Stuart L. Gillan, Jay C. Hartzell, Andrew Koch, and ... - Pitt Business

B. Social Responsibility
(1) (2) (3) (4) (5) (6)
Lead chg. in
% instl.
ownership
Lead chg. in
% instl.
ownership
Lead chg. in
% instl.
ownership
Lag change in
strength score -0.00303***
(-2.96)
Lag change in
concerns score 0.000369
(0.35)
Lag change in net
score -0.00177**
(-2.36)
Lag change in
instl.ownership
Lead chg. in
strength
score
Lead chg. in
strength
score
Lead chg. in
net score
-0.0249 -0.0681 0.0432
(-0.36) (-0.94) (0.43)
Market equity 0.000493 0.000304 0.000387 0.0568*** 0.0148*** 0.0420***
(0.88) (0.55) (0.69) (11.02) (3.25) (6.21)
Price -0.00403*** -0.00404*** -0.00401*** 0.00970 -0.0121 0.0218
(-2.63) (-2.63) (-2.61) (0.81) (-1.01) (1.28)
Std . deviation -0.00953*** -0.00961*** -0.00956*** 0.0336 -0.00943 0.0430
(-3.08) (-3.11) (-3.09) (1.53) (-0.40) (1.36)
Firm age -0.00279** -0.00263* -0.00269* -0.0350*** 0.00285 -0.0379***
(-2.03) (-1.91) (-1.95) (-4.72) (0.38) (-3.59)
Dividend yield -1.049** -1.037** -1.034** 2.530 -5.375 7.905
(-2.19) (-2.16) (-2.16) (0.70) (-1.43) (1.62)
Turnover -0.0156*** -0.0156*** -0.0156*** 0.00606 0.00660 -0.000539
(-4.70) (-4.69) (-4.69) (0.33) (0.37) (-0.02)
Previous return 0.00711* 0.00727* 0.00713* -0.0312 0.00790 -0.0391
(1.70) (1.74) (1.70) (-1.23) (0.27) (-0.97)
Observations 11767 11767 11767 12213 12213 12213
R-squared 0.10 0.10 0.10 0.02 0.02 0.02
39