| Panel A: Threshold Effect Test | |||||||||||
| Variable | Threshold | F-stat | Prob | Bootstrap | Crit1 | Crit5 | Crit10 | ||||
| CSR (Th-1) | 59.99 | 74.66 | 0.0250 | 500 | 77.0446 | 69.2829 | 64.6528 | ||||
| Panel B: Regression Results | |||||||||||
| Threshold Estimator | OLS Regression | ||||||||||
| CSR ≤ 59.99 | −0.0025*** (−4.33) |
| Full sample (1) | State-owned Enterprises (2) | Non-state-owned Enterprises (3) | ||||||
| CSR > 59.99 | 0.0008** (2.08) | CSR*CSR | 0.0394*** (3.85) | 0.1002*** (6.36) | 0.0453** (2.84) | ||||||
| leverage | 0.1671*** (4.26) | score | −0.0013* (−1.69) | −0.0072*** (−5.57) | −0.0024* (−1.88) | ||||||
| size | −0.2592*** (−25.28) | leverage | 0.0576*** (3.68) | 0.1091** (2.79) | 0.0329* (1.78) | ||||||
| pbr | −0.0008 (−0.22) | size | −0.3214*** (−37.36) | −0.2512*** (−23.45) | −0.3146*** (−25.32) | ||||||
| beta | −0.3457*** (−15.76) | pbr | −0.0007 (−0.23) | −0.2857 (−1.12) | −0.0006 (−0.19) | ||||||
| growth | 0.0004** (2.29) | beta | −0.0072 (−0.44) | −0.4360*** (−17.78) | 0.0282 (1.17) | ||||||
| _cons |
| growth | 0.0001 (0.67) | −0.0400*** (−3.85) | 0.0001 (0.17) | ||||||
| WR2 | 0.1508 | Firm fixed | Y | Y | Y | ||||||
| BR2 | 0.0001 | Year fixed | Y | Y | Y | ||||||
| OR2 | 0.0545 | Adj_R2 | 0.4322 | 0.4247 | 0.4708 | ||||||