Variables

Model 1

Model 2

Model 3

Model 4

CSR

0.012***

(4.25)

0.125***

(4.53)

0.012***

(4.44)

0.013***

(4.71)

RD

0.033***

(3.76)

0.024**

(2.75)

0.032***

(3.36)

Age

0.001

(0.18)

CEOD

−0.085

(−0.74)

CSR*RD

0.001***

(4.35)

0.001*

(2.01)

0.001**

(3.35)

CSR*RD*Age

0.0003***

(8.17)

CSR*RD*CEOD

−0.002*

(−2.35)

Size

−1.026***

(−9.43)

−1.003***

(−9.32)

−1.060***

(−10.03)

−1.002***

(−9.39)

Lev

−0.929*

(−2.14)

−1.062*

(−2.47)

−1.006*

(−2.40)

−1.080*

(−2.51)

TAT

0.288

(1.62)

0.356*

(2.02)

0.389*

(2.27)

0.354*

(2.01)

Constant

24.933***

(10.54)

24.13***

(10.28)

25.356***

(11.04)

24.14***

(10.30)

R²

0.112

0.133

0.179

0.138

N

1588

1588

1588

1588