CSR Performance, Executive Compensation Incentive and Innovation Investment of Chinese Private Enterprises under Dynamic Perspective

Table 10

Robustness test: two-stage least squares method.

VARIABLES	(1)	(2)
	first stage	second stage
	CSR	RDI
IV.CSR	0.1172^∗∗∗
	(0.005)
CSR		1.2591^∗∗∗
		(0.167)
AGE	–0.0084^∗∗	–0.0813^∗∗∗
	(0.004)	(0.014)
LnA	0.1864^∗∗∗	0.2035^∗∗∗
	(0.018)	(0.074)
BOA	0.0002	0.0102
	(0.012)	(0.044)
Share1	0.0042^∗∗	–0.0236^∗∗∗
	(0.002)	(0.007)
Balance	0.0347	0.0910
	(0.031)	(0.111)
TobinsQ	0.0033	0.6889^∗∗∗
	(0.012)	(0.044)
ROE	3.2809^∗∗∗	–0.7127
	(0.246)	(1.080)
Irr	–0.0004	–0.0016
	(0.001)	(0.002)
CF	2.2736^∗∗∗	–0.4161
	(0.291)	(1.102)
YEAR	control	control
IND	control	control
PROV	control	control
Constant	–4.9835^∗∗∗	2.6455
	(0.426)	(1.519)
Observations	3,486	3,486
R-squared	0.303	0.317

Robust t-statistics in parentheses. ^∗∗∗p<0.01, ^∗∗p<0.05, ^∗p<0.1