TABLE 7.

GMM for firms’ size as a moderator.

Variables	(1)	(2)	(3)	(4)
	ROA	ROA	ROE	ROE
CSR*FSZ	0.320**	2.376**	0.907*	3.889*
	(0.187)	(1.36)	(0.397)	(2.56)
EPS	0.0444	0.0213	–0.0157	0.0484
	(0.0312)	(0.141)	(0.0244)	(0.343)
LEV	−0.294*	–0.00731	−0.0943*	−0.571*
	(0.171)	(1.694)	(0.015)	(0.380)
LNTA	0.0552	–0.506	–0.138	1.230
	(0.0646)	(3.497)	(0.132)	(7.270)
SOE	–0.0221	0.139	0.0792	–0.305
	(0.0343)	(0.922)	(0.0842)	(1.840)
INDDIR	0.0423		–0.115
	(0.0518)		(0.106)
Industry Dummy	YES	YES	YES	YES
Year Dummy	YES	YES	YES	YES
Constant	0.0955	–0.162	0.415	1.540
	(0.203)	(1.974)	(0.382)	(6.812)
Observations	2,391	2,391	2,357	2,357
R-squared	0.263	0.263	0.196	0.196

Robust standard errors in parentheses *** p < 0.01, ** p < 0.05, and * p < 0.1.