(1)

(2)

(3)

(4)

(5)

(6)

(7)

ROA

ROE

ROE

ROA

ROA

ROA

ROA

非国企

国企

非国企

国企

NM

0.006^***

0.004^**

0.004

0.004^***

0.001

0.003^*

0.003^*

(0.002)

(0.002)

(0.003)

(0.001)

(0.001)

(0.002)

(0.002)

TG

0.025^*

0.061^**

0.084^**

0.034^*

0.002

0.068^***

0.005

(0.013)

(0.030)

(0.039)

(0.018)

(0.026)

(0.024)

(0.034)

ID

−0.011

0.019

0.025

−0.003

−0.011

0.114

−0.023

(0.034)

(0.062)

(0.122)

(0.041)

(0.049)

(0.076)

(0.101)

LEV

−0.226^***

−0.376^***

−0.320^***

−0.235^***

−0.190^***

−0.194^***

−0.155^***

(0.039)

(0.072)

(0.065)

(0.065)

(0.040)

(0.055)

(0.037)

RG

0.038^***

0.062^***

0.052^***

0.039^***

0.038^***

0.029^***

0.033^***

(0.006)

(0.009)

(0.008)

(0.009)

(0.011)

(0.007)

(0.010)

AGE

0.015

0.026

0.029

0.016

0.009

0.017^*

0.016

(0.017)

(0.026)

(0.018)

(0.015)

(0.015)

(0.010)

(0.018)

CSR

0.013^**

0.016^***

0.005

(0.006)

(0.004)

(0.004)

NM ´ CSR

−0.000

0.000

−0.000^*

(0.000)

(0.000)

(0.000)

TG ´ CSR

−0.002^*

−0.003^**

−0.001

(0.001)

(0.001)

(0.001)

ID ´ CSR

−0.001

−0.007^*

−0.000

(0.005)

(0.004)

(0.003)

Cons

−0.320

−0.536^**

−0.158

−0.012

−0.414^***

−0.179

(0.261)

(0.227)

(0.125)

(0.212)

(0.127)

(0.267)

FIRM/YEAR

YES

YES

YES

YES

YES

YES

YES

N

990

990

990

635

355

635

355

Adj R²

0.145

0.257

0.215

0.150

0.430

0.252