CSR Performance, Executive Compensation Incentive and Innovation Investment of Chinese Private Enterprises under Dynamic Perspective
Table 8
The relationship among CSR performance, executive compensation incentive and innovation investment in different enterprise life cycles and dual path test.
VARIABLES
Growth period
Mature period
Recession period
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
RDI
RDI
LnGOV
RDI
Pcm
RDI
RDI
RDI
LnGOV
RDI
Pcm
RDI
RDI
RDI
LnGOV
RDI
Pcm
RDI
CSR
0.032
0.074∗∗
0.063∗∗∗
0.044
0.081∗∗∗
0.025
0.052∗
0.078∗∗
0.089∗∗∗
0.047∗∗
0.126∗∗∗
0.070∗∗
0.174∗∗∗
0.186∗∗∗
0.064
0.095
0.217∗∗∗
0.096∗
(1.07)
(2.28)
(2.93)
(1.57)
(6.71)
(0.84)
(1.76)
(2.39)
(3.66)
(2.09)
(9.28)
(2.35)
(2.65)
(2.82)
(1.43)
(1.61)
(7.50)
(1.67)
LnPAY
0.345∗∗∗
0.396∗∗∗
0.217∗∗∗
0.263∗∗∗
0.296∗∗
0.340∗∗∗
(5.62)
(6.26)
(3.39)
(3.83)
(2.36)
(2.64)
CSR∗LnPAY
–0.098∗∗∗
–0.047∗
–0.118∗
(–3.17)
(–1.83)
(–1.69)
LnGOV
0.258∗∗∗
0.230∗∗∗
0.221∗∗∗
(8.64)
(7.88)
(4.26)
Pcm
0.022
0.047∗∗
0.125∗
(0.44)
(2.10)
(1.73)
AGE
–0.025∗∗∗
–0.026∗∗∗
–0.034∗∗∗
–0.021∗∗∗
0.003
–0.026∗∗∗
–0.015∗
–0.014∗
–0.037∗∗∗
–0.004
–0.005
–0.012∗
–0.038∗∗
–0.036∗∗
–0.058∗∗∗
–0.033∗∗∗
–0.003
–0.030∗∗
(–3.23)
(–3.35)
(–5.93)
(–3.43)
(0.86)
(–4.09)
(–1.82)
(–1.72)
(–6.01)
(–0.59)
(–1.35)
(–1.72)
(–2.28)
(–2.14)
(–5.27)
(–2.60)
(–0.44)
(–2.25)
LnA
0.680∗∗∗
0.683∗∗∗
–0.121∗∗∗
0.876∗∗∗
–0.006
0.852∗∗∗
0.738∗∗∗
0.734∗∗∗
–0.125∗∗∗
0.841∗∗∗
–0.020
0.817∗∗∗
0.629∗∗∗
0.631∗∗∗
–0.084∗
0.793∗∗∗
0.016
0.696∗∗∗
(14.29)
(14.41)
(–4.50)
(25.98)
(–0.38)
(24.84)
(15.18)
(15.08)
(–4.25)
(24.48)
(–1.24)
(23.58)
(6.74)
(6.77)
(–1.76)
(13.08)
(0.53)
(10.98)
BOA
0.016
0.017
–0.000
0.020
–0.006
0.021
–0.053∗∗
–0.054∗∗
–0.007
–0.027
0.004
–0.022
–0.138∗∗∗
–0.144∗∗∗
0.005
–0.053
0.001
–0.065∗
(0.67)
(0.69)
(–0.02)
(0.96)
(–0.65)
(1.02)
(–2.02)
(–2.05)
(–0.39)
(–1.31)
(0.44)
(–1.01)
(–2.80)
(–2.91)
(0.16)
(–1.43)
(0.07)
(–1.73)
Share1
–0.006∗
–0.007∗
–0.005∗∗
–0.004
0.008∗∗∗
–0.006∗
–0.003
–0.004
–0.002
–0.001
0.005∗∗∗
–0.003
–0.007
–0.006
0.004
–0.004
0.016∗∗∗
–0.002
(–1.71)
(–1.87)
(–2.02)
(–1.33)
(5.95)
(–1.88)
(–0.90)
(–0.97)
(–0.88)
(–0.18)
(3.80)
(–0.81)
(–0.91)
(–0.82)
(0.96)
(–0.62)
(5.85)
(–0.34)
Balance
–0.094
–0.093
–0.034
–0.083
0.098∗∗∗
–0.107∗∗
–0.064
–0.064
–0.062
–0.007
0.058∗∗
–0.016
0.038
0.038
0.022
0.041
0.219∗∗∗
0.050
(–1.61)
(–1.59)
(–0.79)
(–1.64)
(4.15)
(–2.05)
(–0.99)
(–0.98)
(–1.27)
(–0.12)
(2.22)
(–0.28)
(0.32)
(0.32)
(0.26)
(0.41)
(4.28)
(0.47)
TobinsQ
0.055∗
0.056∗
0.033∗∗∗
0.064∗∗
0.046∗∗∗
0.076∗∗∗
0.068∗∗
0.069∗∗
0.040∗∗∗
0.085∗∗∗
0.014∗
0.088∗∗∗
0.068∗∗
0.066∗∗
–0.009
0.134∗∗∗
–0.015∗
0.086∗∗
(1.87)
(1.92)
(2.60)
(2.51)
(4.19)
(2.80)
(2.35)
(2.39)
(2.59)
(3.38)
(1.69)
(3.32)
(2.11)
(2.05)
(–1.01)
(4.47)
(–1.96)
(2.03)
ROE
1.715∗∗∗
1.616∗∗∗
0.584∗∗∗
1.276∗∗
1.049∗∗∗
1.508∗∗∗
0.680
0.689
0.649∗∗
0.966∗
1.495∗∗∗
0.919
0.428
0.452
–0.014
0.882
0.957∗∗∗
0.448
(2.86)
(2.70)
(3.10)
(2.38)
(8.38)
(2.60)
(1.08)
(1.09)
(2.42)
(1.82)
(10.20)
(1.57)
(0.82)
(0.87)
(–0.09)
(1.13)
(3.84)
(0.90)
Irr
–0.002∗∗∗
–0.002∗∗∗
0.000
–0.002∗∗∗
0.000
–0.002∗∗∗
–0.004
–0.004
0.001
–0.005
0.002
–0.004
–0.021
–0.020
–0.004
–0.022
–0.000
–0.032∗∗
(–3.13)
(–3.01)
(1.26)
(–3.02)
(0.21)
(–2.77)
(–0.92)
(–0.92)
(0.20)
(–1.08)
(0.76)
(–0.93)
(–1.33)
(–1.31)
(–0.86)
(–1.52)
(–0.19)
(–2.08)
CF
1.129∗
1.047∗
1.215∗∗∗
0.624
1.339∗∗∗
0.935∗
0.078
0.013
0.754∗
–0.613
1.402∗∗∗
–0.461
3.345∗∗∗
3.403∗∗∗
1.124∗∗
2.143∗∗
0.445
2.174∗∗
(1.85)
(1.72)
(3.29)
(1.16)
(6.62)
(1.70)
(0.12)
(0.02)
(1.84)
(–1.04)
(6.41)
(–0.74)
(3.27)
(3.33)
(2.38)
(2.43)
(1.52)
(2.37)
YEAR
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
IND
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
PROV
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
control
Constant
–4.295∗∗∗
–5.228∗∗∗
–2.342∗∗∗
–3.632∗∗∗
–2.861∗∗∗
–4.020∗∗∗
–5.155∗∗∗
–5.852∗∗∗
–2.973∗∗∗
–1.813∗
–2.449∗∗∗
–2.889∗∗
0.247
–0.950
–3.553∗∗∗
0.810
–3.502∗∗∗
1.902
(–3.62)
(–4.29)
(–3.75)
(–4.09)
(–7.87)
(–4.38)
(–4.00)
(–4.36)
(–4.53)
(–1.95)
(–6.95)
(–2.42)
(0.11)
(–0.42)
(–3.22)
(0.58)
(–5.13)
(1.26)
Observations
1,168
1,168
2,454
1,494
2,485
1,465
1,015
1,015
2,208
1,427
2,264
1,407
376
376
1,000
536
895
482
R–squared
0.470
0.474
0.268
0.510
0.253
0.488
0.456
0.457
0.224
0.476
0.283
0.451
0.447
0.451
0.247
0.450
0.320
0.422
F test
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Adj_R2
0.453
0.457
0.257
0.498
0.242
0.476
0.437
0.438
0.211
0.463
0.272
0.437
0.394
0.396
0.218
0.410
0.291
0.376
F
28.63
28.34
24.60
43.38
23.07
38.93
24.12
23.59
17.36
36.17
24.46
32.20
8.381
8.233
8.523
11.35
10.91
9.042
t-statistics in parentheses. ∗∗∗p<0.01, ∗∗p<0.05, ∗p<0.1