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