Summary statistics: Multivariate OLS analysis.

This table reports summary statistics of the key variables in multivariate OLS analysis. The sample comes from multiple sources. Firm-level financial data come from COMPUSTAT database. Corporate social responsibility data come from MSCI ESG KLD database. Institutional investor holdings data come from Thomson Reuters Institutional (13F) Holdings database (adjusted by Factset Institutional Holdings database after June 2013). Analyst coverage data come from Institutional Brokers Estimate System (I\B\E\S). We require observations to satisfy the following criteria: (1) Book equity is positive; (2) Each firm should at least have 2-year consecutive observations; (3) Variables are available in all observations; (4) Firms are not in financial (SIC code 6000–6999) or utility (SIC codes 4900–4999) industries. Finally, the sample consists of 13,112 observations that meet these criteria during 1995–2014 when both Thomson Reuters Institutional (13F) Holdings and KLD are available. All continuous variables are winsorized at 1st and 99th percentiles to alleviate the potential disturbance from outliers. The variable definitions are provided in Table A1 of S1 Appendix.