(1)

(2)

(3)

VARIABLES

CSRD

CSRD

CSRD

CSRD

CSRD

CSRD

fixed effect model

random effect model

fixed effect model

random effect model

fixed effect model

random effect model

SA

−10.223***

−9.049***

(−3.01)

(−6.03)

MP

0.078

0.200**

(0.51)

(2.02)

MEDIA

0.438*

0.749***

(1.95)

(4.08)

SIZE

0.523

1.850***

0.922*

2.514***

0.930*

2.412***

(0.89)

(5.52)

(1.72)

(7.31)

(1.72)

(9.26)

FIRST

4.042*

4.261**

4.104*

5.590***

4.274*

5.704***

(1.86)

(2.33)

(1.87)

(2.98)

(1.96)

(3.47)

ROE

1.572

1.792

1.300

1.418

0.894

0.695

(1.05)

(1.25)

(0.86)

(0.97)

(0.58)

(0.53)

DUALITY

−0.730*

−0.700*

−0.743*

−0.702*

−0.738*

−0.701*

(−1.66)

−1.65

(−1.74)

(−1.68)

(−1.72)

(−1.90)

LEV

0.191

−1.197

−0.139

−2.310

−0.232

−2.289*

(0.12)

−0.85

(−0.08)

(−1.60)

(−0.14)

(−1.90)

CONSTANT

71.146***

55.104***

29.519***

15.150***

27.015***

12.013***

(4.94)

(7.98)

(6.11)

(5.34)

(5.30)

(5.21)

Observations

2654

2654

2654

2654

2654

2654

Number of com

531

531

531

531

531

531

Adj-R-squared

0.112

0.104

0.106

Company FE

YES

NO

YES

NO

YES

NO

Year FE

YES

YES

YES

YES

YES

YES

Hausman test

Prob > chi2 = 0.0007

Prob > chi2 = 0.0000

Prob > chi2 = 0.0000