Research Article
Could Executive Compensation Incentive Enhance the Efficiency of Enterprise Resource Allocation? An Empirical Study from China
Table 5
Full sample regression analysis results of executive incentive compensation and resource allocation efficiency.
| | Variables | Model (1) | Model (2) | Model (3) | Model (4) |
| | Pay | 0.0297 (4.09) | 0.0457 (6.91) | | | | Stock | 0.0014 (2.06) | | 0.0022 (3.26) | | | Consumption | 1.8184 (4.83) | | | 4.2789 (4.52) | | Consumption2 | | | | −30.9191 (−1.98) | | Cash | 0.0266 (0.66) | 0.0321 (0.80) | 0.0556 (1.38) | 0.0390 (0.97) | | Lever | 0.0542 (2.29) | 0.0740 (3.19) | 0.1013 (4.39) | 0.0502 (2.11) | | Growth | 0.0495 (4.10) | 0.0501 (4.13) | 0.0531 (4.37) | 0.0510 (4.22) | | Firmage | −0.0013 (−1.61) | −0.0018 (−2.22) | −0.0011 (−1.33) | −0.0011 (−1.43) | | First | −0.00001 (−0.05) | −0.0001 (−0.48) | 0.00005 (0.17) | −.0001 (−0.31) | | Owner | −0.0206 (−2.00) | −0.0176 (−1.83) | −0.0225 (−2.19) | −0.0071 (−0.74) | | Mtenure | −0.0002 (−1.12) | −0.0001 (−0.80) | −0.0002 (−1.18) | −0.0002 (−1.14) | | Mage | 0.0034 (2.58) | 0.0038 (2.93) | 0.0047 (3.63) | 0.0035 (2.68) | | Meducation | 0.0050 (0.67) | 0.0087 (1.18) | 0.0222 (3.14) | 0.0096 (1.33) | | Year | Yes | Yes | Yes | Yes | | Constant term | −0.6189 (−5.42) | −0.8719 (−8.45) | −0.3321 (−4.80) | −0.2392 (−3.32) | | Adjusted R2 | 0.0330 | 0.0270 | 0.0189 | 0.0291 | | F | 11.13 | 10.53 | 7.62 | 10.55 | | Sample size | 4460 | 4460 | 4460 | 4460 |
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, , and indicate that the variable is significant at the significance levels of 10%, 5%, and 1%, respectively, and the t value is in parentheses. |
