| 全样本 | 非国有企业 | 国有企业 |
| CSR | CSR | CSR |
Female | 1.1886* | −0.3106 | 2.8291** |
(1.95) | (−0.46) | (2.07) | |
HHI | 7.9748*** | 12.3801*** | 3.1740* |
(9.10) | (11.45) | (1.92) | |
Female * HHI | 10.8732** | −6.1091 | 21.9692** |
(2.05) | (−0.96) | (2.14) | |
SIZE | 3.2106*** | 3.1705*** | 3.7233*** |
(30.83) | (24.21) | (19.38) | |
LEV | −19.5628*** | −18.1133*** | −22.8381*** |
(−31.11) | (−24.79) | (−18.90) | |
DD | −3.7740** | −0.6253 | −10.4357*** |
(−2.08) | (−0.30) | (−2.99) | |
托宾Q值 | 0.4751*** | 0.4719*** | 0.7550*** |
(4.91) | (4.54) | (3.46) | |
Senior | 2.0656*** | 1.4795*** | 3.2713*** |
(7.10) | (4.58) | (5.50) | |
cons | −50.3223*** | −48.2659*** | −64.8793*** |
(−20.47) | (−15.60) | (−14.28) | |
年度效应 行业效应 | 控制 控制 | 控制 控制 | 控制 控制 |
r2_ a | 0.1755 | 0.1503 | 0.2226 |
F | 101.3204 | 56.2336 | 49.8345 |
N | 14,144 | 9369 | 4775 |