“…As can be seen, the r-squared of column (4), which includes CSR performance, COVID-19, and their interaction simultaneously, is greater than those of columns 1–3, showing that the interaction effect makes a difference to the model. The positive coefficient of CSR_ESG in the first column shows that increasing CSR performance by one standard deviation (0.201) is associated with an 8.7 (0.201 × 0.434) percentage point increase in Tobin’s Q , confirming that CSR performance is positively related to CFP, which in turn reconfirms previous studies (see, Helmig et al, 2016 ; Poursoleyman et al, 2022 ; Vishwanathan et al, 2020 ; Voegtlin & Greenwood, 2016 ; Wang et al, 2016 ). Columns (3) and (4) also show a positive coefficient for CSR_ESG , while a bit less strong than column (1) due to the inclusion of COVID-19 and their interaction effects, respectively.…”