Corporate Governance, Agency Costs, and Corporate Sustainable Development: A Mediating Effect Analysis
Table 6
Panel OLS regression of the effect of agency cost on corporate sustainable development.
variables
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
State-owned enterprises
Private enterprises
Zscore
Zscore
EPS
EPS
Zscore
Zscore
EPS
EPS
TAT
1.867
0.029
3.655
0.052
(5.00)
(1.71)
(3.64)
(1.83)
MER
−0.078
−0.002
−0.139
−0.001
(−8.14)
(−3.01)
(−3.67)
(−0.62)
BS
−0.243
−0.094
−0.014
−0.020
−0.333
−0.370
−0.008
−0.007
(−1.87)
(−2.48)
(−1.88)
(−1.76)
(−1.12)
(−1.24)
(−0.75)
(−0.67)
LNSALARY
−1.135
−0.232
−0.035
−0.007
1.569
1.532
0.038
0.038
(−4.22)
(−0.57)
(−2.68)
(−0.31)
(2.70)
(2.66)
(2.02)
(2.01)
IND
0.803
0.279
0.007
0.051
0.249
−0.079
−0.022
−0.020
(2.01)
(0.50)
(0.32)
(1.61)
(0.28)
(−0.09)
(−0.74)
(−0.67)
TOP
0.008
−0.073
0.000
−0.002
0.048
0.039
0.002
0.002
(0.54)
(−2.78)
(0.25)
(−1.37)
(1.64)
(1.37)
(2.02)
(2.09)
DAR
−0.192
−0.283
−0.005
−0.011
−0.241
−0.251
−0.005
−0.005
(−18.15)
(−18.09)
(−10.68)
(−12.30)
(−11.26)
(−11.89)
(−7.46)
(−7.25)
DIVR
−0.006
−0.004
−0.001
−0.001
−0.008
−0.008
−0.003
−0.003
(−2.70)
(−1.87)
(−7.71)
(−4.76)
(−1.54)
(−1.53)
(−11.54)
(−11.54)
DIV
1.872
1.700
1.765
1.355
1.226
1.050
1.895
1.897
(2.22)
(1.73)
(41.00)
(24.35)
(1.87)
(1.61)
(93.48)
(93.54)
FCF
0.000
0.000
−0.000
0.000
0.000
−0.000
0.000
0.000
(0.29)
(0.24)
(−2.03)
(1.02)
(0.11)
(−0.01)
(1.20)
(1.22)
REVGROWTH
0.000
0.001
0.000
0.000
−0.000
0.001
−0.000
−0.000
(0.12)
(1.18)
(2.15)
(2.10)
(−0.03)
(0.64)
(−0.75)
(−0.75)
NIGROWTH
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.000
(1.10)
(1.54)
(11.95)
(11.58)
(5.32)
(5.48)
(6.35)
(6.35)
AGE
−0.141
−0.875
0.009
0.004
−0.197
−0.218
0.004
0.004
(−3.24)
(−9.49)
(4.57)
(0.69)
(−2.25)
(−2.57)
(1.81)
(1.79)
LNREV
−2.020
−0.395
0.076
0.173
−2.605
−1.451
0.081
0.075
(−11.40)
(−1.15)
(9.25)
(8.89)
(−6.57)
(−3.74)
(7.04)
(6.51)
_cons
42.317
54.172
−1.904
−2.978
51.820
30.965
−1.925
−1.860
(8.46)
(5.07)
(−8.44)
(−4.94)
(4.58)
(2.77)
(−6.57)
(−6.27)
Firm
Yes
Yes
Yes
Yes
Yes
Yes
YES
Yes
N
3450
3450
3450
3450
2125
2125
2125
2125
r2
0.308
0.196
0.702
0.535
0.175
0.219
0.596
0.596
This table presents panel OLS regressions of the effect of agency cost on corporate sustainable development. Please see Table 1 for the variable description. After the Chow test, the LR test, and the Hausman test, we choose the individual fixed effects model. Firm-fixed effects are included in all regressions. t statistics in parentheses. p < 0.1, p < 0.05, and p < 0.01
