VARIABLES

logtotalcom

logsalary

logso

ROA

−9.873 (−1.54)

−8.900* (−1.94)

−1.149 (−0.25)

CSR

−0.009*** (−3.58)

−0.004** (−2.03)

−0.001 (−0.56)

SIZE

0.008 (0.10)

0.025 (0.42)

0.323*** (61.83)

Leverage

−0.480 (−1.46)

−0.369 (−1.29)

−1.184*** (−4.39)

CSR * ROA

0.138* (1.95)

0.116** (2.63)

−0.005 (−0.12)

DUALITY

0.013*** (4.12)

−0.001 (−0.02)

−0.162 (−1.57)

BoardInd

0.004 (1.57)

0.004*** (7.52)

−0.005** (−2.56)

CFAM

−0.164 (−1.13)

−0.040 (−0.16)

0.274 (1.30)

CEOFAMBOARD

−0.250** (−2.24)

−0.333*** (−38.21)

0.077 (1.27)

Industry and year dummies

Yes

Yes

Yes

Constant

14.384*** (20.28)

13.216*** (25.35)

11.771*** (32.17)

Observations

939

939

282

R-squared

0.148

0.153

0.337