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dissertation-chapter-3-yearly-data-analysis.do
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dissertation-chapter-3-yearly-data-analysis.do
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***=====================================================***
* CHAPTER 3 DATA ANALYSIS
* FIRM-YEAR LEVEL DATASET COMBINING
* CSRHUB/CSTAT AND KLD
***=====================================================***
***===========***
* LOAD DATA *
***===========***
use data/csrhub-cstat-kld-matched.dta, clear
xtset
*** Recode net concerns to negative
replace net_kld_con = net_kld_con*-1
/// MODELS
* Full mediation model:
* CSR ----> SIC ----> Revenue
*
* Partial mediation model:
* CSR (X) ----> Revenue (Y)
* \ ^
* \ /
* \ /
* SIC (M)
*
*
* Revenue Y = revt_usd_ihs
* CSR X = over_rtg
* SIC M = net_kld
/* REGRESSIONS IN THE BARON AND KENNY (1986) APPROACH
STEP 1: Y = cX + e1 revt_usd_ihs = c(over_rtg)
STEP 2: M = aX + e2 net_kld = a(over_rtg)
STEP 3: Y = c'X + bM + e3 revt_usd_ihs = c'(over_rtg) + b(net_kld)
*/
***===============================***
* *
* DESCRIPTIVE STATISTICS *
* *
***===============================***
/// VARIABLES
local variables revt_usd revt_usd_ihs over_rtg net_kld net_kld_str net_kld_con ///
dltt at age emp xad xrd year
/// CORRELATION TABLE
asdoc pwcorr `variables' , ///
st(.05) dec(2) ///
replace save(tables-and-figures/descriptive-statistics/ch3-summary-statistics.doc)
/// SUMMARY STATISTICS
asdoc sum `variables', ///
dec(2) ///
save(tables-and-figures/descriptive-statistics/ch3-summary-statistics.doc)
/// REVENUE
asdoc sum revt_usd revt_usd_ihs, d ///
dec(2) ///
save(tables-and-figures/descriptive-statistics/ch3-summary-statistics-revenue-comparison.doc)
***===================***
* ESTIMATION *
* POOLED REGRESSION *
* DV: SAME YEAR *
***===================***
/// DIRECT
reg revt_usd_ihs over_rtg, cluster(gvkey)
est sto pooldir1
outreg2 [pooldir1] ///
using "tables-and-figures\ch3\ch3-pooled-direct-same-year", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs) ///
nocons addtext(Firm FEs, No, Year FEs, No)
reg revt_usd_ihs over_rtg i.year, cluster(gvkey)
est sto pooldir2
reg revt_usd_ihs over_rtg dltt i.year, cluster(gvkey)
est sto pooldir3
reg revt_usd_ihs over_rtg dltt at i.year, cluster(gvkey)
est sto pooldir4
reg revt_usd_ihs over_rtg dltt at emp i.year, cluster(gvkey)
est sto pooldir5
reg revt_usd_ihs over_rtg dltt at emp age i.year, cluster(gvkey)
est sto pooldir6
reg revt_usd_ihs over_rtg dltt at emp age xad i.year, cluster(gvkey)
est sto pooldir7
reg revt_usd_ihs over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto pooldir8
*** Table
outreg2 [pooldir2 pooldir3 pooldir4 pooldir5 ///
pooldir6 pooldir7 pooldir8] ///
using "tables-and-figures\ch3\ch3-pooled-direct-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
reg revt_usd_ihs over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto pooldir9
*** Table
outreg2 [pooldir9] ///
using "tables-and-figures\ch3\ch3-pooled-direct-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
/// MEDIATOR MODEL
reg net_kld over_rtg, cluster(gvkey)
est sto poolmed1
outreg2 [poolmed1] ///
using "tables-and-figures\ch3\ch3-pooled-mediator-same-year", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld) ///
nocons addtext(Firm FEs, No, Year FEs, No)
reg net_kld over_rtg i.year, cluster(gvkey)
est sto poolmed2
reg net_kld over_rtg dltt i.year, cluster(gvkey)
est sto poolmed3
reg net_kld over_rtg dltt at i.year, cluster(gvkey)
est sto poolmed4
reg net_kld over_rtg dltt at emp i.year, cluster(gvkey)
est sto poolmed5
reg net_kld over_rtg dltt at emp age i.year, cluster(gvkey)
est sto poolmed6
reg net_kld over_rtg dltt at emp age xad i.year, cluster(gvkey)
est sto poolmed7
reg net_kld over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto poolmed8
*** Table
outreg2 [poolmed2 poolmed3 poolmed4 poolmed5 ///
poolmed6 poolmed7 poolmed8] ///
using "tables-and-figures\ch3\ch3-pooled-mediator-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
reg net_kld over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto poolmed9
* Table
outreg2 [poolmed9] ///
using "tables-and-figures\ch3\ch3-pooled-mediator-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
/// MEDIATION TEST
reg revt_usd_ihs net_kld over_rtg, cluster(gvkey)
est sto pooltest1
outreg2 [pooltest1] ///
using "tables-and-figures\ch3\ch3-pooled-mediation-test-same-year", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs) ///
nocons addtext(Firm FEs, No, Year FEs, No)
reg revt_usd_ihs net_kld over_rtg i.year, cluster(gvkey)
est sto pooltest2
reg revt_usd_ihs net_kld over_rtg dltt i.year, cluster(gvkey)
est sto pooltest3
reg revt_usd_ihs net_kld over_rtg dltt at i.year, cluster(gvkey)
est sto pooltest4
reg revt_usd_ihs net_kld over_rtg dltt at emp i.year, cluster(gvkey)
est sto pooltest5
reg revt_usd_ihs net_kld over_rtg dltt at emp age i.year, cluster(gvkey)
est sto pooltest6
reg revt_usd_ihs net_kld over_rtg dltt at emp age xad i.year, cluster(gvkey)
est sto pooltest7
reg revt_usd_ihs net_kld over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto pooltest8
* Table
outreg2 [pooltest2 pooltest3 pooltest4 pooltest5 ///
pooltest6 pooltest7 pooltest8] ///
using "tables-and-figures\ch3\ch3-pooled-mediation-test-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
reg revt_usd_ihs net_kld over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto pooltest9
*** Table
outreg2 [pooltest9] ///
using "tables-and-figures\ch3\ch3-pooled-mediation-test-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
***===================***
* ESTIMATION *
* POOLED REGRESSION *
* DV: SAME YEAR, TRANSFORMED TO INVERSE HYPERBOLIC SINE *
***===================***
/// DIRECT
reg revt_usd_ihs over_rtg, cluster(gvkey)
est sto pooldirihs1
outreg2 [pooldirihs1] ///
using "tables-and-figures\ch3\ch3-pooled-direct-same-year-ihs", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs) ///
nocons addtext(Firm FEs, No, Year FEs, No)
reg revt_usd_ihs over_rtg i.year, cluster(gvkey)
est sto pooldirihs2
reg revt_usd_ihs over_rtg dltt i.year, cluster(gvkey)
est sto pooldirihs3
reg revt_usd_ihs over_rtg dltt at i.year, cluster(gvkey)
est sto pooldirihs4
reg revt_usd_ihs over_rtg dltt at emp i.year, cluster(gvkey)
est sto pooldirihs5
reg revt_usd_ihs over_rtg dltt at emp age i.year, cluster(gvkey)
est sto pooldirihs6
reg revt_usd_ihs over_rtg dltt at emp age xad i.year, cluster(gvkey)
est sto pooldirihs7
reg revt_usd_ihs over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto pooldirihs8
*** Table
outreg2 [pooldirihs2 pooldirihs3 pooldirihs4 pooldirihs5 ///
pooldirihs6 pooldirihs7 pooldirihs8] ///
using "tables-and-figures\ch3\ch3-pooled-direct-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
reg revt_usd_ihs over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto pooldirihs9
*** Table
outreg2 [pooldirihs9] ///
using "tables-and-figures\ch3\ch3-pooled-direct-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
/// MEDIATOR MODEL
reg net_kld over_rtg, cluster(gvkey)
est sto poolmedihs1
outreg2 [poolmedihs1] ///
using "tables-and-figures\ch3\ch3-pooled-mediator-same-year-ihs", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld) ///
nocons addtext(Firm FEs, No, Year FEs, No)
reg net_kld over_rtg i.year, cluster(gvkey)
est sto poolmedihs2
reg net_kld over_rtg dltt i.year, cluster(gvkey)
est sto poolmedihs3
reg net_kld over_rtg dltt at i.year, cluster(gvkey)
est sto poolmedihs4
reg net_kld over_rtg dltt at emp i.year, cluster(gvkey)
est sto poolmedihs5
reg net_kld over_rtg dltt at emp age i.year, cluster(gvkey)
est sto poolmedihs6
reg net_kld over_rtg dltt at emp age xad i.year, cluster(gvkey)
est sto poolmedihs7
reg net_kld over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto poolmedihs8
*** Table
outreg2 [poolmedihs2 poolmedihs3 poolmedihs4 poolmedihs5 ///
poolmedihs6 poolmedihs7 poolmedihs8] ///
using "tables-and-figures\ch3\ch3-pooled-mediator-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
reg net_kld over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto poolmedihs9
* Table
outreg2 [poolmedihs9] ///
using "tables-and-figures\ch3\ch3-pooled-mediator-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
/// MEDIATION TEST
reg revt_usd_ihs net_kld over_rtg, cluster(gvkey)
est sto pooltestihs1
outreg2 [pooltestihs1] ///
using "tables-and-figures\ch3\ch3-pooled-mediation-test-same-year-ihs", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs) ///
nocons addtext(Firm FEs, No, Year FEs, No)
reg revt_usd_ihs net_kld over_rtg i.year, cluster(gvkey)
est sto pooltestihs2
reg revt_usd_ihs net_kld over_rtg dltt i.year, cluster(gvkey)
est sto pooltestihs3
reg revt_usd_ihs net_kld over_rtg dltt at i.year, cluster(gvkey)
est sto pooltestihs4
reg revt_usd_ihs net_kld over_rtg dltt at emp i.year, cluster(gvkey)
est sto pooltestihs5
reg revt_usd_ihs net_kld over_rtg dltt at emp age i.year, cluster(gvkey)
est sto pooltestihs6
reg revt_usd_ihs net_kld over_rtg dltt at emp age xad i.year, cluster(gvkey)
est sto pooltestihs7
reg revt_usd_ihs net_kld over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto pooltestihs8
* Table
outreg2 [pooltestihs2 pooltestihs3 pooltestihs4 pooltestihs5 ///
pooltestihs6 pooltestihs7 pooltestihs8] ///
using "tables-and-figures\ch3\ch3-pooled-mediation-test-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
reg revt_usd_ihs net_kld over_rtg dltt at emp age xad xrd i.year, cluster(gvkey)
est sto pooltestihs9
*** Table
outreg2 [pooltestihs9] ///
using "tables-and-figures\ch3\ch3-pooled-mediation-test-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
***===========================***
* FIXED EFFECTS ESTIMATION *
* DV: SAME YEAR *
***===========================***
/// DIRECT
xtreg revt_usd_ihs over_rtg, fe cluster(gvkey)
est sto fedir1
outreg2 [fedir1] ///
using "tables-and-figures\ch3\ch3-fe-direct-same-year", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs) ///
nocons addtext(Firm FEs, Yes, Year FEs, No)
xtreg revt_usd_ihs over_rtg i.year, fe cluster(gvkey)
est sto fedir2
xtreg revt_usd_ihs over_rtg dltt i.year, fe cluster(gvkey)
est sto fedir3
xtreg revt_usd_ihs over_rtg dltt at i.year, fe cluster(gvkey)
est sto fedir4
xtreg revt_usd_ihs over_rtg dltt at emp i.year, fe cluster(gvkey)
est sto fedir5
xtreg revt_usd_ihs over_rtg dltt at emp age i.year, fe cluster(gvkey)
est sto fedir6
xtreg revt_usd_ihs over_rtg dltt at emp age xad i.year, fe cluster(gvkey)
est sto fedir7
xtreg revt_usd_ihs over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto fedir8
*** Table
outreg2 [fedir2 fedir3 fedir4 fedir5 ///
fedir6 fedir7 fedir8] ///
using "tables-and-figures\ch3\ch3-fe-direct-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year 2016o.year) ///
nocons addtext(Firm FEs, Yes, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
xtreg revt_usd_ihs over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto fedir9
*** Table
outreg2 [fedir9] ///
using "tables-and-figures\ch3\ch3-fe-direct-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year 2016o.year) ///
nocons addtext(Firm FEs, Yes, Year FEs, Yes)
restore
/// MEDIATOR MODEL
xtreg net_kld over_rtg, fe cluster(gvkey)
est sto femed1
outreg2 [femed1] ///
using "tables-and-figures\ch3\ch3-fe-mediator-same-year", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld) ///
nocons addtext(Firm FEs, Yes, Year FEs, No)
xtreg net_kld over_rtg i.year, fe cluster(gvkey)
est sto femed2
xtreg net_kld over_rtg dltt i.year, fe cluster(gvkey)
est sto femed3
xtreg net_kld over_rtg dltt at i.year, fe cluster(gvkey)
est sto femed4
xtreg net_kld over_rtg dltt at emp i.year, fe cluster(gvkey)
est sto femed5
xtreg net_kld over_rtg dltt at emp age i.year, fe cluster(gvkey)
est sto femed6
xtreg net_kld over_rtg dltt at emp age xad i.year, fe cluster(gvkey)
est sto femed7
xtreg net_kld over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto femed8
*** Table
outreg2 [femed2 femed3 femed4 femed5 ///
femed6 femed7 femed8] ///
using "tables-and-figures\ch3\ch3-fe-mediator-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld i.year 2016o.year) ///
nocons addtext(Firm FEs, Yes, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
xtreg net_kld over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto femed9
* Table
outreg2 [femed9] ///
using "tables-and-figures\ch3\ch3-fe-mediator-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld i.year 2016o.year) ///
nocons addtext(Firm FEs, Yes, Year FEs, Yes)
restore
/// MEDIATION TEST
xtreg revt_usd_ihs net_kld over_rtg, fe cluster(gvkey)
est sto fetest1
outreg2 [fetest1] ///
using "tables-and-figures\ch3\ch3-fe-mediation-test-same-year", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs) ///
nocons addtext(Firm FEs, Yes, Year FEs, No)
xtreg revt_usd_ihs net_kld over_rtg i.year, fe cluster(gvkey)
est sto fetest2
xtreg revt_usd_ihs net_kld over_rtg dltt i.year, fe cluster(gvkey)
est sto fetest3
xtreg revt_usd_ihs net_kld over_rtg dltt at i.year, fe cluster(gvkey)
est sto fetest4
xtreg revt_usd_ihs net_kld over_rtg dltt at emp i.year, fe cluster(gvkey)
est sto fetest5
xtreg revt_usd_ihs net_kld over_rtg dltt at emp age i.year, fe cluster(gvkey)
est sto fetest6
xtreg revt_usd_ihs net_kld over_rtg dltt at emp age xad i.year, fe cluster(gvkey)
est sto fetest7
xtreg revt_usd_ihs net_kld over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto fetest8
* Table
outreg2 [fetest2 fetest3 fetest4 fetest5 ///
fetest6 fetest7 fetest8] ///
using "tables-and-figures\ch3\ch3-fe-mediation-test-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year 2016o.year) ///
nocons addtext(Firm FEs, Yes, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
xtreg revt_usd_ihs net_kld over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto fetest9
*** Table
outreg2 [fetest9] ///
using "tables-and-figures\ch3\ch3-fe-mediation-test-same-year", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year 2016o.year) ///
nocons addtext(Firm FEs, Yes, Year FEs, Yes)
restore
***===================***
* FIXED EFFECTS ESTIMATION *
* DV: SAME YEAR, TRANSFORMED TO INVERSE HYPERBOLIC SINE *
***===================***
/// DIRECT
xtreg revt_usd_ihs over_rtg, fe cluster(gvkey)
est sto pooldirihs1
outreg2 [pooldirihs1] ///
using "tables-and-figures\ch3\ch3-fe-direct-same-year-ihs", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs) ///
nocons addtext(Firm FEs, No, Year FEs, No)
xtreg revt_usd_ihs over_rtg i.year, fe cluster(gvkey)
est sto pooldirihs2
xtreg revt_usd_ihs over_rtg dltt i.year, fe cluster(gvkey)
est sto pooldirihs3
xtreg revt_usd_ihs over_rtg dltt at i.year, fe cluster(gvkey)
est sto pooldirihs4
xtreg revt_usd_ihs over_rtg dltt at emp i.year, fe cluster(gvkey)
est sto pooldirihs5
xtreg revt_usd_ihs over_rtg dltt at emp age i.year, fe cluster(gvkey)
est sto pooldirihs6
xtreg revt_usd_ihs over_rtg dltt at emp age xad i.year, fe cluster(gvkey)
est sto pooldirihs7
xtreg revt_usd_ihs over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto pooldirihs8
*** Table
outreg2 [pooldirihs2 pooldirihs3 pooldirihs4 pooldirihs5 ///
pooldirihs6 pooldirihs7 pooldirihs8] ///
using "tables-and-figures\ch3\ch3-fe-direct-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
xtreg revt_usd_ihs over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto pooldirihs9
*** Table
outreg2 [pooldirihs9] ///
using "tables-and-figures\ch3\ch3-fe-direct-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
/// MEDIATOR MODEL
xtreg net_kld over_rtg, fe cluster(gvkey)
est sto poolmedihs1
outreg2 [poolmedihs1] ///
using "tables-and-figures\ch3\ch3-fe-mediator-same-year-ihs", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld) ///
nocons addtext(Firm FEs, No, Year FEs, No)
xtreg net_kld over_rtg i.year, fe cluster(gvkey)
est sto poolmedihs2
xtreg net_kld over_rtg dltt i.year, fe cluster(gvkey)
est sto poolmedihs3
xtreg net_kld over_rtg dltt at i.year, fe cluster(gvkey)
est sto poolmedihs4
xtreg net_kld over_rtg dltt at emp i.year, fe cluster(gvkey)
est sto poolmedihs5
xtreg net_kld over_rtg dltt at emp age i.year, fe cluster(gvkey)
est sto poolmedihs6
xtreg net_kld over_rtg dltt at emp age xad i.year, fe cluster(gvkey)
est sto poolmedihs7
xtreg net_kld over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto poolmedihs8
*** Table
outreg2 [poolmedihs2 poolmedihs3 poolmedihs4 poolmedihs5 ///
poolmedihs6 poolmedihs7 poolmedihs8] ///
using "tables-and-figures\ch3\ch3-fe-mediator-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
xtreg net_kld over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto poolmedihs9
* Table
outreg2 [poolmedihs9] ///
using "tables-and-figures\ch3\ch3-fe-mediator-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
/// MEDIATION TEST
xtreg revt_usd_ihs net_kld over_rtg, fe cluster(gvkey)
est sto pooltestihs1
outreg2 [pooltestihs1] ///
using "tables-and-figures\ch3\ch3-fe-mediation-test-same-year-ihs", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs) ///
nocons addtext(Firm FEs, No, Year FEs, No)
xtreg revt_usd_ihs net_kld over_rtg i.year, fe cluster(gvkey)
est sto pooltestihs2
xtreg revt_usd_ihs net_kld over_rtg dltt i.year, fe cluster(gvkey)
est sto pooltestihs3
xtreg revt_usd_ihs net_kld over_rtg dltt at i.year, fe cluster(gvkey)
est sto pooltestihs4
xtreg revt_usd_ihs net_kld over_rtg dltt at emp i.year, fe cluster(gvkey)
est sto pooltestihs5
xtreg revt_usd_ihs net_kld over_rtg dltt at emp age i.year, fe cluster(gvkey)
est sto pooltestihs6
xtreg revt_usd_ihs net_kld over_rtg dltt at emp age xad i.year, fe cluster(gvkey)
est sto pooltestihs7
xtreg revt_usd_ihs net_kld over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto pooltestihs8
* Table
outreg2 [pooltestihs2 pooltestihs3 pooltestihs4 pooltestihs5 ///
pooltestihs6 pooltestihs7 pooltestihs8] ///
using "tables-and-figures\ch3\ch3-fe-mediation-test-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estimate
xtreg revt_usd_ihs net_kld over_rtg dltt at emp age xad xrd i.year, fe cluster(gvkey)
est sto pooltestihs9
*** Table
outreg2 [pooltestihs9] ///
using "tables-and-figures\ch3\ch3-fe-mediation-test-same-year-ihs", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
***=======================***
* ESTIMATION *
* POOLED REGRESSION *
* TEMPORAL DYNAMICS *
* DV: NEXT YEAR REVENUE *
***=======================***
/// DIRECT
reg f.revt_usd_ihs l.over_rtg, cluster(gvkey)
est sto pooldirlag1
outreg2 [pooldirlag1] ///
using "tables-and-figures\ch3\ch3-pooled-direct-time-effects", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(f.revt_usd_ihs) ///
nocons addtext(Firm FEs, No, Year FEs, No)
reg f.revt_usd_ihs l.over_rtg i.year, cluster(gvkey)
est sto pooldirlag2
reg f.revt_usd_ihs l.over_rtg l.dltt i.year, cluster(gvkey)
est sto pooldirlag3
reg f.revt_usd_ihs l.over_rtg l.dltt l.at i.year, cluster(gvkey)
est sto pooldirlag4
reg f.revt_usd_ihs l.over_rtg l.dltt l.at l.emp i.year, cluster(gvkey)
est sto pooldirlag5
reg f.revt_usd_ihs l.over_rtg l.dltt l.at l.emp l.age i.year, cluster(gvkey)
est sto pooldirlag6
reg f.revt_usd_ihs l.over_rtg l.dltt l.at l.emp l.age l.xad i.year, cluster(gvkey)
est sto pooldirlag7
reg f.revt_usd_ihs l.over_rtg l.dltt l.at l.emp l.age l.xad l.xrd i.year, cluster(gvkey)
est sto pooldirlag8
*** Table
outreg2 [pooldirlag2 pooldirlag3 pooldirlag4 pooldirlag5 ///
pooldirlag6 pooldirlag7 pooldirlag8] ///
using "tables-and-figures\ch3\ch3-pooled-direct-time-effects", ///
excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(f.revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing l.xrd and l.xad are 0
* CSTl.at Global has no l.xrd or l.xad dl.ata
preserve
* l.xad
replace xad=0 if xad==. & in_cstatn==1
* l.xrd
replace xrd=0 if xrd==. & in_cstatn==1
* Estiml.ate
reg f.revt_usd_ihs l.over_rtg l.dltt l.at l.emp l.age l.xad l.xrd i.year, cluster(gvkey)
est sto pooldirlag9
*** Table
outreg2 [pooldirlag9] ///
using "tables-and-figures\ch3\ch3-pooled-direct-time-effects", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(f.revt_usd_ihs i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
restore
/// MEDIATOR MODEL
reg net_kld l.over_rtg, cluster(gvkey)
est sto poolmed1
outreg2 [poolmed1] ///
using "tables-and-figures\ch3\ch3-pooled-mediator-time-effects", ///
replace excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld) ///
nocons addtext(Firm FEs, No, Year FEs, No)
reg net_kld l.over_rtg i.year, cluster(gvkey)
est sto poolmed2
reg net_kld l.over_rtg l.dltt i.year, cluster(gvkey)
est sto poolmed3
reg net_kld l.over_rtg l.dltt l.at i.year, cluster(gvkey)
est sto poolmed4
reg net_kld l.over_rtg l.dltt l.at l.emp i.year, cluster(gvkey)
est sto poolmed5
reg net_kld l.over_rtg l.dltt l.at l.emp l.age i.year, cluster(gvkey)
est sto poolmed6
reg net_kld l.over_rtg l.dltt l.at l.emp l.age l.xad i.year, cluster(gvkey)
est sto poolmed7
reg net_kld l.over_rtg l.dltt l.at l.emp l.age l.xad l.xrd i.year, cluster(gvkey)
est sto poolmed8
*** Table
outreg2 [poolmed2 poolmed3 poolmed4 poolmed5 ///
poolmed6 poolmed7 poolmed8] ///
using "tables-and-figures\ch3\ch3-pooled-mediator-time-effects", excel word ///
stats(coef se pval) dec(4) ///
alpha(0.001, 0.01, 0.05) nor2 ///
drop(net_kld i.year) ///
nocons addtext(Firm FEs, No, Year FEs, Yes)
*** Assume missing xrd and xad are 0
* CSTAT Global has no xrd or xad data
preserve
* xad
replace xad=0 if xad==. & in_cstatn==1
* xrd