| 全样本 Risk | 国有企业 Risk | 非国有企业 Risk |
CSR | −0.0013*** (−8.73) | −0.0008*** (−4.23) | −0.0014*** (−7.18) |
Size | −0.0024*** (−5.48) | −0.0016** (−2.46) | −0.0025*** (−4.46) |
Lev | 0.0001 (0.08) | 0.0037* (1.89) | −0.0011 (−0.64) |
ROA | 0.0108*** (4.32) | 0.0096** (2.28) | 0.0101*** (3.34) |
Cash | 0.0109*** (6.40) | 0.0012 (0.54) | 0.0145*** (6.60) |
Growth | 0.0007*** (5.30) | 0.0017*** (9.01) | 0.0003 (1.52) |
C | 0.0836*** (8.41) | 0.0621*** (4.14) | 0.0871*** (7.00) |
Industry_Effects | YES | YES | YES |
Year_Effects | YES | YES | YES |
N | 10453 | 4071 | 6382 |
R2 | 0.3496 | 0.3253 | 0.3823 |