| VARIABLES | (2) |
| ROA | |
| CSR | 0.002*** (6.18) |
| EDU | 0.002 (0.19) |
| CSR_EDU | 0.003*** (2.64) |
| LEV | −0.286*** (−3.53) |
| GROWTH | −0.000 (−0.13) |
| SIZE | 0.008 (0.52) |
| STAKE | 0.000 (0.28) |
| Cons | −0.048 (−0.14) |
| Year FE | YES |
| Company FE | YES |
| N | 819 |
| F | 5.483 |
| R2 | 0.233 |
|
| 0.224 |