Research Article

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

Table 7

Path analysis.

 VARIABLES(1) Path test of government resource exchange(2) Path test of market dominance
LnGOVRDIPcmRDI

CSR0.080∗∗∗0.049∗∗0.120∗∗∗0.055∗∗∗
(5.15)(2.36)(11.40)(2.58)
LnGOV0.251∗∗∗
(10.79)
Pcm0.046∗∗
(2.18)
AGE–0.040∗∗∗–0.017∗∗∗–0.003–0.022∗∗∗
(–10.16)(–3.94)(–1.36)(–4.93)
LnA–0.114∗∗∗0.860∗∗∗–0.0200.823∗∗∗
(–6.37)(36.86)(–1.34)(34.01)
BOA–0.002–0.006–0.002–0.003
(–0.20)(–0.47)(–0.39)(–0.24)
Share1–0.001–0.0010.009∗∗∗–0.003
(–0.58)(–0.66)(8.43)(–1.42)
Balance–0.013–0.0090.115∗∗∗–0.028
(–0.40)(–0.21)(6.32)(–0.62)
TobinsQ0.0050.095∗∗∗–0.0040.088∗∗∗
(0.67)(5.49)(–0.24)(5.34)
ROE0.3010.757∗∗1.275∗∗∗0.610
(1.61)(2.09)(3.54)(1.87)
Irr0.000∗∗∗–0.002∗∗∗0.000–0.002∗∗∗
(3.02)(–14.01)(0.99)(–12.52)
CF1.090∗∗∗0.6671.070∗∗∗0.853∗∗
(4.24)(1.70)(5.73)(2.18)
YEARcontrolcontrolcontrolcontrol
INDcontrolcontrolcontrolcontrol
PROVcontrolcontrolcontrolcontrol
Constant–2.842∗∗∗–2.275∗∗∗–2.482∗∗∗–2.495∗∗∗
(–7.04)(–3.53)(–7.43)(–3.80)
Observations5,6623,4575,6443,354
R-squared0.2350.4730.2500.449
F test0000
Adj_R20.2300.4670.2450.443
F39.0988.9743.5872.62

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