Research Article

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.

VARIABLESGrowth periodMature periodRecession period
(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)(13)(14)(15)(16)(17)(18)
RDIRDILnGOVRDIPcmRDIRDIRDILnGOVRDIPcmRDIRDIRDILnGOVRDIPcmRDI

CSR0.0320.074∗∗0.063∗∗∗0.0440.081∗∗∗0.0250.0520.078∗∗0.089∗∗∗0.047∗∗0.126∗∗∗0.070∗∗0.174∗∗∗0.186∗∗∗0.0640.0950.217∗∗∗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)
LnPAY0.345∗∗∗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)
LnGOV0.258∗∗∗0.230∗∗∗0.221∗∗∗
(8.64)(7.88)(4.26)
Pcm0.0220.047∗∗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)
LnA0.680∗∗∗0.683∗∗∗–0.121∗∗∗0.876∗∗∗–0.0060.852∗∗∗0.738∗∗∗0.734∗∗∗–0.125∗∗∗0.841∗∗∗–0.0200.817∗∗∗0.629∗∗∗0.631∗∗∗–0.0840.793∗∗∗0.0160.696∗∗∗
(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)
BOA0.0160.017–0.0000.020–0.0060.021–0.053∗∗–0.054∗∗–0.007–0.0270.004–0.022–0.138∗∗∗–0.144∗∗∗0.005–0.0530.001–0.065
(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∗∗–0.0040.008∗∗∗–0.006–0.003–0.004–0.002–0.0010.005∗∗∗–0.003–0.007–0.0060.004–0.0040.016∗∗∗–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–0.094–0.093–0.034–0.0830.098∗∗∗–0.107∗∗–0.064–0.064–0.062–0.0070.058∗∗–0.0160.0380.0380.0220.0410.219∗∗∗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)
TobinsQ0.0550.0560.033∗∗∗0.064∗∗0.046∗∗∗0.076∗∗∗0.068∗∗0.069∗∗0.040∗∗∗0.085∗∗∗0.0140.088∗∗∗0.068∗∗0.066∗∗–0.0090.134∗∗∗–0.0150.086∗∗
(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)
ROE1.715∗∗∗1.616∗∗∗0.584∗∗∗1.276∗∗1.049∗∗∗1.508∗∗∗0.6800.6890.649∗∗0.9661.495∗∗∗0.9190.4280.452–0.0140.8820.957∗∗∗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∗∗∗–0.004–0.0040.001–0.0050.002–0.004–0.021–0.020–0.004–0.022–0.000–0.032∗∗
(–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)
CF1.1291.0471.215∗∗∗0.6241.339∗∗∗0.9350.0780.0130.754–0.6131.402∗∗∗–0.4613.345∗∗∗3.403∗∗∗1.124∗∗2.143∗∗0.4452.174∗∗
(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)
YEARcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrol
INDcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrol
PROVcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrolcontrol
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)
Observations1,1681,1682,4541,4942,4851,4651,0151,0152,2081,4272,2641,4073763761,000536895482
R–squared0.4700.4740.2680.5100.2530.4880.4560.4570.2240.4760.2830.4510.4470.4510.2470.4500.3200.422
F test000000000000000000
Adj_R20.4530.4570.2570.4980.2420.4760.4370.4380.2110.4630.2720.4370.3940.3960.2180.4100.2910.376
F28.6328.3424.6043.3823.0738.9324.1223.5917.3636.1724.4632.208.3818.2338.52311.3510.919.042

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