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
R^2	0.3478	0.3263	0.3336	0.3356	0.3348	0.3459
Adj. R^2	0.3404	0.3197	0.3264	0.3280	0.3277	0.3374

Note., , indicate significant at the 1%, 5%, 10% levels.