Stakeholder Salience, Positive Csr News and the Market Value of Banks

This research explores the effects that media coverage of corporate social responsibility (CSR) news related to investor, customer, employee and community issues has on the market value of Spanish banks, measured as the impact generated in abnormal returns for these companies. We use an event study with a sample of 190 positive CSR articles published online between 2015 and 2018 in the most important Spanish business newspaper according to its diffusion rate. The findings demonstrate that positive CSR news related to investor, customer, employee and community issues generates positive abnormal returns for listed banks. In the [-1,+1] window, positive investor news has notably larger effects on the abnormal returns for these companies than positive news related to customer, employee and community issues, which have similar effects.


Introduction
The significant effect of media coverage of corporate social responsibility (CSR) news on the market value of listed companies has been well established in the literature (Flammer, 2013).
Scholars argue that the media affects the stock market by functioning as an independent monitor of company practices that safeguards the interests of their stakeholders (Tang, 2012).
More precisely, the media not only echo social concerns, but are also conceived as educating stakeholders, influencing their expectations and perceptions (Husillos,& 7 placing a valuation premium on companies that are deemed to be more trustworthy (Lins et al., 2017).

Stakeholder theory and the salience of CSR news
Companies may embark on CSR actions for numerous reasons, including institutional ones (Godos-Díez, Fernández-Gago, Cabeza-García, & Martínez-Campillo, 2014). At the institutional level, there may be pressure from stakeholders based on their expectations regarding CSR (Godos-Díez et al., 2014), or companies may engage in CSR due to the influence of events that question company legitimacy (Husillos et al., 2011).
From the institutional perspective, stakeholder management is thus regarded as the practical means by which companies fulfil their social responsibilities (Varenova, Samy, & Combs, 2013). Stakeholder theory (Freeman, 1984) can provide a solid framework for understanding the effect of CSR news on market value (El Ghoul, Guedhami, & Kim, 2017;Nekhili et al., 2017). This theory asserts that a company can be viewed as a set of interdependent relationships between stakeholders, which comprise not only shareholders but also all groups who can affect or be affected by the company's activities (Clarkson, 1995).
Stakeholder theory states that a company's success, including financial performance, depends largely on its ability to comply with stakeholder expectations and to meet their diverse information-related needs (Nekhili et al., 2017). This is because the way that the company deals with stakeholder claims helps it to obtain necessary resources, enhance its wealth-generation capacity and improve stakeholder support (El Ghoul et al., 2017;Ortas & Moneva, 2011). From this perspective, CSR information is a major element that companies can employ to manage or respond to their various stakeholders (investors, customers, employees, community, etc.) to gain their support and approval (Gray, Kouhy, & Lavers, 1995).

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The managerial (Freeman, 1984) or instrumental (El Ghoul et al., 2017) perspective of stakeholder theory nonetheless recognises that companies interact differently with stakeholders based on their salience (i.e., importance) so that they can comply with their expectations and achieve legitimacy to operate more easily (Pérez et al., 2017). Stakeholder salience refers to a combination of stakeholder power, legitimacy and urgency (Ullmann, 1985). Power means that a stakeholder can make a company do something that it would not otherwise have done; that is, the stakeholder can certainly exert their influence on the company. Legitimacy exists when the stakeholder's demands conform to the norms, values and beliefs of the wider community (Mitchell et al., 1997). That is, legitimacy is closely linked to the general belief that stakeholders' claims are proper, desirable or appropriate (Thorne, Ferrell, & Ferrell, 2003).
There is urgency in the manager-stakeholder relationship when stakeholders want their wishes to be fulfilled quickly because their demands are time-sensitive and important (Thorne et al., 2003).
Stakeholders can be classified into three different groups based on their salience (Mitchell et al., 1997). Managers perceive "definitive stakeholders" as those that embody all three of the stakeholder attributes (i.e., power, legitimacy and urgency). "Expectant stakeholders" possess only two of the attributes described by Mitchell et al. (1997), and they are perceived as only moderately salient for companies (Pérez et al., 2017) because either they lack power to enforce change or lack urgency or legitimacy to demand it (Dong, Burritt, & Qian, 2014). Third, "latent stakeholders" are a low-salience class of stakeholder possessing only one attribute and having the least power to seek change in company activities (Dong et al., 2014). This classification suggested by Mitchell et al. (1997) is also in accordance with the definition of audiences as primary or secondary stakeholders (Pérez et al., 2017). Primary stakeholders are highly salient groups without whose continuing participation the company cannot survive as a going concern. Conversely, secondary stakeholders are those who are not engaged in transactions with the company and are not essential for its survival (Clarkson, 1995).
Stakeholders exhibiting both power and legitimacy, and with an urgent claim, mean managers have a clear and immediate mandate to give priority and attend to that stakeholder's claim (Dong et al., 2014). The more salient the stakeholder to the company, the more effort will be exerted in managing the relationship (Mitchell et al., 1997). The more salient the stakeholder, the more CSR actions the company will thus implement and, accordingly, the more CSR news will be expected to appear in media. It can also be anticipated, based on the relationship between CSR news and market value previously drafted in this paper, that the more salient the stakeholder, the stronger the relationship between CSR news related to that specific stakeholder and the market value of the company will appear. This is because, as shareholders are primarily worried about future cash flow and corporate profitability (Ortas & Moneva, 2011), it is expected that they will particularly appreciate CSR news concerning stakeholders that are more powerful in determining those future cash-flows (Halme & Laurila, 2009;Hillman & Keim, 2001;van der Laan, van Ees, & van Witteloostuijn, 2008). These stakeholders will garner the greatest power, legitimacy and urgency in their claims on the company.
It is still not clear which specific stakeholders should be included in corporate decisionmaking, however, and what their salience status is (Hine & Preuss, 2009). There is still a dichotomy of narrow and wide stakeholder approaches, and the most salient stakeholders for companies in diverse industries still needs further definition (Pérez et al., 2017). As previous studies have demonstrated, the attention that companies pay each stakeholder group has changed throughout history (Morf, Flesher, Hayek, Pane, & Hayek, 2013) and it is also significantly dependant on the type of industry in which the companies operate (Pérez et al., 2015;von Sikorski & Müller, 2018).

The salience of CSR news in the banking industry
The reputation and image of the banking industry has particularly suffered the consequences of the Great Recession (Pérez et al., 2015). The subprime debacle, the bankruptcies and the buyouts and bailouts of hundreds of financial institutions in numerous countries, have stressed the moral crisis that lay at the root of the recession and for which the banking industry is seen as one of the immediate causes (de Bondt, 2013). There is therefore a lack of confidence in banks nowadays and there is a growing impression that virtually all those in positions of leadership are less concerned with truth and the public good than they used to be (Lins et al., 2017). In this situation, scholars and practitioners agree that no economic or reputation recovery can be achieved without restoring an ethos of social responsibility in the sector (de Bondt, 2013), which justifies the relevance of CSR for companies in this particular industry.
Furthermore, and because of the financial and reputational consequences of the recession for companies, bank stakeholders are expected to fall into different groups according to the managerial perspective of the stakeholder theory previously described in this paper. The classification of bank stakeholders as definitive, expectant or latent stakeholders (Mitchell et al., 1997) may have a significant impact on the effect of each type of CSR news on the market value of listed banks, which is the main hypothesis of this study.
For instance, nowadays investors are expected to meet the requirements for power, legitimacy and urgency better than other bank stakeholders, which positions them as "definitive stakeholders" in this industry (Pérez et al., 2015). Investors have always been considered one of the most powerful stakeholder groups of a company (Mitchell et al., 1997). Even though the power of other stakeholders may change over time (Morf et al., 2013), the power of investors is much more stable because they control money, which is the most critical resource for the continued viability of a bank. Additionally, in periods of low profitability and in situations of high debt, the economic demands of investors will take priority over the social demands of other stakeholder groups (Ullmann, 1985). This idea supports the legitimacy and urgency of investor demands in periods that follow severe economic recessions. It is also important to note that outside investors who finance companies face a great risk, because the returns on their investments cannot materialise if the controlling shareholders or managers expropriate them (Cruz-Suárez, Díez-Martín, Blanco-González, & Prado-Román, 2014). Investor protection turns out to be crucial for banks in the context of CSR.
Banks strongly depend on customers because of their ability to threaten a company's existence in terms of lost business and future cash flows (Elijido-Ten, Kloot, & Clarkson, 2010). Customers also have the power and legitimacy needed to be considered salient stakeholders. Nevertheless, the protection that commercial laws offer to customers in most countries after the recession explains why there have not been significant problems in this area since their promotion and implementation, especially in Spain (Gómez & Lyczkowska, 2014;Represa, 2009). The demands of customers are not currently a priority in the public agenda and their urgency seems to be subordinated to other priority issues such as financial issues or corporate and political corruption (Palau & Davesa, 2013). Customers are expected to be classified as "expectant stakeholders" in the current Spanish banking industry (Pérez et al., 2015).

Another "expectant stakeholder" group is bank employees. Employees fall under what
Elijido-Ten et al. (2010) define as the "company power relationship", that is, they are stakeholders who depend on the company for their economic survival and stability. This idea was especially true in the Spanish context after the economic recession. The Spanish unemployment rate, which fell from 22% in 1994 to 8% in 2007, had reached 19% by the end of 2009 (Bentolila, Cahuc, Dolado, & Barbanchon, 2010) and was 21% when the data for this study was first collected in 2015. The Great Recession meant that millions of Spanish employees were laid off, and the contracts for those who kept their jobs have become more precarious, and many have experienced cuts in hours worked, wages and other benefits as companies seek to reduce labour costs in order to remain afloat (Verick, 2009). Additionally, the national government has implemented several measures to achieve labour market flexibility and companies have used these measures to continue offering temporary and precarious positions (Bentolila et al., 2010). Employee claims are thus very legitimate and urgent in Spain, however, this stakeholder group somehow lacks power and, as so, its salience is now only moderate (Pérez et al., 2017).
Finally, philanthropic and environmental issues involving the social community are also expected to have an impact on the market value of listed banks, according to all the previous empirical support in this line of research (Connors et al., 2013;Flammer, 2013;Gregory et al., 2014;Patten, 2008;Xu et al., 2012). The effect of this news on the abnormal returns for listed banks is expected to be lower than that of other stakeholder, however, because they refer to "latent stakeholders" (van der Laan et al., 2008). Although citizens and special groups within this category have some influence over companies due to their capacity to mobilise public opinion in favour of (or in opposition to) a company's activities, the community is classified as a stakeholder group that is not essential for a company's survival. The community does not maintain frequent nor direct exchanges with companies. On the contrary, it involves implicit relationships and the company's dependence on them is weak (van der Laan et al., 2008). A company's relationship with the community is more likely to produce moral capital (versus the exchange capital of "definitive stakeholders" and "expectant stakeholders") and to be viewed as voluntary, related on some occasions to social beneficence based on normative or pragmatic appeals (Godfrey, Merrill, & Hansen, 2009). Furthermore, many CSR actions focused on the community (e.g., environmental issues) do not always have an effect on profit in the short term (Verbeeten et al., 2016), especially in the banking industry, which is newspapers in Spain that also publish CSR news, most of this information comes from communication agencies (e.g., Agencia EFE, Europa Press) that disseminate the pieces of news to all these newspapers equally. As such, most of the national newspapers publish very similar CSR content, and it is common to find the same CSR headlines published in different sources at the same time. We therefore believe that exploring the content of the leading business newspaper in the country would result in a sufficiently representative sample of CSR news to implement a robust analysis in this paper.
Using the list of keywords suggested by Pérez et al. (2015), we identified CSR news related to the banks listed in the Spanish Stock Exchange during the four year period analysed in the study (i.e., Bankia, Bankinter, BBVA, CaixaBank, Liberbank, Sabadell and Santander) by searching the online database of the newspaper. All the keywords referred to CSR issues that related to the economic, social and environmental responsibilities of banks to each of the groups that have a stake in them.
The initial screening of the newspaper's library allowed us to identify 480 pieces of CSR news. Some news referred to stakeholders who were not included in the four main stakeholder groups explored in this paper and the number of articles related to each was also too small to guarantee robustness. Some pieces of CSR news were also identified as relating to more than one stakeholder group at once. For instance, some pieces of news covered the closing of banking offices due to the restructuring of banks, which affects both job creation and stability among employees, and also customer services, relationships, communication and dialogue mechanisms. Because it was usually difficult to discern which stakeholder group was more significantly affected by the content of each specific piece of news, we only retained the pieces of CSR news that were clearly related to only one stakeholder.
We therefore only included pieces of CSR news that were clearly and uniquely related to the four key stakeholders previously discussed in this paper (Fombrun, Gardberg, & Sever, 2000): (1) investors, (2) customers, (3) employees and (4) the community. Investor issues referred to complaint procedures, investor relations, communication and dialogue mechanisms, and the provision of all required information to credit rating agencies and shareholder rights.
Customer issues referred to competitive prices and payment conditions, customer service, relationships, communication and dialogue mechanisms, the development of products to meet the special needs of the disadvantaged customers, high innovation and accessibility, high product quality, health and safety and standards, voluntary codes and transparency for advertising and marketing practices. Employee issues included topics related to equal opportunities, freedom of association, collective bargaining and complaint procedures, job creation and stability, social benefits and training and development. Finally, community issues included topics related to economic development programs, educational and cultural contributions, environmental policies, systems and performance and social and charitable contributions.
At this point in the filtering procedure, we noted that there were few pieces of CSR news that were expected to have a negative impact on the market value of listed banks, especially in the community and investor domains. For the purpose of this study we therefore decided to focus exclusively on positive pieces of CSR news.
It was also observed that some of the pieces of positive CSR news identified for the analysis referred to the same CSR story, although at different times. This is because newspapers usually continue to publish information about the same event while it is still important for their readers. In these cases, we decided to retain only the first article that referred to each specific CSR story because it was expected to have the largest impact on the market value of listed banks.
We also checked that no other news about each bank had been published during the largest period that was explored in this study to avoid bias in the results due to the presence of contaminating events in the same period. Applying this filter meant that several pieces of positive CSR news were deleted from our database.
After all these filters were applied, the final database was comprised of 190 pieces of positive CSR news. For each piece of CSR news that we explored, the following items were identified: (1) date; (2) name of the company, (3) newspaper headline, (4) stakeholder group and (5) CSR issue.

Event study methodology
We employed an event study with daily returns to analyse the market reaction to positive CSR news (McWilliams & Siegel, 1997). Although event studies have made an enormous contribution to capital markets research in recent decades, their contribution continues to expand, not only in accounting and finance but in many other disciplines (Corrado, 2011).
Specifically, event studies have been extensively applied to analyse market reactions to CSR announcements and news in different research contexts, aiming to determine whether a single event (i.e., CSR announcement or piece of news) affects shareholder decisions or results in abnormal share price volatility (Clacher & Hagendorff, 2012;Feng et al., 2018;Wang & Chen, 2017). The proposal of these studies is that changes in the market value of companies around an event date can be interpreted as the net present value of future costs and benefits associated with CSR disclosures (Johannesen & Larsen, 2016). We applied a multivariate regression model (MVRM) to calculate the abnormal returns in our study (Binder, 1985), which alleviates the concerns of previous studies based on the methodology proposed by Fama et al. (1969). As Ortas and Moneva (2011) pointed out, when using the MVRM methodology the model incorporates heteroskedasticity and contemporaneous correlations between equations and that allows findings to be robust to the event clustering problems identified by Binder (1985). The MVRM methodology computes the abnormal returns for each company ( ) by estimating the following model: where Rit is the return obtained by company i on day t and Rmt the return of the financial market (IBEX35 index in Spain) on day t. Dat are dummy variables that equal one in each day that is included in the event window, and zero otherwise. This approach allows the individual abnormal returns (gammas) to differ across companies. We calculated the average abnormal returns as the average of the abnormal returns obtained for each company. The model is estimated from 270 days before to 21 days after the event date.
The MVRM methodology also allows the significance of the average cumulated abnormal returns (ACAR) to be tested in order to analyse the market reaction for several days around the event date. In the present research, different event windows were chosen to include possible reactions in the share prices before and after the event date. This method allows us to control for possible leaks or rumours that can advance the reaction of the market at the date of the announcement, or publication on a date when the market is closed (McWilliams & Siegel, 1997). In order to estimate when the market reaction occurred, we calculated daily abnormal returns around the event date (Menéndez & Gómez-Ansón, 2003) in a window of 7 days [-3, +3]. Based on these abnormal returns, we defined the event windows to be considered for the study, only including those days where statistical significance appeared. Using windows of variable duration means that we can also homogenise the returns of all the companies considered for the study and avoid the bias that an inaccurate delimitation of the event window can produce. Table II Table II shows the average cumulated abnormal return (ACAR) and the test of statistical significance.  Figure 1 show that the highest daily abnormal returns amount to 0.46% on day 0, which is a statistically significant result at the 0.01 level. Abnormal returns are also statistically significant on days -1,+1 and +2. Based on these results, we perform the subsequent analysis using three different event windows ([-1,0]; [-1,+1]; [-1,+2]).

Findings
As shown in Table II, there are statistically significant abnormal returns in the days around the event date for all the event windows considered in the study. Thus, media coverage of a bank's positive CSR news generates significant and positive abnormal returns for these companies in the three event windows considered for the study. The findings also show that the largest market reaction appears in the days immediately around the event date. Some of the reaction is distributed between the day before (i.e., [-1,0] window) and the day after the event date (i.e., [-1,+1] window). These findings explain why the greatest ACAR to positive CSR news (0.95%) occurs in the [-1,+1] window, which takes into account not only the event date but also the days immediately before and after it. Our results also show that the financial market reacts very quickly to the release of positive CSR news, and that the effect dilutes gradually over time (see Figure I).
Insert Table II     To compare the differences in the significance of market reactions among dimensions, Table III also contains the ACAR's difference with the other dimensions in all the windows considered. The findings of this last analysis show that the most significant differences between dimensions appear in the [-1,+1] window. In this window, the highest abnormal returns are observed for news related to investor issues and their differences with customer, employee and community issues are statistically significant. Nonetheless, it is also observed that these differences do not exist in the shorter [-1,0] window, and they also lose significance when a longer [-1,+2] window is considered. More precisely, although the difference between investor news and customer and community issues is still significant in the [-1,+2] window, the statistical significant difference with employee news disappears. The findings of the study therefore support hypotheses H1a, H1b and H1c, but only partially because the intensity of the reaction is only statistically different among dimensions in the [-1,+1] and [-1,+2] windows. It therefore seems that, although at a different pace, the impacts of all the dimensions tend to homogenize when wider event windows are considered. As for the differences in the impacts of the other three types of CSR news (i.e., customer, employee and community news) on the market value of banks in the Spanish Stock Market, Table III shows that no statistically significant difference exists in any of the event windows considered for the analysis.
Hypotheses H2a and H2b are therefore not supported by the findings of our paper.
Insert Table III and Spicer (1983), who show that the average abnormal returns aggregated for the dates around the release of the first environmental report of a company are much larger than for the following days and even reports.
The findings also confirm that the publication of any type of positive CSR news related to investor, customer, employee or community issues offers positive returns to Spanish listed banks (Connors et al., 2013;Flammer, 2013;Gregory et al., 2014;Xu et al., 2012).
Nonetheless, there are relevant differences in the magnitude of the financial market reaction.
For instance, investor news presents the greatest impacts on the market value of banks in all the temporary windows studied, and the difference is statistically significant in the [-1,+1] window and also partially in the [-1,+2] window. Stakeholder theory argues that investors are among the most powerful, legitimate and urgent stakeholders for companies (Mitchell et al., 1997). They are especially considered "definitive stakeholders" in the banking industry (Pérez et al., 2015). Our findings locate employee news as the second dimension with the largest impact on the market value of banks in the three event windows. Therefore, and despite being subordinate to investor concerns, shareholders appreciate positive employee news (Feng et al., 2018;Verbeeten et al., 2016) and employees can be considered as "expectant stakeholders" in the banking industry (Pérez et al., 2015). The effect of customers on market value is the third largest in magnitude if the [-1,0] and [-1,+1] windows are considered, thus corroborating the idea that customers are another "expectant stakeholder" that reports positive results for companies once investor interests are covered. Nonetheless, the findings concerning this dimension differ to some extent from our expectations, because it is observed that its effect on market value dilutes significantly over time, much more than how the effect of other types of CSR news dilutes in the end. Finally, positive CSR news focused on community issues has a smaller impact on abnormal returns for banks in the Spanish Stock Exchange, at least in the [-1,0] and the [-1,+1] windows. This finding also aligns with the principles of stakeholder theory, in the sense that a community is expected to be a "latent stakeholder" (van der Laan et al., 2008). Nevertheless, the findings are contrary to our previous expectations in the sense that, from the day before the positive CSR news is released, community, customer and employee news are equally significant in terms of their impact on the cumulated abnormal returns of companies in the financial market.

Conclusions, Limitations and Future Lines of Research
In this paper, we explored the relationship that exists between the media coverage of diverse types of positive corporate social responsibility (CSR) news and the market value of Spanish banks. Most previous studies that have explored the relationship between CSR news and stock prices have focused on exploring only very specific CSR topics, mostly environmental, labour and philanthropic issues, and thus they have frequently ignored other relevant CSR news (e.g., investor and customer news), and also neglected to compare the differences in significance and intensity that may exist in the effect of each category on the abnormal returns for companies in the financial market. Stakeholder theory defends the multidimensional character of CSR and the large variety of stakeholder demands that companies should balance. Further research was needed to compare the effects of diverse types of CSR news on market value and reactions to media.
In summary, the findings reported in the paper suggest that media coverage of positive CSR news has a significant effect on the market value of Spanish banks. Roughly speaking, news that covers positive content related to a bank's CSR actions generates positive abnormal returns for these companies in the short term (i.e., at least up to a [-1,+2] window). Investors are among the most salient stakeholders in the context of CSR and, consequently, the media's coverage of investor issues prompts the largest price reactions in the financial market.
Abnormal returns to employee, customer and community news are also significant in all the event windows. However, reactions to customer news specially lose impact over time. The findings also show that there are significant differences in the effects of investor news on corporate market value when compared to customer, employee and community news, although the significant difference only occurs consistently in the [-1,+1] window (and partially in the [-1,+2] window).
These findings have significant implications for the management of CSR and media relations in companies, especially banks. First, companies should realise the importance that CSR has acquired in recent years, and it is recommended that they do not assume it as a cost but as an asset that provides notable competitive advantages. Companies should apply longterm strategic approaches to CSR because these types of news are important for shareholders and, consequently, they have significant and positive effects on market value. We would also like to highlight the importance that public relations acquires within companies in managing relationships with the media and improving the positive returns of CSR actions. A strongly designed public relations strategy would surely improve the publicity of positive news, which translates into increased market value, and can minimise the negative impact of CSR crises.
Thirdly, our findings suggest that diverse CSR news is not equally salient for shareholders, in the sense that market reactions are different for news related to investor, customer, employee or community issues. Even though the differences in significance are not notably high, they are relevant for the temporary trend that each type of CSR news follows; that is, when they affect corporate market value. This suggests that it is important for companies to analyse the power, legitimacy and urgency of each stakeholder regularly to focus on those groups that have the greatest impact on the success of the corporate strategy in each specific period. Along these lines, one last important issue that CSR managers should take into account relates to the correct selection of the specific timing of CSR announcements. We know that the effect of this type of news is immediate, and news provokes a strong reaction in the shareholder's mind in the short term. Companies should thus select the announcement date carefully to maximise its positive impact on their market value.  (Pérez et al., 2015). Future studies could also benefit from exploring the effect of CSR news on the market value of companies listed in socially responsible stock exchange indexes (e.g., Dow Jones Sustainability Indexes, FTSE4GOOD Indexes, Domini 400, etc.). From a business perspective, a company listed on any socially responsible equity index can obtain alternative funds from non-conventional investors who are more concerned about sustainable development and social well-being (Ortas & Moneva, 2011). Because it is expected that CSR news resonates more in the minds of socially concerned investors, it would be interesting to explore whether the empirical results reported in this paper are corroborated in the context of the socially responsible stock exchange. The strict filtering procedure applied in our research also led to deleting pieces of CSR news from our database when they were expected to have a negative impact on the market value of listed banks. Future studies should expand the spectrum of CSR news in their databases to allow researchers to compare the effects of positive and negative news. Doing so would enrich the depth of the analysis and further relevant managerial implications for researchers and practitioners could be identified. Finally, the study only included articles published in a period of four years. This is a limitation because it means that 0.76% *** *** indicates a level of significance of 0.01, ** indicates a level of significance of 0.05, * indicates a level of significance of 0.10 Community 0.11% Community -0.09% Employees 0.68% ** Community 0.14% 0.88% ** Community 0.15% 0.85% * Community 0.22% Community 0.55% * --0.73% ** --0.63% * --*** indicates a level of significance of 0.01, ** indicates a level of significance of 0.05, * indicates a level of significance of 0.10