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

Table 7

2SLS regression test.

First stage		Second stage
CP		Re
MeanCPt	0.4168^∗∗∗ (9.52)	CP	−0.0016^∗∗ (−2.36)
CPt−1	0.4316^∗∗∗ (17.65)
Lev	−1.3633^∗∗∗ (−5.73)	Lev	0.0283^∗∗∗ (8.87)
Size	0.7048^∗∗∗ (18.84)	Size	0.0009 (1.39)
Beta	0.0942 (0.76)	Beta	0.0249^∗∗∗ (16.58)
B/M	−0.1361^∗∗∗ (−2.87)	B/M	0.0022^∗∗∗ (2.81)
AT	0.3539^∗∗∗ (4.25)	AT	0.0005 (0.49)
Indu	Control	Indu	Control
Year	Control	Year	Control
N	2197	N	2197
Adj-R^2	0.5173	Adj−R^2	0.1928
F-test of instruments	360.99 (0.00)
Sargan overidentification test	0.3198 (0.3019)

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