Hypothesis The rate of exit is lower when the csp of a firm is higher

Table 1. The variables used in our analysis, their descriptive statistics and correlation matrix.

Variables	Description	N	Mean	Standard Deviation	Min	Max
exit	Exit	15566	.0321855	.1764982	0	1
csplag	Corporate Social Performance, ESG score, lagged 1 year	15566	.0488778	1.001679	-2.020182	2.090408
lassetslag	Log Total Assets, lagged 1 year	15566	15.88393	1.408723	9.334503	20.49733
roalag	Return On Assets, lagged 1 year	15566	.0925592	.0828637	-.9118469	2.714673
crlag	Current Ratio, lagged 1 year	15566	1.810343	1.83162	.0899796	85.56221
drlag	Debt Ratio, lagged 1 year	15566	.541861	.1863603	.0038519	.9988478
fstslag	Foreign Sales to Total Sales, lagged 1 year	15566	.4087544	.3177985	0	1
dus	Indicator for US firms	15566	.324425	.4681747	0	1
duscsplag	Interaction between US firms and Corporate Social Performance	15566	.0501936	1.039099	-.5619764	3.672269

	exit	csplag	Lassets lag		roalag		crlag		drlag		fstslag		dus		duscsp lag
Exit	1.0000
csplag	-0.0678*	1.0000
	0.0000
lassetslag	-0.1706*	0.1508*	1.0000
	0.0000	0.0000
roalag	-0.0727*	0.0125	-0.1481*	1.0000
	0.0000	0.1202	0.0000
crlag	0.0652*	-0.0771*	-0.2369*	0.0371*		1.0000
	0.0000	0.0000	0.0000	0.0000
drlag	-0.0339*	0.0703*	0.3444*	-0.1708*		-0.4790*		1.0000
	0.0000	0.0000	0.0000	0.0000		0.0000
fstslag	-0.0350*	0.1446*	0.0643*	0.0200*		0.0822*		-0.0964*		1.0000
	0.0000	0.0000	0.0000	0.0126		0.0000		0.0000
dus	-0.0486*	-0.1641*	0.0702*	0.1393*		0.0593*		0.0335*		-0.1676*		1.0000
	0.0000	0.0000	0.0000	0.0000		0.0000		0.0000		0.0000
duscsplag	-0.0521*	0.1396*	0.0941*	0.1370*		0.0422*		0.0343*		-0.1010*		0.8502*		1.0000
	0.0000	0.0000	0.0000	0.0000		0.0000		0.0000		0.0000		0.0000