| Variables | Model 1-1 | Model 2-1 |
| Constant | 0.064 (2.51**) | 0.084 (3.16***) |
| Green | −0.0003 (−1.21*) | −0.001 (−1.97**) |
| CSR |
| −0.0003 (−2.83***) |
| Green* CSR |
| −0.0001 (2.16**) |
| Size | −0.002 (−1.80*) | −0.003 (−2.45**) |
| LEV | −.003 (−0.75) | −0.003 (−0.90) |
| ROA | .007 (1.32) | 0.011 (1.95*) |
| Inver | 0.012 (3.62***) | 0.013 (3.88***) |
| F-value | 3.199*** | 4.145*** |
| Adj-R2 | 0.017 | 0.030 |
| N | 1276 | 1276 |