Research Article
Equity Incentive Model, Source of Subject Matter and Enterprise Performance: Modification Effect Based on Equity Incentive Intensity
Table 5
Coefficients of the moderating effect of explanatory variables on equity incentives and enterprise performance (ROA).
| | ROA03 | ROA04 | ROA05 | ROA06 | ROA07 | ROA08 |
| Mode | −0.0146 (−1.4659) | | −0.0086 (−2.0830) | | | 0.3755(4.1029) | Size | 0.0152 (3.0170) | 0.0133 (2.5155) | 0.0136 (2.5632) | 0.0137 (2.6490) | 0.0138 (2.6698) | 0.0145 (2.8033) | Lev | −0.1823 (−6.8552) | −0.1731 (−6.0873) | −0.1749 (−6.1942) | −0.1812 (−6.6685) | −0.1813 (−6.6674) | −0.1855 (−6.8830) | Operation | 0.0831 (7.1345) | 0.0791 (6.2473) | 0.0799 (6.4983) | 0.0807 (6.5758) | 0.0809 (6.5918) | 0.0819 (6.8862) | Growth | 0.0196 (5.1393) | 0.0210 (5.3644) | 0.0207 (5.2524) | 0.0203 (5.2391) | 0.0203 (5.2397) | 0.0195 (5.0140) | Both | 0.0098 (2.0833) | 0.0100 (2.0870) | 0.0097 (2.0564) | 0.0105 (2.2341) | 0.0104 (2.2107) | 0.0105 (2.2862) | Shrhfd1 | 0.0001 (0.3409) | 0.0001 (0.1414) | 0.0001 (0.2660) | 0.0002 (0.4805) | 0.0002 (0.4388) | 0.0001 (0.4430) | Donation | 0.00000 (2.9545) | 0.0000 (2.5430) | 0.0000 (2.3066) | 0.0000 (3.3765) | 0.0000 (4.1277) | 0.0000 (1.6798) | Strength | 0.0011 (0.7769) | | | −0.0012 (−1.0074) | −0.0012 (−1.0242) | 0.2043 (3.7587) | Modestrength | 0.0074 (1.4245) | | | | | | Modestrength2 | −0.0013(−2.2698) | | | | | −0.1884 (−3.6228) | Source | | 0.0028 (0.3853) | 0.0006 (0.0778) | −0.0144 (−1.4459) | −0.0230 (−2.4498) | 0.3993 (4.2010) | Modesource | | | −0.0349 (−3.4921) | | | −0.3760 (−4.1040) | Sourcestrength | | | | 0.0017 (0.1382) | 0.0161 (2.9902) | −0.2070 (−3.7890) | Sourcestrength2 | | | | 0.0041 (1.1453) | | | Exchmodesourcestrength | | | | | | 0.1916 (3.6588) | _cons | −0.2271 (−2.3558) | −0.1903 (−1.8634) | −0.1927(−1.8868) | −0.1974 (−1.9901) | −0.1983 (−2.0037) | −0.6094 (−4.2975) | TE | Yes | Yes | Yes | Yes | Yes | Yes | FE | Yes | Yes | Yes | Yes | Yes | Yes | N | 1874 | 1876 | 1876 | 1874 | 1874 | 1874 | R2 | 0.3478 | 0.3263 | 0.3336 | 0.3356 | 0.3348 | 0.3459 | Adj. R2 | 0.3404 | 0.3197 | 0.3264 | 0.3280 | 0.3277 | 0.3374 |
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Note., , indicate significant at the 1%, 5%, 10% levels. |