| CROAi, t+1 | TobinQ | ||||
| Mixed regression | Fixed effect | Random effect | Mixed regression | Fixed effect | Random effect |
CSR Risk | 0.0003*** | 0.0003*** | 0.0003*** | −0.002* | −0.002** | −0.002* |
| (2.72) | (2.92) | (3.02) | (−1.86) | (−1.99) | (−1.69) |
CSR Risk * CROAi, t | −0.002*** | −0.002*** | −0.002*** |
|
|
|
| (−2.74) | (−2.94) | (−2.68) |
|
|
|
CROA | 0.597*** | 0.597*** | 0.884*** |
|
|
|
| (17.75) | (19.04) | (37.87) |
|
|
|
ROA | −0.199*** | −0.199*** | −0.237*** | 2.492*** | 2.492*** | 2.254*** |
| (−5.28) | (−5.66) | (−8.29) | (4.58) | (4.91) | (4.79) |
SIZE | −0.010*** | −0.010*** | −0.0005 | −0.175*** | −0.175*** | −0.066*** |
| (−3.53) | (−3.79) | (−0.44) | (−3.95) | (−4.23) | (−2.65) |
State | 0.004 | 0.004 | −0.005** | −0.493*** | −0.493*** | −0.108* |
| (0.58) | (0.62) | (−2.45) | (−2.97) | (−3.19) | (−1.88) |
LEV | 0.002 | 0.002 | −0.016** | 0.454* | 0.454* | 0.156 |
| (0.14) | (0.15) | (−2.44) | (1.82) | (1.95) | (0.95) |
TOP | −0.0001 | −0.0001 | 0.0000 | −0.003 | −0.003 | 0.000 |
| (−0.22) | (−0.24) | (0.49) | (−0.64) | (−0.69) | (0.01) |
BPS | −0.001 | −0.001 | −0.000 | −0.013 | −0.013 | −0.017** |
| (−0.84) | (−0.90) | (−0.30) | (−1.37) | (−1.47) | (−2.43) |
EXCP | −0.004 | −0.004 | 0.004** | −0.037 | −0.037 | −0.046 |
| (−1.01) | (−1.09) | (2.51) | (−0.69) | (−0.74) | (−1.34) |
TAMVB | −0.061*** | −0.061*** | −0.027*** | −3.710*** | −3.710*** | −3.920*** |
| (−6.09) | (−6.53) | (−4.54) | (−21.34) | (−22.87) | (−29.36) |
Mortgage | 0.017** | 0.017** | 0.007* | 0.053 | 0.053 | 0.114 |
| (2.34) | (2.50) | (1.77) | (0.48) | (0.52) | (1.61) |
WCLRat | 0.00004 | 0.00004* | 0.00005*** | −0.00004 | −0.00004 | 0.001 |
| (1.57) | (1.68) | (2.79) | (−0.06) | (−0.07) | (1.43) |
IDB | −0.012 | −0.012 | −0.010 | −0.173 | −0.173 | 0.119 |
| (−0.49) | (−0.52) | (−0.68) | (−0.35) | (−0.38) | (0.35) |
SC | 0.072* | 0.072* | 0.141*** | −0.053 | −0.053 | 0.079 |
| (1.81) | (1.94) | (4.49) | (−0.09) | (−0.10) | (0.23) |
VOL | −0.001 | −0.001 | −0.003*** | −0.020 | −0.020 | −0.030* |
| (−1.09) | (−1.17) | (−4.38) | (−1.06) | (−1.14) | (−1.75) |
Constant | 0.380*** | 0.355*** | 0.015 | 9.847*** | 9.270*** | 6.818*** |
| (5.28) | (5.98) | (0.62) | (8.02) | (8.90) | (11.86) |
Stkcd FE/Year FE | control | control | control | control | control | control |
Observations | 3382 | 3382 | 3382 | 3414 | 3414 | 3414 |
Adjusted R2 | 0.853 | 0.396 | 0.372 | 0.769 | 0.570 | 0.568 |