Equity Incentive Model, Source of Subject Matter and Enterprise Performance: Modification Effect Based on Equity Incentive Intensity

Table 6

GMM endogeneity test regressions.

Var	ROA01	ROA02
Mode	−0.0106 (0.0037)
Strength		−0.0002 (0.0026)
Source		−0.0455 (0.0245)
Sourcestrength		0.0301 (0.0106)
Size	0.0095 (0.0057)	0.0100 (0.0044)
Lev	−0.1928 (0.0594)	−0.1881 (0.0471)
Operation	0.0444 (0.0207)	0.0400 (0.0205)
Growth	0.0257 (0.0044)	0.0238 (0.0048)
Both	0.0113 (0.0103)	0.0133 (0.0070)
Shrhfd1	−0.0001 (0.0004)	0.0001 (0.0003)
Donation	−0.0000 (0.0000)	−0.0000 (0.0000)
N	1876	1874
AR(1)p	0.096	0.124
AR(2)p	0.767	0.519
Hansenp	0.493	0.715

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