Institutional cross-blockholding and performance in CSR dimensions.

This table reports the effect of institutional cross-blockholding on firms’ performance in different CSR dimensions. CSR dimensions include Community (COM), Workforce diversity (DIV), Employee relations (EMP), Environment impact (ENV), and Product quality (PRO). The dependent variable is the 2-year average of CSR score in each dimension. Results for CSP in Community, Workforce diversity, Employee relations, Environment impact, and Product quality dimensions are shown in Panels A, B, C, D, and E, respectively. 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.