|
| model (1) | model (2) | model (3) | model (4) | model (5) |
|
| CSR | AC1 | CSR | AC2 | CSR |
| IC | 0.00607*** | −0.0000208*** | 0.00583*** | −0.0000119*** | 0.00605*** |
|
| (3.49) | (−2.76) | (3.37) | (−3.77) | (3.46) |
| AC1 |
|
| −11.67*** |
|
|
|
|
|
| (−3.45) |
|
|
| AC2 |
|
|
|
| −2.147 |
|
|
|
|
|
| (−0.33) |
| Size | 3.622*** | −0.0163*** | 3.432*** | −0.00523*** | 3.611*** |
|
| (8.90) | (−5.04) | (8.33) | (−3.99) | (8.83) |
| Lev | −2.513 | −0.0345*** | −2.915* | 0.0171*** | −2.476 |
|
| (−1.60) | (−3.04) | (−1.85) | (3.93) | (−1.57) |
| Roa | 77.07*** | −0.243*** | 74.23*** | 0.00452 | 77.08*** |
|
| (13.89) | (−10.04) | (12.98) | (0.44) | (13.89) |
| Indep | 3.725 | −0.00200 | 3.701 | 0.000328 | 3.725 |
|
| (0.87) | (−0.14) | (0.86) | (0.05) | (0.87) |
| Growth | −0.00947 | −0.000865* | −0.0196 | −0.000109 | −0.00971 |
|
| (−0.28) | (−1.78) | (−0.58) | (−0.86) | (−0.29) |
| Top3 | −2.486 | −0.0261** | −2.791 | −0.0148** | −2.518 |
|
| (−1.09) | (−2.18) | (−1.23) | (−2.39) | (−1.10) |
| Lnsal | 1.185** | 0.00650*** | 1.261*** | 0.000334 | 1.186** |
|
| (2.55) | (2.91) | (2.70) | (0.35) | (2.55) |
| State | 1.614 | 0.00558 | 1.679 | 0.000948 | 1.616 |
|
| (1.00) | (0.40) | (1.04) | (0.22) | (1.00) |
| Cons | −67.01*** | 0.419*** | −62.13*** | 0.152*** | −66.69*** |
|
| (−6.98) | (6.01) | (−6.44) | (5.01) | (−6.92) |
| Year | control | control | control | control | control |
| Ind | control | control | control | control | control |
| N | 10034 | 10034 | 10034 | 10034 | 10034 |
| Adjusted | 0.197 | 0.139 | 0.198 | 0.026 | 0.197 |