| INS | ||
| Full Sample | High ROA level | Low ROA level |
CSR Risk | −0.072*** | −0.077** | −0.045 |
| (−2.88) | (−2.06) | (−1.49) |
ROA | 13.084* | −1.538 | 14.270 |
| (1.81) | (−0.10) | (1.44) |
SIZE | −3.411*** | −4.329*** | −2.633** |
| (−4.09) | (−3.73) | (−2.18) |
State | −0.141 | 0.011 | −1.797 |
| (−0.06) | (0.00) | (−0.81) |
LEV | 19.687*** | 23.310*** | 17.462*** |
| (5.11) | (3.53) | (3.62) |
TRSHARE | 10.938*** | 8.396*** | 15.284*** |
| (8.96) | (4.93) | (7.91) |
TOP | 0.290*** | 0.201** | 0.347*** |
| (4.82) | (2.23) | (3.78) |
BPS | 2.453*** | 2.095*** | 3.022*** |
| (9.22) | (6.69) | (5.77) |
TAMVB | −30.075*** | −34.713*** | −28.551*** |
| (−11.44) | (−8.50) | (−7.74) |
Mortgage | −0.186 | 2.371 | −1.570 |
| (−0.09) | (0.76) | (−0.53) |
IDB | −10.399 | −7.147 | −14.497 |
| (−1.24) | (−0.53) | (−1.54) |
GCFO | 0.033 | 0.136** | −0.010 |
| (0.87) | (2.00) | (−0.23) |
SC | 7.432 | 9.215 | 21.690* |
| (1.23) | (1.33) | (1.91) |
VOL | −4.977*** | −5.684*** | −3.965*** |
| (−16.87) | (−12.37) | (−9.89) |
JNN | 680.164*** | 518.372*** | 938.619*** |
| (4.62) | (2.79) | (3.28) |
Growth | −0.223 | −0.284 | −0.882*** |
| (−0.66) | (−0.51) | (−2.67) |
ROWC | −0.005 | 0.001 | −0.007 |
| (−0.64) | (0.06) | (−0.52) |
Constant | −104.317*** | −28.235 | −211.678*** |
| (−4.33) | (−0.86) | (−4.89) |
Stkcd FE/Year FE | control | control | control |
Observations | 3569 | 3569 | 3569 |
Adjusted R2 | 0.410 | 0.344 | 0.460 |