Table 7.

Results of mixed effect regression and REGHDFE regression.

	(1)	(2)
Variables	gti	gti
Csr	0.163***	0.163**
	(2.61)	(2.47)
Area	0.156***	Control
	(3.24)
Nature	−0.055	Control
	(−1.03)
Industry	0.104**	Control
	(1.97)
Size	0.127***	0.127***
	(6.95)	(7.76)
Profitability	−0.314***	−0.314***
	(−5.87)	(−3.73)
Tsrat	0.310	0.310
	(1.40)	(1.47)
Constant	−2.658***	−2.539***
	(−6.18)	(−6.39)
Observations	1,745	1,745
R–squared	0.061	0.061
F test	0	0
r2_a	0.0568	0.0568
F	16.11	22.92

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