CSR | SOCO | INVO | CUSO | GOVO | EMPO | |
---|---|---|---|---|---|---|
Hypotheses | H1 | H2a | H2b | H2c | H2d | H2e |
POLC | 0.058*** | 2.366*** | 0.002 | 0.014* | −0.006* | −0.014*** |
(0.019) | (0.665) | (0.002) | (0.007) | (0.003) | (0.003) | |
SIZE | −0.0120 | −0.459 | 0.011*** | 0.012*** | −0.002 | −0.025*** |
(0.012) | (0.288) | (0.001) | (0.003) | (0.001) | (0.002) | |
ROA | −0.567*** | 14.217*** | −0.000 | −0.757*** | 0.139*** | −0.023 |
(0.212) | (4.425) | (0.021) | (0.072) | (0.031) | (0.038) | |
DUAL | 0.036 | 0.044 | 0.001 | 0.004 | −0.002 | 0.002 |
(0.023) | (0.613) | (0.003) | (0.008) | (0.004) | (0.004) | |
GROW | −0.039** | −0.348 | −0.006*** | −0.013** | −0.005** | −0.015*** |
(0.016) | (0.413) | (0.001) | (0.005) | (0.002) | (0.002) | |
FIX | −0.560*** | −6.131*** | −0.033*** | 0.111*** | −0.087*** | −0.003 |
(0.071) | (2.062) | (0.009) | (0.024) | (0.013) | (0.014) | |
YEAR | Yes | Yes | Yes | Yes | Yes | Yes |
IND | Yes | Yes | Yes | Yes | Yes | Yes |
R2 | 17.85 % | 7.29 % | 25.97 % | 27.36 % | 24.57 % | 26.43 % |
Observation | 2180 | 1790 | 2180 | 2180 | 2180 | 2180 |