模型1’-3

模型2’-1

模型2’-2

模型3’-1

模型3’-2

模型4’-1

模型4’-2

TobinQ_i,t+2

CSR_i,t

CSR_i,t

PAY_i,t

STO_i,t

TobinQ_i,t+2

TobinQ_i,t+2

CSR

0.014^***

0.012^***

0.001^*

0.011^**

0.014^***

(3.42)

(3.99)

(1.77)

(2.54)

(3.33)

PAY

2.521^***

0.306^***

(3.99)

(5.16)

STO

8.260^*

0.411

(1.77)

(0.94)

CSR^*PAY

−0.467^***

2.527^***

3.090^***

0.138^***

−0.017^***

−0.509^***

−0.460^***

(−12.46)

(6.50)

(8.05)

(4.98)

(−4.42)

(−13.60)

(−12.02)

CSR^*STO

1.121^***

20.802^***

19.584^***

−0.432^*

0.077^**

1.261^***

1.089^***

(3.69)

(6.82)

(6.28)

(−1.94)

(2.49)

(4.24)

(3.56)

F2SIZE

−0.274^***

(−2.88)

−0.976

(−0.94)

−1.319

(−1.20)

−0.411^***

−0.090^***

−0.147

−0.237^**

(−5.83)

(−9.22)

(−1.53)

(−2.30)

HHI5

−0.250^**

3.049^***

2.436^**

−0.147^**

0.038^***

−0.202^**

−0.265^***

(−2.58)

(2.99)

(2.33)

(−2.05)

(3.77)

(−2.13)

(−2.70)

STATE

11.185^***

−67.524^***

−40.886^***

12.265^***

0.404^***

7.419^***

11.017^***

(14.18)

(−6.11)

(−4.84)

(20.98)

(4.97)

(7.00)

(13.62)

F2VOLC

0.014^***

0.012^***

0.001^*

0.011^**

0.014^***

(3.42)

(3.99)

(1.77)

(2.54)

(3.33)

_cons

2.521^***

0.306^***

(3.99)

(5.16)

r2

0.297

0.315

0.297

0.183

0.282

0.333

0.298

r2_a

0.289

0.308

0.290

0.174

0.275

0.325

0.289

F

41.140

45.188

41.577

21.994

38.668

40.519

34.422