Corporate Governance, Agency Costs, and Corporate Sustainable Development: A Mediating Effect Analysis
Table 7
Robustness test of the effect of agency costs on corporate sustainable development.
Variables
(1)
(2)
(3)
(4)
State-owned firm
Private enterprises
ROE
ROA
ROE
ROA
CAT
−0.001
−0.000
−0.004
−0.000
(−3.82)
(−1.70)
(−3.08)
(−0.59)
BS
−0.384
−0.113
0.639
−0.012
(−1.66)
(−1.75)
(0.79)
(−0.09)
LNSALARY
0.090
0.029
2.897
0.486
(2.22)
(2.21)
(2.02)
(2.13)
IND
−1.020
−0.441
−2.120
−0.487
(−1.57)
(−2.01)
(−0.91)
(−1.32)
TOP
0.053
0.033
0.095
0.038
(2.71)
(4.75)
(1.52)
(3.34)
DAR
−0.131
−0.128
−0.288
−0.141
(−8.66)
(−24.12)
(−5.82)
(−17.12)
DIVR
−0.012
−0.007
0.003
−0.002
(−2.20)
(−4.39)
(0.21)
(−1.09)
DIV
19.308
9.134
2.480
2.185
(12.46)
(18.04)
(1.65)
(8.71)
FCF
−0.000
−0.000
−0.000
0.000
(−0.66)
(−0.06)
(−0.31)
(1.21)
REVGROWTH
0.006
0.001
0.006
0.003
(3.69)
(3.35)
(1.01)
(4.04)
NIGROWTH
0.001
0.000
0.007
0.002
(12.92)
(12.91)
(8.45)
(16.53)
AGE
0.183
0.058
0.031
−0.039
(3.27)
(2.79)
(0.19)
(−1.35)
LNREV
1.399
0.835
2.260
0.955
(5.76)
(9.91)
(2.94)
(7.39)
_cons
−28.105
−12.823
−78.498
−17.886
(−4.39)
(−5.51)
(−3.74)
(−4.72)
Firm
Yes
Yes
Yes
Yes
N
3765
3445
2070
2070
r2
0.051
0.483
0.209
0.449
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.
