Variable

Model 1

Model 2

Model 3

Coefficient

Coefficient

Coefficient

(T value)

(T value)

(T value)

CSR

1.091***

0.191***

0.648***

(7.96)

(15.54)

(4.76)

IC

2.324***

(12.90)

Size

2.611***

0.176***

2.203***

(12.69)

(15.44)

(11.56)

Soe

−0.317*

−0.017

−0.277*

(−1.82)

(−0.75)

(−1.64)

Con

2.730***

0.212***

2.238***

(3.08)

(2.88)

(2.60)

Board

−0.774

−0.066

−0.620

(−0.97)

(−0.96)

(−0.81)

DD

8.286***

−0.142

8.616***

(2.73)

(−0.54)

(2.95)

Risk

−0.857***

−0.031***

−0.785***

(−11.29)

(−3.32)

(−10.53)

Growth

0.408*

0.370***

−0.453**

(1.85)

(12.63)

(−1.98)

Dual

0.405*

−0.020

0.451*

(1.66)

(−0.73)

(1.90)

Constant

−58.370***

−3.418***

−50.426**8

(−11.68)

(−12.25)

(−10.71)

Year

Yes

Yes

Yes

Observations

7572

7572

7572

F Value

34.72***

88.51***

37.02***

R²

0.158

0.179

0.200