| 全样本 | 国有企业 | 非国有企业 | |||
第一阶段 | 第二阶段 | 第一阶段 | 第二阶段 | 第一阶段 | 第二阶段 | |
CSR | Risk | CSR | Risk | CSR | Risk | |
CSR_Location | 0.2102*** (7.07) |
| 0.1807*** (3.85) |
| 0.2286*** (5.93) |
|
CSR |
| −0.0076*** (−5.59) |
| −0.0068*** (−2.62) |
| −0.0072*** (−4.80) |
Size | 0.3261*** (7.52) | −0.0003 (−0.43) | 0.2504*** (3.57) | −0.0001 (−0.13) | 0.3650*** (6.61) | −0.0003 (−0.38) |
Lev | −0.8067*** (−5.80) | −0.0053*** (−2.85) | −0.9658*** (−3.22) | −0.0020 (−0.59) | −0.7160*** (−4.88) | −0.0056*** (−2.62) |
ROA | −0.1816 (−0.79) | 0.0096*** (3.32) | −0.3068 (−0.60) | 0.0070 (1.48) | −0.1664 (−0.65) | 0.0093*** (2.68) |
Cash | 0.0322 (0.34) | 0.0113*** (6.35) | 0.3293* (1.89) | 0.0031 (1.23) | −0.0983 (−0.86) | 0.0142*** (6.23) |
Growth | −0.0013 (−0.13) | 0.0007*** (4.85) | −0.0252 (−1.18) | 0.0015*** (7.03) | 0.0109 (0.98) | 0.0003* (1.73) |
C | −4.1291*** (−3.71) | 0.0608*** (4.86) | −4.6595*** (−3.14) | 0.0341* (1.73) | −5.0551*** (−3.76) | 0.0607*** (4.01) |
Industry_Effects | YES | YES | YES | YES | YES | YES |
Year_Effects | YES | YES | YES | YES | YES | YES |
N | 10388 | 10388 | 4065 | 4065 | 6323 | 6323 |
R2 | 0.0916 | 0.1954 | 0.0816 | 0.0961 | 0.1116 | 0.2862 |