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