Variables

Model 1

Model 2

Model 3

Model 4

CSR

0.020***

(4.44)

0.023***

(5.21)

0.227***

(5.17)

0.023***

(5.29)

RD

0.081***

(6.17)

0.072***

(5.49)

0.081***

(6.16)

Age

−0.005

(−0.43)

CEOD

−0.431**

(−2.68)

CSR*RD

0.001**

(2.72)

0.001

(1.64)

0.001*

(2.52)

CSR*RD*Age

0.0003***

(4.88)

CSR*RD*CEOD

−0.001

(−0.74)

Size

−1.426***

(−9.49)

−1.388***

(−9.34)

−1.407***

(−9.40)

−1.382***

(−9.31)

Lev

8.490***

(13.57)

8.279***

(13.37)

8.313***

(13.51)

8.247***

(13.32)

TAT

0.253

(1.09)

0.405

(1.75)

0.443

(1.92)

0.393

(1.70)

Constant

31.902***

(9.71)

30.231***

(9.28)

30.980***

(9.56)

30.270***

(9.30)

R²

0.131

0.153

0.166

0.157

N

1985

1985

1985

1985