| INS | ||
| Full Sample | High Market level | Low Market level |
CSR Risk | −0.072*** | −0.101*** | −0.039 |
| (−2.88) | (−2.80) | (−1.03) |
ROA | 13.084* | 12.622 | 6.666 |
| (1.81) | (1.09) | (0.70) |
SIZE | −3.411*** | −2.956** | −3.479*** |
| (−4.09) | (−2.51) | (−2.85) |
State | −0.141 | −0.364 | 0.203 |
| (−0.06) | (−0.07) | (0.08) |
LEV | 19.687*** | 17.257*** | 22.563*** |
| (5.11) | (3.03) | (4.21) |
TRSHARE | 10.938*** | 10.677*** | 12.446*** |
| (8.96) | (6.12) | (6.75) |
TOP | 0.290*** | 0.361*** | 0.213*** |
| (4.82) | (3.61) | (2.72) |
BPS | 2.453*** | 2.735*** | 2.119*** |
| (9.22) | (7.09) | (5.44) |
TAMVB | −30.075*** | −28.262*** | −33.744*** |
| (−11.44) | (−7.38) | (−8.49) |
Mortgage | −0.186 | −3.664 | 2.196 |
| (−0.09) | (−1.15) | (0.81) |
IDB | −10.399 | −10.514 | −11.716 |
| (−1.24) | (−0.86) | (−1.21) |
GCFO | 0.033 | 0.037 | −0.021 |
| (0.87) | (0.55) | (−0.47) |
SC | 7.432 | −1.299 | 17.195** |
| (1.23) | (−0.16) | (2.03) |
VOL | −4.977*** | −5.338*** | −4.551*** |
| (−16.87) | (−11.48) | (−11.71) |
JNN | 680.164*** | 746.483*** | 762.409*** |
| (4.62) | (3.76) | (3.16) |
Growth | −0.223 | −0.137 | −0.005 |
| (−0.66) | (−0.24) | (−0.01) |
ROWC | −0.005 | −0.014 | 0.003 |
| (−0.64) | (−1.09) | (0.22) |
Constant | −104.317*** | −110.397*** | −129.769*** |
| (−4.33) | (−3.28) | (−3.63) |
Stkcd FE/Year FE | control | control | control |
Observations | 3569 | 3569 | 3569 |
Adjusted R2 | 0.410 | 0.388 | 0.449 |