Institutional investor company social responsibility report and company performance

Analysis of the impact of institutional investors’ shareholding ratio and CSR information disclosure on corporate performance_

Variables	Unnormalised coefficient		Normalised coefficient	t	Significance
	B	Standard error	Beta
(constant)	−3.799	1.902	–	−1.997	0.046
IHR	0.073	0.018	0.090	4.082	0.000
CSR	0.128	0.033	0.085	3.872	0.000
DER	−0.114	0.022	−0.123	−5.188	0.000
ROP	0.017	0.002	0.236	10.604	0.000
GPM	0.165	0.026	0.155	6.382	0.000
IT	0.002	0.002	0.016	0.782	0.435
R2			0.146
Adj. R2			0.143
The F value			56.72

Analysis of the impact of shareholding ratio of institutional investors and CSR information disclosure on corporate performance (Z-score)_

Variables	Unnormalised coefficient		Normalised coefficient	t	Significance
	B	Standard error	Beta
(constant)	0.077	0.012		6.657	0.000
IHR	0.070	0.011	0.132	6.108	0.000
CSR	0.051	0.012	0.091	4.216	0.000
DER	−0.019	0.013	−0.036	−1.548	0.122
ROP	0.267	0.017	0.340	15.311	0.000
GPM	0.091	0.014	0.160	6.697	0.000
IT	0.007	0.059	0.002	0.110	0.912
R2			0.212
Adj. R2			0.210
The F value			84.285

Analysis of the impact of institutional investors’ shareholding ratio on the relationship between CSR information disclosure and corporate performance

Variables	Unnormalised coefficient		Normalised coefficient	t	Significance
	B	Standard error	Beta
(constant)	−5.253	3.647		−1.440	0.150
IHR	0.099	0.059	0.123	1.687	0.092
CSR	0.165	0.085	0.110	1.928	0.054
DER	−0.001	0.001	−0.047	−0.468	0.640
ROP	−0.114	0.022	−0.123	−5.199	0.000
GPM	0.016	0.002	0.235	10.584	0.000
IT	0.164	0.026	0.155	6.374	0.000
R2			0.146
Adj. R2			0.143
The F value			48.65

Definition of investigate variables_

Variable types	Variable name	Variable to explain	Data source
Explained variable	ROE	Net profit/stockholders’ equity × 100%	Wind
Explanatory variables	IHR	Total institutional holdings/A shares in circulation × 100%	Wind
	CSR	Runling Global CSR report rating score	Runling Global Database
Control variables	DER	Enterprise liabilities/enterprise assets × 100%	Wind
	ROP	EBITDA/total compensation × 100%	Wind
	GPM	Operating costs/[(beginning inventory + ending inventory)/2]	Wind
	IT	Operating costs/[(beginning inventory + ending inventory)/2]	Wind

Descriptive statistical results_

Variables	N	Minimum	Maximum	Mean	Standard deviation	Median
ROE	1998	−333.82	67.53	7.39	17.97	7.86
IHR	1998	0.00	112.66	51.42	22.34	54.13
CSR	1998	15.65	89.00	42.08	12.00	39.52
DER	1998	3.70	141.25	47.87	19.43	48.64
ROP	1998	−1553.24	2792.27	174.42	256.36	99.54
GPM	1998	−48.18	93.12	27.89	16.88	24.87
IT	1998	0.00	3528.96	20.88	154.52	4.06
Number of active cases (listed)	1998

Industry sample profile_

Industry	Number	Percentage (%)
Machinery, equipment and instrument manufacturing	320	16.02
Information technology	210	10.51
Metal and non-metal manufacturing	179	8.96
Petroleum, chemistry, plastics and plastics	151	7.56
The real estate	126	6.31
Transportation, warehousing	114	5.71
The production and supply of electricity, gas and water	112	5.61
Wholesale and retail	108	5.41
Medicine, biological products	104	5.21
Food and beverage	92	4.60
Mining	86	4.30
Building	74	3.70
Communication and culture	62	3.10
Electronic	62	3.10
Social services	58	2.90
Textile, clothing and fur manufacturing	42	2.10
Paper making and printing	39	1.95
Farming, forestry, animal husbandry and fishery	29	1.45
Comprehensive	23	1.15
Other manufacturing industries	5	0.25
Wood and furniture manufacturing	2	0.10
Total	1998	100.00

Analysis of the impact of shareholding ratio of institutional investors on the relationship between CSR information disclosure and corporate performance (Z-score)_

Variables	Unnormalised coefficient		Normalised coefficient	t	Significance
	B	Standard error	Beta
(constant)	0.076	0.012		6.619	0.000
IHR	0.084	0.042	0.159	2.032	0.042
CSR	0.061	0.031	0.109	1.965	0.050
DER	−0.019	0.013	−0.036	−1.548	0.122
ROP	0.266	0.017	0.340	15.278	0.000
GPM	0.090	0.014	0.159	6.681	0.000
IT	0.007	0.059	0.002	0.119	0.906
ZIHR*CRS	−0.021	0.059	−0.037	−0.358	0.721
R2			0.212
Adj. R2			0.209
The F value			72.229

Correlation analysis_

Variables	ROE	IHR	CSR	DER	ROP	GPM	IT
ROE	1.000
IHR	0.119***	1.000
CSR	0.074***	0.301***	1.000
DER	−0.148***	0.181***	0.199***	1.000
ROP	0.291***	0.127***	−0.008	0.020	1.000
GPM	0.268***	−0.03*	−0.076***	−0.414***	0.302***	1.000
IT	0.033*	0.016	−0.03*	0.017	0.047**	0.055***	1.000

Sample survey_

Year	Number	Percentage (%)
2016	608	30.43
2017	660	33.03
2018	730	36.54
Total	1998	100