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

Table 6

Regression results.

Variable	Model 1	Model 2	Model 3
	Observed value: 7670	Observed value: 7670	Observed value: 6380
Lnperf	0.0688	0.7166	0.0622
	(5.25)	(3.94)	(4.97)
Lnperf Down	−0.0278	−0.0278	−0.0256
	(−2.78)	(−2.57)	(−2.94)
Down	0.6026	0.6101	0.5507
	(3.19)	(3.14)	(2.88)
Lnperf Down IIS		0.0003
		(3.14)
Lnperf IIS		0.0037
		(0.26)
Lnperf Down PRII			0.0013
			(2.79)
Lnperf PRII			0.0015
			(1.94)
PRII			−0.4557
			(−2.15)
Dual	0.0283	0.0328	0.0323
	(1.78)	(2.05)	(2.00)
Share	−0.4962	−0.4902	−0.5346
	(−10.32)	(−10.19)	(−10.97)
CG	0.1327	0.1276	0.1369
	(6.26)	(6.00)	(6.42)
Lev	−0.0533	−0.0545	−0.0563
	(−0.99)	(−1.02)	(−1.04)
Indd	−0.3854	−0.3715	−0.3287
	(−2.87)	(−2.77)	(−2.41)
West	−0.2399	−0.2433	−0.2421
	(−12.61)	(−12.78)	(−12.63)
Central	−0.0883	−0.0910	−0.0957
(−4.50)
	(−4.17)	(−4.30)
Lnsize	0.1799	0.1757	0.1722
	(13.02)	(12.64)	(12.34)
ROE	1.9663	1.9846	1.9214
	(12.00)	(12.08)	(13.84)
Cons	9.0816	9.0695	9.3545
	(50.58)	(29.94)	(49.13)
Year	Control	Control	Control
Industry	Control	Control	Control
Adj.R^2	0.3577	0.3585	0.3595
F	115.48	106.04	103.28

Note. T value is shown in brackets. The same below.