(1)

(2)

(3)

(4)

Variable

ECPM

CSR

CSR

CSR

ECPM

0.071^***

(2.89)

0.078^***

(3.40)

0.074^***

(3.27)

Gender

0.185^***

(3.52)

−0.265^***

(−7.64)

−0.127^**

(−1.99)

Age

0.030^***

(13.45)

−0.048^***

(−20.77)

−0.030^***

(−3.47)

Education

0.227^***

(7.88)

−0.341***

(−14.05)

−0.176^***

(−2.59)

Compensation

−0.225^***

(−4.95)

0.441^***

(16.61)

0.259^***

(3.70)

PI

0.055

(1.46)

0.223^***

(8.97)

0.234^***

(8.09)

Establish

−0.005

(−1.43)

0.013^***

(4.89)

Revenue

0.055^***

(4.19)

0.002

(0.11)

DTA

−0.001

(−0.70)

−0.000

(−0.09)

Profit

0.000

(0.75)

0.000

(0.48)

Staff number

0.188^***

(4.563)

0.261***

(4.53)

IMR

−1.127^***

(−25.39)

−2.323^***

(−26.71)

−1.262^***

(−3.05)

Industry

Yes

Yes

Yes

Yes

Region

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

R²

0.217

0.325

0.334

N

6158

6158

6158

6158