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Discover why 18 million people worldwide trust Overleaf with their work.
\begin
Discover why 18 million people worldwide trust Overleaf with their work.
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\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}