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

Table 8

Robustness tests of the moderating effect of independent variables on equity incentives and enterprise performance (ROE).

	ROE03	ROE04	ROE05	ROE06	ROE07	ROE08
Mode	−0.0288(−1.6325)		−0.0159(−1.8674)			0.5963(3.2971)
Size	0.0515 (3.1121)	0.0470(2.8341)	0.0476 (2.8637)	0.0477 (2.8841)	0.0479 (2.8994)	0.0494 (2.9830)
Lev	−0.3691 (−3.4314)	−0.3486 (−3.2048)	−0.3521 (−3.2370)	−0.3628 (−3.3459)	−0.3629 (−3.3486)	−0.3710 (−3.4155)
Operation	0.1847 (4.6576)	0.1758 (4.3173)	0.1773 (4.3887)	0.1783 (4.4175)	0.1788 (4.4361)	0.1810 (4.5422)
Growth	0.0396 (2.8286)	0.0428 (2.9879)	0.0421 (2.9546)	0.0415 (2.9250)	0.0415 (2.9304)	0.0397 (2.7964)
Both	0.0152 (1.5910)	0.0152 (1.5683)	0.0146 (1.5441)	0.0161 (1.6935)	0.0159 (1.6724)	0.0163 (1.7641)
Shrhfd1	0.0008 (0.9350)	0.0007 (0.7624)	0.0008 (0.8518)	0.0009 (1.0285)	0.0009 (0.9895)	0.0008 (0.9470)
Donation	0.0000 (2.4127)	0.0000 (2.0077)	0.0000 (1.8444)	0.0000 (2.2354)	0.0000 (3.1200)	0.0000 (1.5041)
Strength	0.0033 (1.0780)			−0.0020 (−0.9066)	−0.0020 (−0.9252)	0.3308 (3.1104)
Modestrength	0.0174 (1.6330)					−0.3032 (−2.9792)
Modestrength2	−0.0032(−2.5540)
Source		−0.0005 (−0.0353)	−0.0050 (−0.3454)	−0.0272 (−1.1314)	−0.0455 (−2.2983)	0.6479 (3.4115)
Modesource			−0.0493(−2.6008)			−0.6044 (−3.3270)
Sourcestrength				−0.0024 (−0.0978)	0.0281 (2.6312)	−0.3369 (−3.1455)
Sourcestrength2				0.0087 (1.2677)
Modesourcestrength						0.3116 (3.0241)
_cons	−0.9470 (−2.8244)	−0.8591 (−2.5433)	−0.8648 (−2.5602)	−0.8720 (−2.5923)	−0.8739 (−2.6021)	−1.5426 (−3.6412)
TE	Yes	Yes	Yes	Yes	Yes	Yes
FE	Yes	Yes	Yes	Yes	Yes	Yes
N	1874	1876	1876	1874	1874	1874
R^2	0.3169	0.2927	0.2980	0.2992	0.2985	0.3091
Adj. R^2	0.3092	0.2858	0.2904	0.2912	0.2909	0.3002

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