| VARIABLES | logtotalcom | logsalary | logso |
| ROA | −2.117*** (−11.47) | −1.376*** (−8.80) | −1.382 (−1.18) |
| CSRENV | 0.006*** (20.66) | 0.006*** (6.63) | 0.000 (0.08) |
| SIZE | −0.033 (−0.40) | −0.011 (−0.16) | 0.321*** (20.11) |
| Leverage | −0.176 (−0.32) | −0.129 (−0.32) | −1.133*** (−2.42) |
| CSRENV * ROA | 0.017 (0.46) | −0.004 (−0.14) | −0.003 (−0.99) |
| Duality | 0.005 (0.14) | −0.011 (−0.10) | −0.169 (−1.30) |
| BoardInd | 0.004 (1.07) | 0.004*** (3.50) | −0.005* (−1.95) |
| CFAM | −0.120 (−0.59) | −0.018 (−0.06) | 0.291 (1.18) |
| CEOFAMBOARD | −0.230 (−1.22) | −0.316*** (−9.80) | 0.068 (1.44) |
| Industry and year dummies | Yes | Yes | Yes |
| Constant | 13.760*** (14.52) | 12.864*** (18.70) | 11.697*** (22.72) |
| Observations | 939 | 939 | 282 |
| R-squared | 0.140 | 0.154 | 0.337 |