Could Executive Compensation Incentive Enhance the Efficiency of Enterprise Resource Allocation? An Empirical Study from China

Table 4

Correlation coefficient among variables.

	Efficiency	Pay	Stock	Consumption	Cash	Lever	Growth	Firmage	First	Owner	Mtenure	Mage
Efficiency	1
Pay	0.132	1
Stock	0.016	0.079	1
Consumption	0.148	0.471	0.006	1
Cash	−0.005	0.0170	0.007	−0.022	1
Lever	0.084	0.174	−0.188	0.295	−0.298	1
Growth	0.056	0.008	0.041	−0.004	−0.002	0.009	1
Firmage	0.004	0.141	−0.155	0.060	−0.023	0.168	−0.060	1
First	0.008	0.013	−0.216	0.031	0.045	0.065	0.005	−0.010	1
Owner	−0.055	−0.016	0.441	−0.184	0.006	−0.299	0.074	−0.161	−0.153	1
Mtenure	−0.002	0.029	0.059	0.049	0.029	−0.051	−0.065	0.130	0.004	−0.004	1
Mage	0.066	0.114	−0.162	0.188	−0.035	0.128	−0.101	0.155	0.108	−0.313	0.319	1
Meducation	0.064	0.287	−0.062	0.262	0.006	0.146	−0.019	0.067	0.001	−0.161	0.004	0.077

, , and indicate that the variable is significant at the significance levels of 10%, 5%, and 1%, respectively.