.

xtset serial year

panel variable: serial (strongly balanced)
time variable: year, 2011 to 2020
delta: 1 unit
. summarize csr shareholders employees customers

Variable Obs Mean Std. Dev. Min Max

csr 200 2.29075 .8462872 .08 3.99

shareholders 200 -.07185 .7120507 -2 1.7
employees 200 3.50525 .5305576 1.54 4.42
customers 200 4.35185 .61887 1.96 5.66

. summarize csr shareholders employees customers customers, detail

CSR

Percentiles Smallest
1% .34 .08
5% .715 .28
10% 1.005 .4 Obs 200
25% 1.83 .45 Sum of Wgt. 200

50% 2.3 Mean 2.29075

Largest Std. Dev. .8462872
75% 2.91 3.73
90% 3.44 3.76 Variance .716202
95% 3.565 3.76 Skewness -.3115106
99% 3.76 3.99 Kurtosis 2.666451

Shareholders

Percentiles Smallest
1% -1.61 -2
5% -1.05 -1.7
10% -.96 -1.52 Obs 200
25% -.61 -1.52 Sum of Wgt. 200

50% 0 Mean -.07185

Largest Std. Dev. .7120507
75% .385 1.62
90% .85 1.65 Variance .5070162
95% 1.3 1.66 Skewness .1907044
99% 1.655 1.7 Kurtosis 2.9273
. corr csr shareholders employees customers
(obs=200)

csr shareh~s employ~s custom~s

csr 1.0000
shareholders -0.0256 1.0000
employees 0.1919 0.2523 1.0000
customers 0.3704 0.0170 0.3009 1.0000
. xtreg csr shareholders employees customers, re

Random-effects GLS regression Number of obs = 200

Group variable: serial Number of groups = 20

R-sq: within = 0.0842 Obs per group: min = 10

between = 0.0727 avg = 10.0
overall = 0.0236 max = 10

Wald chi2(3) = 13.97

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0029

csr Coef. Std. Err. z P>|z| [95% Conf. Interval]

shareholders -.0073605 .0723903 -0.10 0.919 -.1492429 .1345219

employees -.2495964 .0706276 -3.53 0.000 -.3880239 -.1111688
customers .0229208 .0613383 0.37 0.709 -.0972999 .1431416
_cons 3.065371 .3859492 7.94 0.000 2.308924 3.821817

sigma_u .76920332
sigma_e .28283233
rho .88090226 (fraction of variance due to u_i)
. xtreg csr shareholders employees customers, fe

Fixed-effects (within) regression Number of obs = 200

Group variable: serial Number of groups = 20

R-sq: within = 0.0852 Obs per group: min = 10

between = 0.0999 avg = 10.0
overall = 0.0373 max = 10

F(3,177) = 5.49
corr(u_i, Xb) = -0.3651 Prob > F = 0.0012

csr Coef. Std. Err. t P>|t| [95% Conf. Interval]

shareholders -.0027445 .074171 -0.04 0.971 -.1491177 .1436287

employees -.2719012 .0708726 -3.84 0.000 -.4117652 -.1320372
customers -.0016211 .0616433 -0.03 0.979 -.1232715 .1200294
_cons 3.250689 .3476886 9.35 0.000 2.564541 3.936838

sigma_u .86445971
sigma_e .28283233
rho .90330521 (fraction of variance due to u_i)

F test that all u_i=0: F(19, 177) = 70.64 Prob > F = 0.0000

. regress shareholders csr

Source SS df MS Number of obs = 200

F( 1, 198) = 0.13
Model .065995908 1 .065995908 Prob > F = 0.7192
Residual 100.830219 198 .509243531 R-squared = 0.0007
Adj R-squared = -0.0044
Total 100.896215 199 .507016156 Root MSE = .71361

shareholders Coef. Std. Err. t P>|t| [95% Conf. Interval]

csr -.0215186 .0597748 -0.36 0.719 -.1393957 .0963584

_cons -.0225562 .1459309 -0.15 0.877 -.3103346 .2652221
. regress employees csr

Source SS df MS Number of obs = 200

F( 1, 198) = 7.57
Model 2.06256362 1 2.06256362 Prob > F = 0.0065
Residual 53.9542257 198 .272496089 R-squared = 0.0368
Adj R-squared = 0.0320
Total 56.0167893 199 .281491404 Root MSE = .52201

employees Coef. Std. Err. t P>|t| [95% Conf. Interval]

csr .1202983 .0437256 2.75 0.006 .0340706 .2065259

_cons 3.229677 .1067492 30.25 0.000 3.019165 3.440188

. regress customers csr

Source SS df MS Number of obs = 200

F( 1, 198) = 31.48
Model 10.4561563 1 10.4561563 Prob > F = 0.0000
Residual 65.7608596 198 .332125554 R-squared = 0.1372
Adj R-squared = 0.1328
Total 76.2170159 199 .38300008 Root MSE = .5763

customers Coef. Std. Err. t P>|t| [95% Conf. Interval]

csr .270858 .0482733 5.61 0.000 .1756623 .3660538

_cons 3.731382 .1178517 31.66 0.000 3.498976 3.963787