Financial Innovation

Table 6 Regression results of different models

From: Sustainable strategy for corporate governance based on the sentiment analysis of financial reports with CSR

Variable category	Variable	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
Intercept		−1.4860	−1.4306	− 1.5804	−1.0108	− 0.9943	0.5900
Control variables	Log(CSR_t-1)	0.3392^·	0.3174	0.3250^·	0.3378^·	0.2761^·	0.3483
	ROE	− 0.2841	− 0.1069	0.0012	0.1019	−0.7234	− 0.2213
	BM	−0.4080^·	−0.3889	− 0.3698	−0.4782^·	− 0.7948^**	−0.7326
	Log(Size_t-1)	2.3923	2.4235	2.4579	2.1105	2.1349	0.7702
FR categories	FR		−0.1311
	External			−0.1072
	Internal			−0.0406	− 0.0598
	PESTEL				−0.1812	−0.2689^*
	Porter				0.0825	0.2839*
	Primary					−1.1081*
	Support					1.4174**
	Political						−0.1021
	Economic						0.0174
	Social						−0.0595
	Technological						−0.0220
	Environment						0.0359
	Legal						0.1794
	Entrant						0.0997
	Substitute						0.1795
	Rivalry						0.2797
	Supplier						0.0553
	Buyer						−0.1574
	Inbound						−0.1462
	Operation						0.3617
	Outbound						−0.1118
	Marketing						0.1446
	Service						−0.0820
	Procurement						0.3196
	Technology						0.4783
	Human						−0.2218
	Infrastructure						−0.3058
Adjusted R²		0.3660	0.3484	0.3386	0.3608	0.5203	0.0283

Variable “Internal” in Model 3 is actually “ValueChain” in model 4, their value are the same
·* and ** indicate p < 10%, p < 5% and 1% respectively

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