| (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 |