Positive Reports by Internet and Newspapers (1)

Return (2)

Positive Reports by Newspapers (3)

Return (4)

Positive Reports by Internet (5)

Return (6)

CSR*CSR

0.0397***

(3.90)

0.0408***

(3.95)

0.0397***

(3.90)

CSR

0.9152***

(4.14)

−0.0014*

(−1.69)

0.0775*

(1.70)

−0.00014*

(−1.75)

0.7415***

(4.59)

−0.0013*

(−1.68)

median

0.0002***

(10.54)

0.0001**

(2.57)

0.0002***

(12.28)

leverage

52.5963***

(4.66)

0.0556***

(3.57)

3.3758

(1.36)

0.0573***

(3.66)

38.7356***

(4.70)

0.0557***

(3.59)

size

197.4766***

(46.52)

−0.3254***

(−37.96)

5.2903***

(3.85)

−0.3239***

(−37.37)

146.6766***

(47.29)

−0.3255***

(−38.04)

pbr

0.7735

(0.23)

−0.0007

(−0.23)

−0.0318

(−0.06)

−0.0007

(−0.23)

0.5965

(0.25)

−0.0007

(−0.24)

beta

−76.7323***

(−5.36)

−0.0133

(−0.81)

7.1362**

(2.69)

−0.0084

(−0.51)

−49.2627***

(−4.71)

−0.0141

(−0.86)

growth

0.0510

(0.39)

0.0001

(0.67)

0.0003

(0.02)

0.0001

(0.68)

0.0422

(0.44)

0.0001

(0.67)

Firm fixed

N

Y

Y

Y

N

Y

Year fixed

Y

Y

Y

Y

Y

Y

Adj_R²

0.1781

0.4382

0.8286

0.4344

0.1886

0.4399