18th Sep
Forfatter:
luweijiee
Sidst opdateret:
10 år siden
Licens:
Creative Commons CC BY 4.0
Resumé:
report impt
\begin
Opdag hvorfor 18 millioner mennesker verden rundt stoler på Overleaf med deres arbejde.
\begin
Opdag hvorfor 18 millioner mennesker verden rundt stoler på Overleaf med deres arbejde.
\documentclass[11pt]{article}
\newcommand{\bs}{$\backslash$}
\usepackage[english]{babel}
\usepackage[utf8]{inputenc}
\usepackage{amsmath}
\usepackage{graphicx}
\usepackage[colorinlistoftodos]{todonotes}
\usepackage{booktabs}
\usepackage[para]{threeparttable}
\usepackage{threeparttablex}
\usepackage{longtable}
\usepackage{rotate}
\usepackage{rotating}
\begin{document}
\begin{table}[htbp]
\centering
\caption{Summary statistics: \textbf{34535} firm-year Adjusted-KLD Scores \label{sumstat}}
\begin{tabular}{l c c c c}\hline\hline
\multicolumn{1}{c}{\textbf{Variable}} & \textbf{Obs.} & \textbf{Mean}
& \textbf{Std. Dev.} & \textbf{Median} \\ \hline
Adjusted-KLD Overall Scores & 34535 & -0.2744 & 0.5737 & -0.25 \\
Adjusted-KLD Total Strength & 34535 & 0.2501 & 0.4148 & 0.125\\
Adjusted-KLD Total Concern & 34535 & 0.5245 & 0.5172 & 0.3929\\
Adjusted-Community Total Strength & 34535 & 0.0322 & 0.0964 & 0 \\
Adjusted-Community Total Concern & 34535 & 0.0248 & 0.1050 & 0 \\
Adjusted-Corporate Governance Total Strength & 34535 & 0.0367 & 0.0997 & 0\\
Adjusted-Corporate Governance Total Concern & 34535 & 0.0933 & 0.1376 & 0\\
Adjusted-Diversity Total Strength & 34535 & 0.0728 & 0.1337 & 0 \\
Adjusted-Diversity Total Concern & 34535 & 0.1635 & 0.2163 & 0 \\
Adjusted-Employee Relations Total Strength & 34535 & 0.0482 & 0.1074 & 0 \\
Adjusted-Employee Relations Total Concern & 34535 & 0.0791 & 0.1298 & 0 \\
Adjusted-Environment Total Strength & 34535 & 0.0342 & 0.1004 & 0 \\
Adjusted-Environment Total Concern & 34535 & 0.0348 & 0.1004 & 0 \\
Adjusted-Human Rights Total Strength & 32254 & 0.0042 & 0.0548 & 0 \\
Adjusted-Human Rights Total Concern & 34535 & 0.0161 & 0.0748 & 0 \\
Adjusted-Product Total Strength & 34535 & 0.0220 & 0.0855 & 0 \\
Adjusted-Product Total Concern & 34535 & 0.0569 & 0.1418 & 0 \\
Adjusted-Alcohol Total Concern & 28611 & 0.0067 & 0.0794 & 0\\
Adjusted-Firearms Total Concern & 25011 & 0.0016 & 0.0400 & 0 \\
Adjusted-Gambling Total Concern & 28611 & 0.0121 & 0.1074 & 0 \\
Adjusted-Gambling Total Concern & 28611 & 0.0121 & 0.1074 & 0 \\
Adjusted-Military Total Concern & 28611 & 0.0297 & 0.1549 & 0 \\
Adjusted-Nuclear Power Total Concern & 28611 & 0.0119 & 0.0937 & 0 \\
Adjusted-Tobacco Total Concern & 28611 & 0.0056 & 0.0732 & 0 \\
\hline
\hline
\end{tabular}
\end{table}
\begin{table}[htbp]
\centering
\caption{Summary statistics: \textbf{373} KLD-CCM Matched Deals Adjusted-KLD Scores (Bidders) \label{sumstat}}
\begin{tabular}{l c c c c}\hline\hline
\multicolumn{1}{c}{\textbf{Variable}} & \textbf{Obs.} & \textbf{Mean}
& \textbf{Std. Dev.} & \textbf{Median} \\ \hline
Bidder Overall Score & 373 & -0.1789 & 0.7787 & -0.2262\\
Bidder Total Strength & 373 & 0.5521 & 0.7378 & 0.25 \\ % Content row 3
Bidder Total Concern & 373 & 0.7310 & 0.6314 & 0.5333 \\ % Content row 4
Bidder Community Total Concern & 373 & 0.0382 & 0.1349 & 0\\
Bidder Community Total Strength & 373 & 0.0739 & 0.1449 & 0\\
Bidder Corporate Governance Total Concern & 373 & 0.1535 & 0.1511 & 0.1667\\
Bidder Corporate Governance Total Strength & 373 & 0.0615 & 0.1445 & 0\\
Bidder Diversity Total Concern & 373 & 0.1278 & 0.1895 & 0\\
Bidder Diversity Total Strength & 373 & 0.1575 & 0.1968 & 0.125\\
Bidder Employee Relations Total Concern & 373 & 0.1052 & 0.1478 & 0\\
Bidder Employee Relations Total Strength & 373 & 0.1046 & 0.1604 & 0\\
Bidder Environment Total Concern & 373 & 0.0695 & 0.1381 & 0\\
Bidder Environment Total Strength & 373 & 0.0950 & 0.1858 & 0\\
Bidder Human Relations Total Concern & 373 & 0.0330 & 0.0958 & 0\\
Bidder Human Relations Total Strength & 364 & 0.0110 & 0.0669 & 0\\
Bidder Product Total Concern & 373 & 0.1186 & 0.2045 & 0\\
Bidder Product Total Strength & 373 & 0.0489 & 0.1275 & 0\\
Bidder Alcohol Total Concern & 314 & 0.0048 & 0.0630 & 0\\
Bidder Firearms Total Concern & 292 & 0.0103 & 0.1010 & 0\\
Bidder Military Total Concern & 314 & 0.0685 & 0.2457 & 0\\
Bidder Nuclear Total Concern & 314 & 0.0056 & 0.0465 & 0\\
Bidder Tobacco Total Concern & 314 & 0 & 0 & 0\\
Bidder Gambling Total Concern & 314 & 0.0127 & 0.1123 & 0\\
\hline
\hline
\end{tabular}
\end{table}
\begin{table}[htbp]
\centering
\caption{Summary statistics: \textbf{373} KLD-CCM Matched Deals Adjusted-KLD Scores (Targets) \label{sumstat}}
\begin{tabular}{l c c c c}\hline\hline
\multicolumn{1}{c}{\textbf{Variable}} & \textbf{Obs.} & \textbf{Mean}
& \textbf{Std. Dev.} & \textbf{Median} \\ \hline
Target Overall Score & 373 & -0.3256 & 0.4588 & -0.3333 \\ % Content row 2
Target Total Strength & 373 & 0.1522 & 0.2535 & 0 \\
% Content row 5
Target Total Concern & 373 & 0.4778 & 0.4034 & 0.45 \\
Target Corporate Governance Total Concern & 373 & 0.0941 & 0.1244 & 0\\
Target Corporate Governance Total Strength & 373 & 0.0265 & 0.0787 & 0\\
Target Community Total Concern & 373 & 0.0214 & 0.1168 & 0\\
Target Community Total Strength & 373 & 0.0109 & 0.0571 & 0\\
Target Diversity Total Concern & 373 & 0.1877 & 0.2239 & 0\\
Target Diversity Total Strength & 373 & 0.0552 & 0.0991 & 0\\
Target Employee Relations Total Concern & 373 & 0.0812 & 0.1187 & 0\\
Target Employee Relations Total Strength & 373 & 0.0301 & 0.0814 & 0\\
Target Environment Total Concern & 373 & 0.0210 & 0.0722 & 0\\
Target Environment Total Strength & 373 & 0.0193 & 0.0742 & 0\\
Target Human Relations Total Concern & 373 & 0.0047 & 0.0340 & 0\\
Target Human Relations Total Strength & 364 & 0 & 0 & 0 \\
Target Product Total Concern & 373 & 0.0288 & 0.0970 & 0\\
Target Product Total Strength & 373 & 0.0101 & 0.0556 & 0\\
Target Alcohol Total Concern & 314 & 0.0064 & 0.0797 & 0\\
Target Firearms Total Concern & 292 & 0 & 0 & 0\\
Target Gambling Total Concern & 314 & 0.0127 & 0.1123 & 0\\
Target Military Total Concern & 314 & 0.0231 & 0.1401 & 0\\
Target Nuclear Total Concern & 314 & 0.0040 & 0.0581 & 0\\
Target Tobacco Total Concern & 314 & 0 & 0 & 0\\
\hline
\hline
\end{tabular}
\end{table}
\begin{table}[htbp]
\centering
\caption{High-Low-No \textbf{KLD}-Matched Deal Matrix 1153 out of 3705 Deals \label{sumstat}}
\begin{tabular}{|l|l|l|l}\hline
& High CSR Target & Low CSR Target & No CSR Target \\ \hline
High CSR Bidder & 99 & 95 & 341 \\ \hline
Low CSR Bidder & 63 & 114 & 273 \\ \hline
No CSR Bidder & 96 & 72 & 2552 \\ \hline
\hline
\end{tabular}
\end{table}
\begin{table}
\centering\caption{\textbf{Summary Statistics: \textbf{373} KLD-CCM Matched Deals}}
\begin{threeparttable}
\begin{tabular}{l c c c c}
\hline\hline
Variable & Obs & Mean & Std. Dev & Median\\
\cmidrule(l){1-5}
\textbf{Panel A: Adjusted-KLD Scores} & & & & \\
KLD Spread (Bidder KLD-Target KLD) & 373 & 0.1450 & 0.7808 & 0.0833 \\
Bidder Overall Score & 373 & -0.1789 & 0.7787 & -0.2262\\
Target Overall Score & 373 & -0.3256 & 0.4588 & -0.3333 \\ % Content row 2
Bidder Total Strength & 373 & 0.5521 & 0.7378 & 0.25 \\ % Content row 3
Bidder Total Concern & 373 & 0.7310 & 0.6314 & 0.5333 \\ % Content row 4
Target Total Strength & 373 & 0.1522 & 0.2535 & 0 \\
% Content row 5
\\ \textbf{Panel B: Bidder Characteristics} & & & & \\
Log(Bidder's Market Cap) & 373 & 8.7364 & 1.7790 & 8.4961 \\
Bidder's Cash & 373 & 0.1683 & 0.1650 & 0.1098 \\
Bidder's Return on Assets (ROA) & 370 & 0.0702 & 0.1142 & 0.0717 \\
Bidder's Leverage & 369 & 0.2093 & 0.2071 & 0.1591 \\
Bidder's Q & 370 & 1.9967 & 1.9776 & 1.3580 \\
\\
\textbf{Panel C: Target Characteristics} & & & & \\
Log(Target's Market Cap) & 373 & 6.8026 & 1.3294 & 6.6998 \\
Target's Cash & 373 & 0.2393 & 0.2344 & 0.1515 \\
Target's Return on Assets (ROA) & 360 & 0.0228 & 0.1580 & 0.0437 \\
Target's Leverage & 358 & 0.2008 & 0.2360 & 0.1289 \\
Target's Q & 360 & 1.8677 & 1.9699 & 1.2633 \\
\\
\textbf{Panel D: Deal Characteristics} & & & & \\
Market Cap Ratio (Target/Bidder) & 373 & 0.3652 & 0.4135 & 0.1952 \\
Tender Offer (dummy) & 373 & 0.2225 & 0.4165 & 0 \\
Related-Industry Deals (dummy) & 373 & 0.6997 & 0.4590 & 1 \\
All Cash Deal (dummy) & 373 & 0.4772 & 0.5002 & 0 \\
All Stock Deal (dummy) & 373 & 0.8713 & 0.3353 & 1 \\
Deal Status (dummy) & 373 & 0.8365 & 0.3704 & 1 \\
Hostile Takeover (dummy) & 373 & 0.0402 & 0.1967 & 0 \\
High Tech (dummy) & 373 & 0.3834 & 0.4869 & 0 \\
\hline\hline
\end{tabular}
\end{threeparttable}
\end{table}
\end{document}