Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study

Table 6

Multivariate regression test (mediating effects).

Patent		Re
CP	0.1536^∗∗∗ (6.42)	Patent	−0.0009^∗ (−1.90)
First	0.6630^∗∗ (1.97)	CP	−0.0007^∗∗ (−2.39)
Board	0.3044 (1.40)	Lev	0.0173^∗∗∗ (3.97)
Msh	1.4914^∗∗ (2.37)	Size	0.0030^∗∗∗ (4.70)
Roa	0.7123 (0.67)	Beta	0.0267^∗∗∗ (15.14)
Lev	1.7054^∗∗∗ (5.89)	B/M	0.029^∗ (1.69)
		AT	0.0002 (0.2)
Indu	Control	Indu	Control
Year	Control	Year	Control
N	1078	N	1078
Adj-R^2	0.2833	Adj-R^2	0.3642

Note. ^∗Significant at the 10% level. ^∗∗Significant at the 5% level. ^∗∗∗Significant at the 1% level.