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

Table 4

Correlation analysis of main variables.

RDI

CSR

LnPAY

AGE

LnA

BOA

Share1

Balance

TobinsQ

ROE

Irr

CF

RDI

1

CSR

0.140^∗∗∗

1

LnPAY

0.414^∗∗∗

0.371^∗∗∗

1

AGE

–0.065^∗

0.096^∗∗

0.100

1

LnA

0.173^∗∗

0.338^∗∗∗

0.420^∗∗

0.141^∗∗

1

BOA

0.040

0.070^∗∗

0.261^∗∗∗

–0.048

0.228^∗∗

1

Share1

0.058^∗

0.117^∗∗

0.048^∗

–0.109^∗∗

0.169^∗∗

–0.046^∗∗

1

Balance

0.049

–0.004

0.147^∗∗

0.059^∗∗

–0.009

0.072^∗

–0.426^∗∗∗

1

TobinsQ

0.119^∗∗

–0.02

–0.025^∗

–0.019

–0.111^∗∗

–0.027

–0.0170

0.027^∗

1

ROE

0.0270

0.084^∗∗

0.066^∗∗

–0.022^∗

0.018

0.023^∗

0.062^∗∗

0

–0.007

1

Irr

–0.018

0.005

0.028

0.011

0.024^∗

–0.001

0.001

0.024

0

0.02

1

CF

0.041^∗

0.056^∗∗∗

0.065^∗∗

–0.031^∗

0.059^∗∗∗

0.035

0.059^∗∗

–0.056^∗∗

0.030^∗

0.078^∗∗

–0.014

1

Note.^∗∗∗, ^∗∗, and ^∗ indicate significant at the 1%, 5%, and 10% levels, respectively.