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

Table 5

Regression results of CSR performance and enterprise innovation investment.

VARIABLES	(1)	(2)
	RDI	RDI
CSR		0.102^∗∗
		(2.05)
AGE	–0.026^∗∗∗	–0.026^∗∗∗
	(–5.66)	(–5.63)
LnA	0.843^∗∗∗	0.828^∗∗∗
	(35.00)	(34.24)
BOA	–0.006	–0.006
	(–0.42)	(–0.43)
Share1	–0.002	–0.002
	(–0.88)	(–1.10)
Balance	–0.003	–0.008
	(–0.06)	(–0.18)
TobinsQ	0.077^∗∗∗	0.077^∗∗∗
	(4.49)	(4.50)
ROE	1.096^∗∗∗	0.853^∗∗∗
	(3.10)	(2.62)
Irr	–0.002^∗∗∗	–0.002^∗∗∗
	(–12.80)	(–12.69)
CF	1.405^∗∗∗	1.253^∗∗∗
	(3.42)	(3.08)
YEAR	Control	control
IND	Control	control
PROV	Control	control
Constant	–2.953^∗∗∗	–2.863^∗∗∗
	(–4.57)	(–4.47)
Observations	3,496	3,496
R-squared	0.452	0.454
F test	0	0
Adj_R2	0.446	0.448
F	77.45	75.90

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