(2)

ROE

CSR

0.0023*** (5.81)

EDU

0.0164 (1.15)

CSR_EDU

0.0028*** (2.75)

LEV

−0.4038** (−2.23)

GROWTH

−0.0004 (−0.41)

SIZE

0.0291 (1.33)

STAKE

−0.0001 (−0.05)

Cons

−0.4839 (−1.01)

Year FE

YES

Company FE

YES

N

819

F

4.744

R²

0.1740

$R_a^2$

0.1638