Table 5.

Moderating effect regressions.

Model	(1)	(2)	(3)
Variables	CSP
	H2	H3	Full model
Firm size	0.292***	0.297***	0.297***
	(0.068)	(0.070)	(0.070)
Firm age	−0.389	−0.238	−0.236
	(0.227)	(0.214)	(0.215)
ROA	6.332***	6.977***	6.946***
	(0.781)	(0.781)	(0.781)
SOE	−0.094	−0.104	−0.105
	(0.121)	(0.124)	(0.123)
Leverage	−1.692***	−1.633***	−1.634***
	(0.118)	(0.113)	(0.113)
Board size	−0.014***	−0.014***	−0.014***
	(0.003)	(0.003)	(0.003)
CEO duality	0.024	0.019	0.020
	(0.054)	(0.053)	(0.053)
Shareholder concentration	0.934**	0.940**	0.940**
	(0.338)	(0.351)	(0.351)
DT	0.080	0.014	0.152
	(0.086)	(0.042)	(0.090)
Board independence	0.059	0.190**	0.078
	(0.114)	(0.087)	(0.120)
Institutional ownership	0.241	0.125	0.120
	(0.177)	(0.182)	(0.183)
DT × board independence	0.470**		0.410*
	(0.228)		(0.223)
DT × institutional ownership		0.306***	0.324***
		(0.091)	(0.096)
Constant	−1.850	−2.681	−2.649
	(1.658)	(1.692)	(1.695)
N	10,048	10,048	10,048
adj. R2	0.375	0.385	0.385

Robust standard errors in parentheses, ^*p < 0.10, ^**p < 0.05, and ^***p < 0.01.