Research on Institutional Investors and Executive Compensation Stickiness Based on Fixed Effect Model: A Case Study of Chinese Listed Companies

Table 5

Correlation coefficient matrix.

	Lnpay	Lnperf	Down	IIS	PRII	Dual	Share	CG	Lev	Indd	West	Central	Lnsize	ROE
Lnpay	1.0000
Lnperf	0.4717	1.0000
Down	−0.0544	−0.2203	1.0000
IIS	0.1653	0.2170	−0.0233	1.0000
PRII	−0.1404	−0.1422	−0.0548	−0.3821	1.0000
Dual	−0.0252	−0.0986	−0.0178	−0.1519	0.1180	1.0000
Share	−0.0169	0.1979	0.0066	0.0271	−0.0804	−0.0560	1.0000
CG	0.1079	0.1520	−0.0110	0.1406	−0.1023	−0.1597	0.1151	1.0000
Lev	0.2354	0.2647	−0.0148	0.1918	−0.1302	−0.0915	0.1064	0.1365	1.0000
Indd	−0.0012	0.0482	−0.0150	−0.0390	0.0366	0.1538	0.0791	0.0078	0.0157	1.0000
West	−0.1395	−0.0017	−0.0090	0.0471	−0.0425	−0.0279	−0.0111	−0.0059	−0.0094	−0.0130	1.0000
Central	−0.0340	−0.0207	0.0291	0.0435	−0.0394	−0.0908	0.0022	0.0883	0.0551	−0.1558	−0.1578	1.0000
Lnsize	0.4604	0.7683	−0.0373	0.3091	−0.2613	−0.1527	0.1906	0.2211	0.5983	0.0080	−0.0148	0.0128	1.000
ROE	0.2867	0.5668	−0.3361	−0.0108	0.1009	0.0488	0.1222	−0.0280	0.0699	−0.0103	−0.0020	−0.0220	0.1556	1.000

Note. “”, “” and “” are significant at 10%, 5%, and 1%, respectively. The same is mentioned below.