Strengths and concerns.

This table presents the effect of institutional cross-blockholding on firms’ performance on CSR strengths and concerns in the difference-in-differences analysis. Panel A shows the effect of institutional cross-blockholding on CSR strengths. Panel B shows the effect of institutional cross-blockholding on CSR concerns. 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.