Excluding the merger between BlackRock and Barclays Global Investors.

This table presents the effect of institutional cross-blockholding on corporate social responsibility when excluding the merger between BlackRock and Barclays Global Investors. The dependent variable is AvgCSR[t+1, t+2]. All the model specifications are the same as those in Table 5. Columns (1) and (4) show results without any fixed effects. Columns (2) and (5) show results with merger fixed effect. Columns (3) and (6) report results with firm×merger fixed effect. Results without control variables are presented in Columns (1)-(3). Columns (4)-(5) show results with control variables as those in baseline regressions. Standard errors are adjusted for heteroskedasticity and clustered by firm. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. Standard errors are shown in the parentheses.