Table 8.

Mixed effect regression and REGHDFE regression of heterogeneous CSR, mixed effect regression, and REGHDFE regression of moderating effect.

	(3)	(4)	(5)	(6)
variables	gti	gti	gti	gti
Incsr	0.319***	0.319***
	(6.03)	(5.67)
Excsr	−0.359***	−0.359***
	(−3.22)	(−3.81)
C_ceonar			0.524***	0.524***
			(5.70)	(5.70)
Interact			1.045***	1.045***
			(4.24)	(4.24)
Interact1			−1.515***	−1.515***
			(−3.33)	(−3.33)
Area	0.130***	Control	0.131***	Control
	(2.71)		(2.65)
Nature	−0.030	Control	−0.027	Control
	(−0.57)		(−0.51)
Industry	0.112**	Control	0.136***	Control
	(2.14)		(2.61)
Size	0.125***	0.125***	0.115***	0.115***
	(6.93)	(7.74)	(7.15)	(7.15)
Profitability	−0.442***	−0.442***	−0.419***	−0.419***
	(−7.23)	(−5.07)	(−4.87)	(−4.87)
Tsrat	0.330	0.330	0.365*	0.365*
	(1.53)	(1.58)	(1.77)	(1.77)
c_incsr			0.329***	0.329***
			(5.91)	(5.91)
c_excsr			−0.375***	−0.375***
			(−4.05)	(−4.05)
Constant	−1.888***	−1.761***	−1.914***	−1.779***
	(−4.21)	(−4.31)	(−4.97)	(−4.80)
Observations	1,745	1,745	1,745	1,745
R-squared	0.075	0.075	0.096	0.096
F test	0	0	0	0
r2_a	0.0707	0.0707	0.0906	0.0906
F	17.41	24.01	16.56	20.46

***p < 0.01, **p < 0.05, *p < 0.1.