Baseline the Matching of Social Fairness and Pay Gap to the Return of Company Performance. Definitions of variables are listed in Table 1. T-statistics are displayed in parentheses

ROA

ROA

Lnbwd

0.00928***

(4.27)

PSM

0.0673**

(2.08)

Lnbwd * PSM

−0.00530**

(−1.85)

Lnnetwd

0.0101***

(3.75)

NetPSM

0.0757**

(2.41)

Lnnetbwd * NetPSM

−0.00592**

(−2.18)

Size

0.0156***

0.0149***

(5.36)

(4.90)

Risk

−0.00107

−0.00108

(−1.57)

(−1.56)

Lev

−0.0650***

−0.0610***

(−6.12)

(−5.55)

Con

0.0124

0.0136

(1.28)

(1.43)

Dual

0.00438*

0.00388*

(1.78)

(1.67)

SGROW

0.0000513**

0.0000507**

(2.56)

(2.54)

Pb

0.00292**

0.00273*

(2.06)

(1.94)

_cons

−0.323***

−0.318***

(−4.26)

(−4.00)

N

7158

7193