Research Article
CSR Performance, Executive Compensation Incentive and Innovation Investment of Chinese Private Enterprises under Dynamic Perspective
| VARIABLES | (1) Path test of government resource exchange | (2) Path test of market dominance | LnGOV | RDI | Pcm | RDI |
| CSR | 0.080∗∗∗ | 0.049∗∗ | 0.120∗∗∗ | 0.055∗∗∗ | | (5.15) | (2.36) | (11.40) | (2.58) | LnGOV | | 0.251∗∗∗ | | | | | (10.79) | | | Pcm | | | | 0.046∗∗ | | | | | (2.18) | AGE | –0.040∗∗∗ | –0.017∗∗∗ | –0.003 | –0.022∗∗∗ | | (–10.16) | (–3.94) | (–1.36) | (–4.93) | LnA | –0.114∗∗∗ | 0.860∗∗∗ | –0.020 | 0.823∗∗∗ | | (–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 | –0.001 | 0.009∗∗∗ | –0.003 | | (–0.58) | (–0.66) | (8.43) | (–1.42) | Balance | –0.013 | –0.009 | 0.115∗∗∗ | –0.028 | | (–0.40) | (–0.21) | (6.32) | (–0.62) | TobinsQ | 0.005 | 0.095∗∗∗ | –0.004 | 0.088∗∗∗ | | (0.67) | (5.49) | (–0.24) | (5.34) | ROE | 0.301 | 0.757∗∗ | 1.275∗∗∗ | 0.610∗ | | (1.61) | (2.09) | (3.54) | (1.87) | Irr | 0.000∗∗∗ | –0.002∗∗∗ | 0.000 | –0.002∗∗∗ | | (3.02) | (–14.01) | (0.99) | (–12.52) | CF | 1.090∗∗∗ | 0.667∗ | 1.070∗∗∗ | 0.853∗∗ | | (4.24) | (1.70) | (5.73) | (2.18) | YEAR | control | control | control | control | IND | control | control | control | control | PROV | control | control | control | control | Constant | –2.842∗∗∗ | –2.275∗∗∗ | –2.482∗∗∗ | –2.495∗∗∗ | | (–7.04) | (–3.53) | (–7.43) | (–3.80) | Observations | 5,662 | 3,457 | 5,644 | 3,354 | R-squared | 0.235 | 0.473 | 0.250 | 0.449 | F test | 0 | 0 | 0 | 0 | Adj_R2 | 0.230 | 0.467 | 0.245 | 0.443 | F | 39.09 | 88.97 | 43.58 | 72.62 |
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Robust t-statistics in parentheses. ∗∗∗p<0.01, ∗∗p<0.05, ∗p<0.1
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