model_1

model_2

giving

giving

env

−0.161***

(−11.188)

age

0.107

0.053

(−0.629)

(−0.317)

size

0.583***

0.598***

(−6.557)

(−6.803)

debt

−0.019

0.01

(−0.049)

(−0.026)

slack

−0.005

−0.005

(−0.227)

(−0.252)

performance

5.172***

5.028***

(−5.897)

(−5.803)

dua

−0.08

−0.055

(−0.757)

(−0.529)

b_edu

−0.009

−0.016

(−0.128)

(−0.238)

b_age

−0.006

−0.002

(−0.267)

(−0.076)

first

1.409***

1.479***

(−2.67)

(−2.838)

ra_inde

0.276

0.345

(−0.587)

(−0.743)

_cons

−2.774

−2.307

(−0.917)

(−0.772)

industry

include

include

year

include

include

N

6582

6582

r-squared

0.032

0.056