Nondisclosure (1)

Disclosure

Voluntary (2)

Mandate (3)

Audit (4)

No audit (5)

CSR*CSR

0.0001**

(2.63)

0.0001**

(2.65)

0.0002***

(6.55)

0.003**

(2.22)

0.0002***

(5.79)

CSR

−0.0079***

(−4.84)

−0.0113***

(−3.62)

−0.0152***

(−6.69)

−0.0291**

(−2.59)

−0.0085***

(−5.42)

leverage

0.0116

(0.53)

0.3461**

(2.08)

0.2851*

(1.94)

0.3779

(1.31)

0.1158***

(3.22

size

−0.2464***

(−28.79)

−0.2638***

(−11.06)

−0.2931***

(−14.53)

−0.0299

(−0.91)

−0.07535***

(−11.39)

pbr

−0.0011

(−0.25)

−0.0024

(−1.04)

−0.0969***

(−3.78)

−1.8923

(−1.51)

−0.0019

(−1.32)

beta

−0.3541***

(−13.98)

−0.3548***

(−4.83)

−0.3266***

(−7.40)

−0.4631**

(−2.63)

−0.3232***

(−11.66)

growth

0.0001

(0.66)

−0.09832**

(−2.19)

0.0303

(1.42)

1.8640

(1.22)

−0.01261

(−0.77)

Ind fixed

Y

Y

Y

N

N

Year fixed

N

N

N

N

N

Adj_R2

0.0298

0.0373

0.0777

0.1728

0.0646