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