CSR | SOCO | INVO | CUSO | GOVO | EMPO | |
---|---|---|---|---|---|---|
Hypotheses | H1 | H2a | H2b | H2c | H2d | H2e |
POLC | 0.017*** | 0.434*** | 0.001 | 0.005*** | −0.002** | −0.004*** |
(0.004) | (0.158) | (0.001) | (0.001) | (0.000) | (0.000) | |
SIZE | −0.013 | −0.467 | 0.011** | 0.011*** | −0.002 | −0.025*** |
(0.011) | (0.291) | (0.001) | (0.003) | (0.001) | (0.002) | |
ROA | −0.570*** | 14.295*** | −0.001 | −0.757*** | 0.139*** | −0.022 |
(0.212) | (4.418) | (0.021) | (0.072) | (0.031) | (0.038) | |
DUAL | 0.036 | 0.021 | 0.000 | 0.004 | −0.002 | 0.002 |
(0.022) | (0.617) | (0.002) | (0.008) | (0.003) | (0.004) | |
GROW | −0.039** | −0.339 | −0.006*** | −0.013** | −0.005** | −0.015*** |
(0.016) | (0.415) | (0.001) | (0.005) | (0.002) | (0.002) | |
FIX | −0.564*** | −6.326*** | −0.033*** | 0.110*** | −0.087*** | −0.001 |
(0.070) | (2.069) | (0.009) | (0.024) | (0.013) | (0.014) | |
YEAR | Yes | Yes | Yes | Yes | Yes | Yes |
IND | Yes | Yes | Yes | Yes | Yes | Yes |
R2 | 17.94 % | 6.86 % | 26.00 % | 27.44 % | 24.67 % | 26.44 % |
Observation | 2180 | 1790 | 2180 | 2180 | 2180 | 2180 |