| Nondisclosure (1) | Disclosure | |||
Voluntary (2) | Mandate (3) | Audit (4) | No audit (5) | ||
CSR*CSR | 0.0001** (2.63) | 0.0001** (2.65) | 0.0002*** (6.55) | 0.003** (2.22) | 0.0002*** (5.79) |
CSR | −0.0079*** (−4.84) | −0.0113*** (−3.62) | −0.0152*** (−6.69) | −0.0291** (−2.59) | −0.0085*** (−5.42) |
leverage | 0.0116 (0.53) | 0.3461** (2.08) | 0.2851* (1.94) | 0.3779 (1.31) | 0.1158*** (3.22 |
size | −0.2464*** (−28.79) | −0.2638*** (−11.06) | −0.2931*** (−14.53) | −0.0299 (−0.91) | −0.07535*** (−11.39) |
pbr | −0.0011 (−0.25) | −0.0024 (−1.04) | −0.0969*** (−3.78) | −1.8923 (−1.51) | −0.0019 (−1.32) |
beta | −0.3541*** (−13.98) | −0.3548*** (−4.83) | −0.3266*** (−7.40) | −0.4631** (−2.63) | −0.3232*** (−11.66) |
growth | 0.0001 (0.66) | −0.09832** (−2.19) | 0.0303 (1.42) | 1.8640 (1.22) | −0.01261 (−0.77) |
Ind fixed | Y | Y | Y | N | N |
Year fixed | N | N | N | N | N |
Adj_R2 | 0.0298 | 0.0373 | 0.0777 | 0.1728 | 0.0646 |