(1)

(2)

(3)

(4)

(5)

(6)

VARIABLES

csr

csr1

csr2

csr3

csr4

csr5

fown

−1.521^***

0.211^***

−0.878^***

−0.344^*

−0.643^***

0.124

(−3.01)

(2.73)

(−7.70)

(−1.95)

(−3.32)

(0.90)

old

−0.016

−0.006

−0.009

0.001

0.003

−0.008

(−0.55)

(−1.40)

(−1.36)

(0.12)

(0.30)

(−0.95)

edu

2.385^***

0.214^**

0.611^***

0.664^***

0.937^***

−0.080

(4.26)

(2.50)

(4.84)

(3.40)

(4.36)

(−0.52)

lnassets

5.679^***

0.536^***

1.155^***

1.461^***

1.521^***

0.958^***

(40.45)

(24.87)

(36.45)

(29.83)

(28.25)

(24.97)

age

0.057

−0.087^***

0.001

0.043^***

0.018

0.087^***

(1.46)

(−14.44)

(0.15)

(3.14)

(1.20)

(8.16)

indus

−1.784^***

−0.363^***

−0.190^**

0.064

0.885^***

−2.178^***

(−4.33)

(−5.74)

(−2.04)

(0.44)

(5.60)

(−19.34)

mkt

1.107^***

−0.021

0.367^***

0.358^***

0.410^***

0.017

(3.13)

(−0.39)

(4.60)

(2.91)

(3.03)

(0.17)

gov

−0.142

0.134^***

−0.163^**

−0.076

−0.163

0.108

(−0.48)

(2.95)

(−2.43)

(−0.74)

(−1.43)

(1.33)

law

−0.505^***

−0.016

−0.121^***

−0.181^***

−0.212^***

0.021

(−4.40)

(−0.90)

(−4.66)

(−4.52)

(−4.82)

(0.67)

roa

117.599^***

70.366^***

7.631^***

13.542^***

11.988^***

13.822^***

(29.88)

(116.57)

(8.59)

(9.86)

(7.94)

(12.85)

year

Controlled

Controlled

Controlled

Controlled

Controlled

Controlled

Constant

−104.885^***

−2.253^***

−22.043^***

−31.030^***

−31.909^***

−16.520^***

(−28.47)

(−3.99)

(−26.50)

(−24.15)

(−22.59)

(−16.40)

Observations

5,809

5,809

5,809

5,809

5,809

5,809

R-squared

0.370

0.729

0.295

0.215

0.198

0.233