|
| (1) | (2) |
| VARIABLES | sticky | sticky |
| CSR | −0.004*** | −0.004*** |
|
| (−5.10) | (−5.24) |
| top1 |
| 0.029 |
|
|
| (0.35) |
| CSRtop1 |
| 0.011** |
|
|
| (2.31) |
| size | 0.039*** | 0.038*** |
|
| (3.12) | (2.99) |
| lev | −0.045 | −0.043 |
|
| (−0.55) | (−0.53) |
| growth | −0.026*** | −0.026*** |
|
| (−3.71) | (−3.72) |
| cashflow | −0.293 | −0.283 |
|
| (−1.58) | (−1.52) |
| staff | 0.020** | 0.019** |
|
| (2.35) | (2.29) |
| inde | −0.422** | −0.441** |
|
| (−2.15) | (−2.24) |
| Constant | −0.631** | −0.614** |
|
| (−2.30) | (−2.24) |
| Observations | 8,357 | 8,357 |
| R-squared | 0.018 | 0.019 |
| industry FE | YES | YES |
| year FE | YES | YES |