public

utility industry

non-public

utility industry

public

utility industry

non-public utility industry

CSR*CSR

0.0001***

(3.34)

0.0001***

(4.88)

0.00008**

(2.69)

0.00002*

(1.66)

CSR

−0.0059**

(−2.26)

−0.0016*

(−1.92)

−0.0056**

(−2.23)

−0.0001

(−0.15)

leverage

0.0758**

(2.58)

0.07674***

(7.71)

0.0201

(0.75)

0.0067

(0.67)

size

−0.1465***

(−15.51)

−0.0858***

(−22.97)

−0.2407***

(−19.42)

−0.1778***

(−32.13)

pbr

−0.0022

(−0.43)

−0.0009

(−0.02)

−0.0020

(−0.47)

−0.0047

(−0.16)

beta

−0.0741***

(−3.30)

−0.07458***

(−8.36)

0.0879**

(2.28)

0.0524***

(3.82)

growth

0.0002

(1.18)

0.0007

(0.18)

−0.00002

(−0.09)

0.0056*

(1.75)

Firm fixed

N

N

Y

Y

Year fixed

N

N

Y

Y

Adj_R²

0.0847

0.0474

0.4703

0.4059