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