Table 5 Regression for replacing key variables.

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

 

(1)

(2)

(3)

(4)

(5)

 

Pay

L. Pay

L2. Pay

L3. Pay

Pay

HZ_ESG

0.0383***

    
 

(0.011)

    

DID

 

0.124***

0.152***

0.186***

0.095***

  

(0.037)

(0.041)

(0.046)

(0.036)

Constant

7.604***

8.290***

8.778***

9.447***

7.869***

 

(0.532)

(0.528)

(0.540)

(0.518)

(0.536)

Control variable

YES

YES

YES

YES

YES

Fixed effect

YES

YES

YES

YES

YES

N

10874

9972

8760

7600

10874

Adjusted R2

0.358

0.335

0.303

0.277

0.362

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