Variable

Model 1

Model 2

Model 3

Coefficient

Coefficient

Coefficient

(T value)

(T value)

(T value)

CSR

2.180***

0.108***

1.920***

(7.44)

(8.54)

(6.57)

IC

2.398***

(12.60)

Constant

−59.804***

−0.638***

−58.274***

(−12.06)

(−5.32)

(−11.90)

Year

Yes

Yes

Yes

Observations

7572

7572

7572

F Value

30.69***

89.19***

35.55

R²

0.157

0.121

0.169