Panel A: descriptive statistics for key variables

Variable

N

Mean

Stdev

Min

Median

Max

CSR

6158

1.938

1.007

0.000

2.000

3.000

ECPM

6158

0.393

0.489

0.000

0.000

1.000

Gender

6158

0.867

0.340

0.000

1.000

1.000

Age

6158

46.430

8.587

16.000

46.000

93.000

Education

6158

1.582

0.641

0.000

2.000

2.000

Compensation

6158

1.075

0.423

0.301

1.000

2.301

PI

6158

0.458

0.498

0.000

0.000

1.000

Establish

6158

10.028

5.346

0.000

10.000

41.000

Revenue

6158

7.391

2.353

1.792

7.601

15.727

DTA

6158

26.172

26.368

0.000

20.000

89.000

Profit

6158

0.697

0.660

−1.213

0.757

2.000

Staff number

6158

1.800

0.708

0.301

1.820

3.415

Panel B: correlation analysis

Variable

1

2

3

4

5

6

7

8

9

10

11

12

1) CSR

1

2) ECPM

0.17

1

3) Gender

0.11

0.09

1

4) Age

0.13

0.21

0.09

1

5) Education

0.13

0.10

0.01

−0.13

1

6) Compensation

0.26

0.03

0.09

0.09

0.17

1

7) PI

0.35

0.13

0.09

0.15

0.15

0.22

1

8) Establish

0.24

0.10

0.08

0.36

0.05

0.24

0.23

1

9) Revenue

0.46

0.20

0.16

0.24

0.23

0.46

0.38

0.35

1

10) DTA

0.20

0.09

0.10

0.16

0.08

0.13

0.14

0.17

0.44

1

11) Profit

−0.08

−0.07

−0.05

−0.12

−0.03

0.03

−0.08

0.12

−0.41

−0.24

1

12) Staff number

0.53

0.22

0.16

0.23

0.20

0.43

0.40

0.36

0.78

0.35

−0.21

1

Panel C: the difference between the private entrepreneurs of party members and non-party members

ECPM = 1

ECPM = 0

Difference

(mean)

Difference

(median)

variable

N

Mean

Median

N

Mean

Median

T test

Z test

CSR

2423

1.988

2.000

3735

1.647

2.000

0.341^***

0.000^***

Gender

2423

0.905

1.000

3735

0.842

1.000

0.063^***

Age

2423

48.666

49.000

3735

44.979

45.000

3.687^***

4.000^***

Education

2423

1.663

2.000

3735

1.530

2.000

0.133^**

Compensation

2423

1.092

1.000

3735

1.065

1.000

0.026^***

0.000^***