shareholder

responsibility

employee responsibility

supplier and customer and consumer rights responsibility

environmental responsibility

social responsibility

CSR*CSR

0.0989***

(9.67)

−0.0722**

(−2.13)

0.1564***

(5.51)

0.0290*

(1.75)

0.0239** (2.68)

CSR

−0.0231***

(−9.26)

0.0199***

(4.17)

−0.0239***

(−5.20)

−0.0054

(−1.63)

−0.0017

(−1.27)

leverage

0.0234

(1.16)

0.0571***

(3.68)

0.0404**

(2.02)

0.0411**

(2.04)

0.0175

(1.38)

size

−0.2481***

(−35.20)

−0.3221***

(−37.63)

−0.2496***

(−35.26)

−0.2468***

(−34.91)

−0.0956***

(−23.96)

pbr

−0.0009

(−0.23)

−0.0007

(−0.24)

−0.0009

(−0.24)

−0.0009

(−0.24)

−0.0017

(−0.48)

beta

−0.3574***

(−17.92)

−0.0072

(−0.44)

−0.3530***

(−17.65)

−0.3546***

(−17.71)

−0.3301***

(−21.61)

growth

0.0002

(0.94)

0.0001

(0.78)

0.0001

(0.79)

0.0001

(0.79)

0.0001

(0.88)

Firm fixed

Y

Y

Y

Y

Y

Year fixed

Y

Y

Y

Y

Y

Adj_R²

0.0553

0.4325

0.0503

0.0482

0.0642