Variables

Model 1

Model 2

Model 3

Model 4

CSR

0.011***

(4.20)

0.013***

(4.67)

0.013***

(4.74)

0.013***

(4.80)

RD

0.041***

(5.13)

0.032***

(4.04)

0.040***

(4.93)

Age

0.002

(0.33)

CEOD

−0.110

(−1.11)

CSR*RD

0.001***

(4.95)

0.001**

(3.16)

0.001***

(4.14)

CSR*RD*Age

0.0003***

(8.40)

CSR*RD*CEOD

−0.001*

(−2.30)

Size

−0.630***

(−6.79)

−0.613***

(−6.69)

−0.648***

(−7.13)

−0.607***

(−6.63)

Lev

−0.899*

(−2.33)

−1.002**

(−2.62)

−0.958*

(−2.56)

−1.057**

(−2.77)

TAT

0.340*

(2.37)

0.407**

(2.85)

0.446**

(3.18)

0.402**

(2.81)

Constant

16.248***

(8.01)

15.465***

(7.69)

16.164***

(8.20)

15.396***

(7.67)

R²

0.058

0.083

0.123

0.087

N

1985

1985

1985

1985