Research Article
Could Executive Compensation Incentive Enhance the Efficiency of Enterprise Resource Allocation? An Empirical Study from China
Table 6
Regression results of samples of different nature of property right.
| | Variables | State-owned enterprises | Private enterprises | | Model (1) | Model (2) | Model (3) | Model (4) | Model (1) | Model (2) | Model (3) | Model (4) |
| | Pay | 0.0606 (3.81) | 0.0766 (5.17) | | | 0.0223 (3.02) | 0.0330 (5.10) | | | | Stock | 0.0019 (1.38) | | 0.0035 (2.69) | | 0.0014 (2.08) | | 0.0019 (2.72) | | | Consumption | 1.4796 (2.21) | | | 6.5616 (3.73) | 1.2293 (2.69) | | | 2.6333 (2.38) | | Consumption2 | | | | −66.3888 (−2.52) | | | | −12.4588 (−0.60) | | Cash | 0.0809 (0.92) | 0.0862 (0.98) | 0.1313 (1.50) | 0.1151 (1.31) | −0.0021 (−0.05) | −0.0003 (−0.01) | 0.0179 (0.45) | 0.0063 (0.16) | | Lever | 0.0415 (0.89) | 0.0508 (1.10) | 0.0807 (1.74) | 0.0391 (0.84) | 0.0436 (1.74) | 0.0567 (2.34) | 0.0812 (3.39) | 0.0405 (1.61) | | Growth | 0.0875 (3.10) | 0.0841 (2.98) | 0.0941 (3.32) | 0.0922 (3.26) | 0.0297 (2.59) | 0.0309 (2.70) | 0.0319 (2.77) | 0.0310 (2.70) | | Firmage | −0.0060 (−3.43) | −0.0068 (−3.94) | −0.0062 (−3.60) | −0.0056 (−3.23) | 0.0009 (1.07) | 0.0007 (0.84) | 0.0013 (1.64) | 0.0008 (0.97) | | First | −0.0001 (−0.22) | −0.0003 (−0.49) | −0.0002 (−0.30) | −0.0005 (−0.88) | −0.00001 (−0.03) | −0.0001 (−0.49) | 0.00005 (0.16) | −0.00002 (−0.06) | | Mtenure | −0.0004 (−1.05) | −0.0004 (−0.93) | −0.0005 (−1.30) | −0.0003 (−0.88) | −0.0001 (−0.62) | −0.00005 (−0.30) | −0.0001 (−0.58) | −0.0001 (−0.70) | | Mage | 0.0118 (3.77) | 0.0132 (4.37) | 0.0141 (4.63) | 0.0097 (3.11) | −0.002 (−0.16) | −0.0004 (−0.31) | 0.0004 (0.28) | 0.0003 (0.24) | | Meducation | −0.0075 (−0.42) | −0.0022 (−0.12) | 0.0269 (1.61) | 0.0050 (0.29) | 0.0046 (0.65) | 0.0060 (0.85) | 0.0146 (2.16) | 0.0084 (1.21) | | Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | | Constant term | −1.3409 (−5.01) | −1.6061 (−6.54) | −0.7095 (−4.37) | −0.4519 (−2.73) | −0.3864 (−3.51) | −0.5017 (−5.10) | −0.1465 (−2.30) | −0.0919 (−1.46) | | F | 7.29 | 7.87 | 6.17 | 6.79 | 5.83 | 5.70 | 4.12 | 5.26 | | Adjusted R2 | 0.0557 | 0.0524 | 0.0399 | 0.0481 | 0.0223 | 0.0186 | 0.0125 | 0.0183 | | Sample size | 1492 | 1492 | 1492 | 1492 | 2968 | 2968 | 2968 | 2968 |
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, , and indicate that the variable is significant at the significance level of 10%, 5%, and 1%, respectively, and the t value is in parentheses. |
