| (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 |