|
| (1) | (2) | ||
| VARIABLES | CSRD | CSRD | CSRD | CSRD |
|
| fixed effect model | random effect model | fixed effect model | random effect model |
| GW | −7.268** | −8.788*** |
|
|
|
| (−2.40) | (−3.16) |
|
|
| TURNOVER |
|
| −0.400** | −0.398** |
|
|
|
| (−2.13) | (−2.08) |
| SIZE | 1.208** | 2.742*** | 0.969* | 2.645*** |
|
| (2.16) | (8.05) | (1.80) | (7.78) |
| FIRST | 3.620 | 4.843** | 4.206* | 5.631*** |
|
| (1.60) | (2.52) | (1.91) | (2.98) |
| ROE | 1.376 | 1.494 | 1.154 | 1.271 |
|
| (0.92) | (1.04) | (0.77) | (0.87) |
| DUALITY | −0.761* | −0.704* | −0.626 | −0.588 |
|
| (−1.77) | (−1.68) | (−1.46) | (−1.40) |
| LEV | −0.224 | −2.355* | −0.199 | −2.307 |
|
| (−0.14) | (−1.66) | (−0.12) | (−1.60) |
| CONSTANT | 27.257*** | 13.664*** | 29.252*** | 14.247*** |
|
| (5.44) | (4.86) | (6.00) | (5.05) |
| Observations | 2654 | 2654 | 2654 | 2654 |
| Number of com | 531 | 531 | 531 | 531 |
| Adj-R-squared | 0.106 |
| 0.105 |
|
| Company FE | YES | NO | YES | NO |
| Year FE | YES | YES | YES | YES |
| Hausman test | Prob > chi2 = 0.0000 | Prob > chi2 = 0.0000 | ||