| INS | ||
| Full Sample | SOEs | Non-SOEs |
CSR Risk | −0.072*** | −0.041 | −0.083** |
| (−2.88) | (−1.38) | (−2.08) |
ROA | 13.084* | 22.329** | 6.300 |
| (1.81) | (2.58) | (0.57) |
SIZE | −3.411*** | −2.724** | −2.026 |
| (−4.09) | (−2.57) | (−1.51) |
State | −0.141 |
|
|
| (−0.06) |
|
|
LEV | 19.687*** | 22.861*** | 22.867*** |
| (5.11) | (4.30) | (4.52) |
TRSHARE | 10.938*** | 15.299*** | 9.368*** |
| (8.96) | (9.88) | (5.12) |
TOP | 0.290*** | 0.277*** | 0.154 |
| (4.82) | (3.69) | (1.43) |
BPS | 2.453*** | 2.012*** | 3.204*** |
| (9.22) | (6.60) | (7.09) |
TAMVB | −30.075*** | −31.116*** | −40.165*** |
| (−11.44) | (−9.39) | (−8.76) |
Mortgage | −0.186 | 0.650 | −2.966 |
| (−0.09) | (0.28) | (−0.78) |
IDB | −10.399 | −6.882 | −23.903* |
| (−1.24) | (−0.73) | (−1.77) |
GCFO | 0.033 | 0.002 | 0.070 |
| (0.87) | (0.04) | (0.99) |
SC | 7.432 | 5.118 | 11.584 |
| (1.23) | (0.62) | (1.42) |
VOL | −4.977*** | −5.261*** | −4.570*** |
| (−16.87) | (−12.57) | (−12.03) |
JNN | 680.164*** | 684.446 | 417.652*** |
| (4.62) | (1.27) | (2.75) |
Growth | −0.223 | 0.123 | −0.222 |
| (−0.66) | (0.27) | (−0.42) |
ROWC | −0.005 | 0.002 | −0.018 |
| (−0.64) | (0.17) | (−1.35) |
Constant | −104.317*** | −203.609*** | −97.726*** |
| (−4.33) | (−6.28) | (−2.79) |
Stkcd FE/Year FE | control | control | control |
Observations | 3569 | 3569 | 3569 |
Adjusted R2 | 0.410 | 0.471 | 0.375 |