Table 4 Baseline regression results.

From: Is executive compensation aligned with the company’s ESG objectives? Evidence from Chinese listed companies based on the PSM-DID approach

 

(a)

(b)

(c)

 

Pay

Pay

Pay

DID

0.855***

0.300***

0.120***

 

(0.051)

(0.035)

(0.032)

Size

 

0.297***

0.275***

  

(0.037)

(0.024)

Age

 

0.00376

−0.00228

  

(0.002)

(0.002)

Gearing

 

−0.499***

−0.538***

  

(0.106)

(0.090)

Revenue

 

0.00965

−0.0152

  

(0.027)

(0.020)

Shareholding

 

−0.140***

−0.0686**

  

(0.036)

(0.028)

Employees

 

0.200

0.537***

  

(0.188)

(0.200)

Dual

 

0.107***

0.0567

  

(0.039)

(0.043)

Dispersion

 

0.00221

0.00360***

  

(0.002)

(0.001)

Constant

14.31***

7.989***

7.094***

 

(0.033)

(0.718)

(0.473)

Fixed effect

NO

NO

YES

N

12,817

10,874

10,874

Adjusted R2

0.123

0.246

0.354

  1. The standard errors for clustering at the industrial level are in parentheses. The Year, Industry indicators are included in the corresponding models, but their coefficients are not in this table. ***, ** represent significance at 1%, 5% levels, respectively.
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