CROA_{i, 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 * CROA_{i, 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