mediating effect of shareholding

moderating effect of external legal environment (3)

Shareholding (1)

Return (2)

CSR*CSR

0.0378***

(3.72)

−0.0132

(−0.39)

CSR

0.0188**

(2.02)

−0.0009**

(−2.11)

0.0034

(1.34)

shareholding

0.0051***

(17.10)

leverage

−0.6256

(−1.17)

0.0913***

(5.19)

0.0601***

(3.81)

size

5.0212***

(17.62)

−0.4051***

(−41.53)

−0.3223***

(−37.13)

pbr

−0.1205

(−1.25)

−0.0004

(−0.15)

−0.0007

(−0.22)

beta

−3.0487**

(−5.24)

0.0136

(0.83)

−0.0086

(−0.52)

growth

0.0024

(0.61)

0.0001

(0.96)

0.0001

(0.67)

lawindex

0.4322***

(5.46)

lawindex*CSR

−0.0011*

(−1.93)

lawindex*CSR²

0.0129*

(1.77)

Firm fixed

Y

Y

Y

Year fixed

Y

Y

Y

Adj_R²

0.7178

0.4466

0.4328