Research Article

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

Table 6

The moderating effect of executive compensation incentive.

 VARIABLES(1)(2)
RDIRDI

CSR0.059∗∗∗0.093∗∗∗
(2.71)(3.67)
LnPAY0.279∗∗∗0.333∗∗∗
(5.81)(6.87)
CSR∗LnPAY–0.078∗∗∗
(–2.85)
AGE–0.026∗∗∗–0.026∗∗∗
(–4.53)(–4.51)
LnA0.718∗∗∗0.716∗∗∗
(19.95)(20.05)
BOA–0.024–0.024
(–1.36)(–1.37)
Share1–0.002–0.003
(–0.82)(–0.98)
Balance–0.024–0.024
(–0.44)(–0.46)
TobinsQ0.064∗∗∗0.064∗∗∗
(3.31)(3.34)
ROE0.6270.619
(1.95)(1.94)
Irr–0.002∗∗∗–0.002∗∗∗
(–12.48)(–12.12)
CF1.503∗∗∗1.438∗∗∗
(3.25)(3.14)
YEARcontrolcontrol
INDcontrolcontrol
PROVcontrolcontrol
Constant–4.266∗∗∗–5.170∗∗∗
(–5.11)(–6.14)
Observations2,5592,559
R-squared0.4400.443
F test00
Adj_R20.4320.435
F55.7356.55