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) | RDI | RDI |
| CSR | 0.059∗∗∗ | 0.093∗∗∗ | | (2.71) | (3.67) | LnPAY | 0.279∗∗∗ | 0.333∗∗∗ | | (5.81) | (6.87) | CSR∗LnPAY | | –0.078∗∗∗ | | | (–2.85) | AGE | –0.026∗∗∗ | –0.026∗∗∗ | | (–4.53) | (–4.51) | LnA | 0.718∗∗∗ | 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) | TobinsQ | 0.064∗∗∗ | 0.064∗∗∗ | | (3.31) | (3.34) | ROE | 0.627∗ | 0.619∗ | | (1.95) | (1.94) | Irr | –0.002∗∗∗ | –0.002∗∗∗ | | (–12.48) | (–12.12) | CF | 1.503∗∗∗ | 1.438∗∗∗ | | (3.25) | (3.14) | YEAR | control | control | IND | control | control | PROV | control | control | Constant | –4.266∗∗∗ | –5.170∗∗∗ | | (–5.11) | (–6.14) | Observations | 2,559 | 2,559 | R-squared | 0.440 | 0.443 | F test | 0 | 0 | Adj_R2 | 0.432 | 0.435 | F | 55.73 | 56.55 |
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