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)
LnRDLnRDLnRDLnRDLnRDLnRD

L1.CSR0.077∗∗∗0.062∗∗∗0.094∗∗∗
(3.91)(3.01)(3.84)
L2.CSR0.091∗∗∗0.076∗∗∗0.103∗∗∗
(4.78)(3.75)(4.24)
LnPAY_30.253∗∗∗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)
LnA0.789∗∗∗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)
TobinsQ0.082∗∗∗0.070∗∗∗0.072∗∗∗0.084∗∗∗0.071∗∗∗0.073∗∗∗
(4.09)(3.06)(3.15)(3.76)(2.84)(2.90)
ROE1.140∗∗∗0.9290.9361.072∗∗∗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)
CF1.153∗∗1.289∗∗1.206∗∗1.489∗∗∗1.549∗∗∗1.466∗∗∗
(2.52)(2.46)(2.31)(2.86)(2.75)(2.62)
YEARcontrolcontrolcontrolcontrolcontrolcontrol
INDcontrolcontrolcontrolcontrolcontrolcontrol
PROVcontrolcontrolcontrolcontrolcontrolcontrol
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)
Observations2,5551,9841,9842,1581,7071,707
R-squared0.4380.4300.4330.4410.4350.437
F test0000
Adj_R20.4310.4200.4220.4320.4230.425
F52.4142.0241.8472.37..

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