Table 10 Robustness test of subsample in the period 2010–2018.

Pay

16.725*

5.655*

(8.535)

(3.087)

Share

−1.035***

−0.276**

(0.397)

(0.131)

Lev

−10.845***

1.644

−20.872***

−0.896

(3.053)

(1.104)

(4.171)

(1.381)

TobinQ

0.864*

0.443**

−1.358**

−0.174

(0.482)

(0.174)

(0.673)

(0.223)

Age

−2.122

−0.520

−2.626

−0.320

(1.671)

(0.604)

(3.115)

(1.032)

ROE

0.001

−0.001

0.003

−0.001

(0.002)

(0.001)

(0.003)

(0.001)

Dual

−2.427**

−1.042***

−2.815**

−1.203***

(1.044)

(0.378)

(1.112)

(0.368)

Size

0.707

0.024

2.798***

0.748***

(1.648)

(0.596)

(0.711)

(0.235)

HHI1

−0.166

−0.047

−0.299*

−0.109**

(0.154)

(0.056)

(0.166)

(0.055)

Top1

0.170

0.022

0.306**

0.069

(0.134)

(0.048)

(0.141)

(0.047)

Senior

−1.023*

−0.362*

0.008

−0.005

(0.564)

(0.204)

(0.173)

(0.057)

Enterprise fixed effect

√

√

√

√

Year fixed effect

√

√

√

√

Initial feature×Year fixed effect

√

√

√

√

Observations

2,439

2,439

2,242

2,242

R-squared

0.161

0.079

0.058

0.127

First stage results

IV_S

0.090***

0.090***

(0.019)

(0.019)

IV_E

−1.628***

−1.628***

(0.299)

(0.299)

Control variables

Yes

Yes

Yes

Yes

Underidentification test

23.455***

23.455***

29.538***

29.538***

Weak identification test

23.438***

23.438***

29.608***

29.608***

Endogeneity test

1.853

2.776*

6.640*

3.045*