model_1

model_2

model_2

performance

performance

performance

env

−0.0005**

−0.0011**

(−1.967)

(−2.353)

pai_giving

0.0000*

(1.502)

giving

0.0005**

0.0005**

0.0001

(2.072)

(2.059)

(0.285)

fperformance

0.1580***

0.1577***

0.1589***

(10.020)

(10.008)

(10.073)

size

−0.0085***

−0.0084***

−0.0082***

(−4.905)

(−4.884)

(−4.767)

debt

0.0160**

0.0161**

0.0160**

(2.289)

(2.299)

(2.286)

slack

0.0009**

0.0009**

0.0009**

(2.404)

(2.397)

(2.378)

dua

0.0036**

0.0037**

0.0037**

(1.970)

(1.995)

(2.025)

age

0.0006

0.0004

0.0005

(0.197)

(0.135)

(0.141)

b_age

−0.0008**

−0.0008**

−0.0008*

(−2.012)

(−1.969)

(−1.943)

first

0.0066

0.0072

0.0070

(0.690)

(0.754)

(0.735)

ra_inde

0.0092

0.0094

0.0096

(1.139)

(1.158)

(1.189)

_cons

0.2291***

0.2308***

0.2311***

(4.079)

(4.109)

(4.115)

industry

include

include

include

year

include

include

include

N

5751

5751

5751

r−squared

0.044

0.046

0.046