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Does Firm Size Influence the Relationship Between CSR and Capital Structure?

Table 4: Results of panel data analysis (firm size classes)

Panel A : Corporate Governance Performance
Variable name Model 1a Model 1b Model 1c
GPS 9.97e-05* GPS 0.000204** GPS 0.000300***
(4.85e-05) (6.90e-05) (7.56e-05)
Small -0.0545*** Medium 0.0111* Large 0.0541**
(0.0101) (0.00618) (0.0186)
GPS * Small 0.000227** GPS*Medium 5.60e-06 GPS*Large -0.000595**
(8.81e-05) (0.000105) (0.000252)
ROA -0.239*** ROA -0.259*** ROA -0.258***
(0.0535) (0.0594) (0.0594)
TA 0.179*** TA 0.183*** TA 0.184***
(0.0395) (0.0416) (0.0423)
Constant 0.148*** Constant 0.125*** Constant 0.120***
(0.0205) (0.0231) (0.0264)
Adjusted R2 0.11 0.09 0.10
F-statistic 30.95 47.15 32.72
Panel B : Social Performance
Model 2a Model 2b Model 2c
SPS 0.000173 SPS 0.000164 SPS 0.000469***
(0.000107) (0.000143) (9.60e-05)
Small -0.0465*** Medium 0.000739 Large 0.0608***
(0.00766) (0.00379) (0.00984)
SPS * Small 0.000103 SPS * Medium 0.000234** SPS * Large -0.000794***
(0.000145) (0.000109) (0.000149)
ROA -0.236*** ROA -0.250*** ROA -0.248***
(0.0528) (0.0572) (0.0562)
TA 0.178*** TA 0.179*** TA 0.180***
(0.0388) (0.0411) (0.0423)
Constant 0.145*** Constant 0.130*** Constant 0.116***
(0.0216) (0.0259) (0.0260)
Adjusted R2 0.11 0.10 0.11
F-statistic 40.49 15.18 47.26
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