Could Executive Compensation Incentive Enhance the Efficiency of Enterprise Resource Allocation? An Empirical Study from China

Table 7

Robustness check.

Variables	Model (1) one-period lagged	Model (2) one-period lagged	Model (3) one-period lagged	Model (4) calculating Y with OP
Pay	0.0286 (3.28)	0.0516 (6.49)
Stock	0.0006 (0.72)		0.0015 (1.94)
Consumption	2.8206 (6.23)			103.8424 (36.06)
Consumption^2				−915.3887 (−19.255)
Control variables	Control	Control	Control	Control
Constant term	−0.5299 (−3.88)	−0.8997 (−7.04)	−0.2945 (−3.52)	18.2599 (86.95)
F	10.74	9.13	5.88	550.45
Adjusted R^2	0.0392	0.0284	0.0172	0.6330
Sample size	3345	3345	3345	4460

, , and indicate that the variable is significant at the significance level of 10%, 5%, and 1%, respectively, and the t value is in parentheses.