| Variables | 模型(1) | 模型(2) |
| WCTR1 | WCTR2 | |
| CSR | 5.253*** | 0.202*** |
| (7.86) | (2.58) | |
| COMPANY | 2.046*** | −0.030 |
| (5.32) | (−0.85) | |
| SHARE | −1.457*** | 0.158*** |
| (−11.31) | (9.70) | |
| ZONE | −108.161*** | −2.801*** |
| (−8.46) | (−2.77) | |
| Constant | 101.562*** | 6.441*** |
| (23.33) | (14.78) | |
| Observations | 8862 | 8862 |
| r2 | 0.1262 | 0.1136 |
| F | 68.38 | 24.81 |