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

Table 7

Results of robustness test.

Variable	Model 1	Model 2	Model 3
	Observed value: 7670	Observed value: 7670	Observed value: 6380
Lnperf	0.1505	0.1873	0.0255
	(12.06)	(10.84)	(5.77)
Lnperf Down	−0.0298	−0.0273	−0.0090
	(−3.13)	(−2.65)	(−2.15)
Down	0.5652	0.5596	0.2587
	(3.15)	(3.03)	(1.11)
Lnperf Down IIS		0.0026
		(3.29)
Lnperf IIS		0.0436
		(3.19)
Lnperf Down PRII		0.8750
		(3.42)
Lnperf PRII			0.0010
			(2.82)
PRII			0.0261
			(2.24)
Dual			−0.6052
			(−2.40)
Share	0.0940	0.0898	0.0432
	(6.21)	(5.91)	(2.68)
CG	0.2192	0.2256	−0.5576
	(4.79)	(4.93)	(−11.49)
Lev	−1.0832	−1.0775	−0.2994
	(−21.22)	(−21.12)	(−6.22)
Indd	−0.2895	−0.2712	−0.2898
	(−2.26)	(−2.12)	(−2.14)
West	−0.1109	−0.0147	−0.2392
	(−12.45)	(−12.81)	(−12.56)
Central	−0.1563	−0.1616	−0.0774
	(−7.76)	(−8.02)	(−3.64)
Lnsize	0.7903	0.7887	0.1154
	(60.08)	(59.62)	(8.27)
ROE	0.5649	0.5632	1.5692
	(3.62)	(3.60)	(14.03)
Cons	8.9738	8.3236	9.1701
	(49.08)	(30.48)	(47.14)
Year	Control	Control	Control
Industry	Control	Control	Control
Adj.R^2	0.3663	0.3707	0.3669
F	116.24	108.38	106.63