Table 10.

Results of robustness check.

	(7)	(8)	(9)
Variables	gti	gti	gti
csr1	0.385**
	(2.54)
Area	0.186**	−0.121***	−0.107***
	(2.35)	(−4.09)	(−3.62)
Nature	−0.077	−0.024	−0.007
	(−0.80)	(−0.39)	(−0.11)
Industry	0.191**	0.119*	0.120**
	(2.03)	(1.95)	(1.98)
Size	0.140***	0.106***	0.114***
	(4.98)	(5.52)	(6.03)
Profitability	−0.339***	−0.307***	−0.398***
	(−6.50)	(−3.34)	(−4.23)
Tsrat	0.124	0.050	0.060
	(0.35)	(0.31)	(0.37)
L.csr		0.004**
		(2.20)
L.incsr			0.018***
			(4.64)
L.excsr			−0.029***
			(−4.97)
Constant	−3.784***	−1.372***	−1.643***
	(−5.07)	(−3.18)	(−3.84)
Observations	785	1,329	1,329
R-squared	0.083	0.057	0.072
F test	0	0	0
r2_a	0.0743	0.0520	0.0668
F	15.28	11.41	12.89

***p < 0.01, **p < 0.05.