|
| (1) | (2) |
| VARIABLES | sticky | sticky |
| lnCSR | −0.139*** | −0.133*** |
|
| (−7.42) | (−7.05) |
| top1 |
| 0.068 |
|
|
| (0.79) |
| lnCSRtop1 |
| 0.191* |
|
|
| (1.79) |
| size | 0.059*** | 0.056*** |
|
| (4.70) | (4.39) |
| lev | −0.218*** | −0.209** |
|
| (−2.58) | (−2.48) |
| growth | −0.022*** | −0.022*** |
|
| (−3.00) | (−3.02) |
| cashflow | −0.143 | −0.149 |
|
| (−0.76) | (−0.80) |
| staff | 0.018** | 0.018** |
|
| (2.38) | (2.33) |
| inde | −0.520*** | −0.540*** |
|
| (−2.65) | (−2.73) |
| Constant | −0.622** | −0.594** |
|
| (−2.32) | (−2.21) |
| Observations | 8,093 | 8,093 |
| R-squared | 0.022 | 0.023 |
| industry FE | YES | YES |
| year FE | YES | YES |