Research Article
CSR Performance, Executive Compensation Incentive and Innovation Investment of Chinese Private Enterprises under Dynamic Perspective
Table 9
Robustness test: consider the time lag effect and change the measurement method of innovation investment.
| VARIABLES | (1) | (3) | (5) | (2) | (4) | (6) | LnRD | LnRD | LnRD | LnRD | LnRD | LnRD |
| L1.CSR | 0.077∗∗∗ | 0.062∗∗∗ | 0.094∗∗∗ | | | | | (3.91) | (3.01) | (3.84) | | | | L2.CSR | | | | 0.091∗∗∗ | 0.076∗∗∗ | 0.103∗∗∗ | | | | | (4.78) | (3.75) | (4.24) | LnPAY_3 | | 0.253∗∗∗ | 0.301∗∗∗ | | 0.231∗∗∗ | 0.279∗∗∗ | | | (4.57) | (5.27) | | (3.87) | (4.53) | L1CSR∗LnPAY_3 | | | –0.059∗∗∗ | | | | | | | (–2.69) | | | | L2CSR∗LnPAY_3 | | | | | | –0.049∗∗ | | | | | | | (–2.17) | AGE | –0.022∗∗∗ | –0.023∗∗∗ | –0.022∗∗∗ | –0.032∗∗∗ | –0.031∗∗∗ | –0.030∗∗∗ | | (–4.08) | (–3.37) | (–3.25) | (–4.53) | (–3.60) | (–3.51) | LnA | 0.789∗∗∗ | 0.693∗∗∗ | 0.692∗∗∗ | 0.801∗∗∗ | 0.700∗∗∗ | 0.699∗∗∗ | | (26.63) | (16.33) | (16.44) | (22.90) | (14.18) | (14.19) | BOA | –0.006 | –0.024 | –0.023 | –0.015 | –0.028 | –0.029 | | (–0.32) | (–1.17) | (–1.15) | (–0.77) | (–1.23) | (–1.24) | Share1 | –0.005∗ | –0.005 | –0.005 | –0.008∗∗∗ | –0.007∗∗ | –0.007∗∗ | | (–1.66) | (–1.50) | (–1.56) | (–2.62) | (–2.02) | (–2.04) | Balance | –0.037 | –0.066 | –0.061 | –0.078 | –0.070 | –0.065 | | (–0.67) | (–0.99) | (–0.92) | (–1.21) | (–0.90) | (–0.82) | TobinsQ | 0.082∗∗∗ | 0.070∗∗∗ | 0.072∗∗∗ | 0.084∗∗∗ | 0.071∗∗∗ | 0.073∗∗∗ | | (4.09) | (3.06) | (3.15) | (3.76) | (2.84) | (2.90) | ROE | 1.140∗∗∗ | 0.929∗ | 0.936∗ | 1.072∗∗∗ | 0.765∗∗ | 0.745∗∗ | | (2.64) | (1.89) | (1.90) | (2.67) | (2.08) | (2.05) | Irr | –0.002∗ | –0.003∗ | –0.003∗∗ | –0.002 | –0.002 | –0.002 | | (–1.66) | (–1.75) | (–2.02) | (–0.82) | (–0.83) | (–0.83) | CF | 1.153∗∗ | 1.289∗∗ | 1.206∗∗ | 1.489∗∗∗ | 1.549∗∗∗ | 1.466∗∗∗ | | (2.52) | (2.46) | (2.31) | (2.86) | (2.75) | (2.62) | YEAR | control | control | control | control | control | control | IND | control | control | control | control | control | control | PROV | control | control | control | control | control | control | Constant | –2.759∗∗∗ | –4.139∗∗∗ | –4.974∗∗∗ | –1.629∗ | –3.596∗∗∗ | –4.374∗∗∗ | | (–3.59) | (–4.30) | (–4.98) | (–1.89) | (–3.42) | (–4.01) | Observations | 2,555 | 1,984 | 1,984 | 2,158 | 1,707 | 1,707 | R-squared | 0.438 | 0.430 | 0.433 | 0.441 | 0.435 | 0.437 | F test | 0 | 0 | 0 | 0 | | | Adj_R2 | 0.431 | 0.420 | 0.422 | 0.432 | 0.423 | 0.425 | F | 52.41 | 42.02 | 41.84 | 72.37 | . | . |
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Robust t-statistics in parentheses. ∗∗∗p<0.01, ∗∗p<0.05, ∗p<0.1
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