The third indirect test takes place between CSR and firms’ unsystematic factors. Because
CSR is categorized into three categories (very intensive, moderate and non-intensive firms
in CSR), ANOVA is more appropriate method to test equality of these three sample means
by analyzing their sample variances. Table XIV documents summary statistics and ANOVA
results. As depicted, numbers of very intensive, moderate and non-intensive firms in CSR
are 212, 121 and 314, respectively. The hypotheses that there are statistically significant
mean differences among these three groups cannot be rejected for CF, LS, PR and AU,
whereas the hypothesis is rejected for SS. There is sufficient evidence to support the claim
that the three group means are not all the same except for the construct of SS. The mean
values of these three groups for the construct of SS are quite close to each other, whereas
the value for very intensive firms in CSR is still higher than those of non-intensive firms in
CSR. This does not change the reality that short-term solvency does not contribute the
statistically significant differential among categorization of CSR.
As a result of indirect tests, it was aimed to test the possible effect of categorizations of IC,
CG and CSR on the firms’ unsystematic factors. We found a strong effect of these three
constructs on firms’ unsystematic factors.