0.0974	0.2094	0.1058	0.1123
N	626	841	841	626	626
R-sq	0.06	0.061	0.04	0.121	0.087

Note: T statistics in brackets; * p < 0.1, ** p < 0.05, *** p < 0.01

DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics, 81(2), 227–254. https://doi.org/10.1016/j.jfineco.2005.07.005

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Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969–1994. https://doi.org/10.2308/accr-10130

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