Baseline regressions: Multivariate OLS analysis.

This table reports the regression results for the association between institutional cross-blockholding and corporate social responsibility. We run the baseline regression as Eq (1):

(1)

where CSRMeasure is one of the several measures on corporate social responsibility. CrossMeasure is one of the five cross-blockholding proxies in each firm-year. In the baseline regressions, the dependent variable is the CSP at t+1 (CSRt+1), and the independent variable, CROSS_DUM, is an indicator that equals one if the firm is cross-held in any quarter of the year. The control variables include firm size (SIZE), Tobin’s Q (TOBINQ), book leverage (BLEV), profitability (EBITDA), collateral (PPENT), investment (CAPX), institutional ownership (INSTO), analyst coverage (NAN), retained earnings (RETA), and the logarithm form of the number of 13F institutional investors (LN_NUM_INST). Three sets of fixed effects are included in the regressions. Columns (1) and (2) report results with firm and year fixed effects. Columns (3) and (4) report the results of models with firm and industry×year fixed effects. Columns (5) and (6) report results with firm, industry×year, and county fixed effects. Results of the simple model are provided in Columns (1), (3), and (5), and the results of the full model are shown in Columns (2), (4), and (6). Industries are classified by Fama-French 48 industries [60]. 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.