A Study on the Impact of Remuneration Gap of Returnee Executives on Corporate Innovation in the Context of Digital Transformation

Figure 1.

Correlation analysis results of variables

-	RDD	GAP	Lev	Roa	Growth	Cash	Own	Power	SOE	Fixed	Indratio
RDD	1.000	-	-	-	-	-	-	-	-	-	-
GAP	0.024***	1.000	-	-	-	-	-	-	-	-	-
Lev	-0.006**	0.716***	1.000	-	-	-	-	-	-	-	-
Roa	0.107***	-0.085***	0.435***	1.000	-	-	-	-	-	-	-
Growth	0.043***	0.087***	0.335***	0.414***	1.000	-	-	-	-	-	-
Cash	0.324***	-0.014	0.067***	0.075***	0.465***	1.000	-	-	-	-	-
Own	0.215***	0.212***	0.225***	0.127***	0.451***	0.127***	1.000	-	-	-	-
Power	0.023	-0.064***	0.006	0.089***	0.026*	-0.031**	-0.016	1.000	-	-	-
SOE	0.047***	0.114***	0.131***	0.072***	0.147***	0.018	0.063***	0.073***	1.000	-	-
Fixed	0.031***	-0.028**	0.025*	0.075***	0.216***	0.098***	0.072***	-0.068***	-0.431***	1.000	-
Indratio	-0.085**	0.092***	0.292***	0.357***	0.439***	0.446***	0.452***	0.037***	0.127***	0.196***	1.000

The robustness testing regression results

Variable	Model (1)	Model (2)	Model (3)	Model (4)
GAP≤2.463	-	-	-	-0.148**(9.327)
2.463<GAP≤4.134	-	-	-	0.305***(9.503)
GAP>4.134	-	-	-	-0.161***(9.519)
Oversea	-0.007**(-1.792)	-	-	-
L1.GAP≤2.158	-	-0.137**(9.291)	-	-
2.158<L1.GAP≤4.027	-	0.292***(9.342)	-	-
L1.GAP>4.027	-	-0.145***(9.627)	-	-
L2.GAP≤2.349	-	-	-0.121**(8.045)	-
2.349<L2.GAP≤3.895	-	-	0.227***(8.397)	-
L3.GAP>3.895	-	-	-0.143***(8. 184)	-
Control	YES	YES	YES	YES
Instit	-	-	-	-0.005(-0.423)
Man	-	-	-	0.006(0.317)
Board	-	-	-	0.009***(3.574)
Cons_	-2.105***(-9.042)	-2.174***(-9.232)	-2.129***(-9.168)	-2.198***(-9.257)
Year	YES	YES	YES	YES
Ind	YES	YES	YES	YES
Adj.R2	0.087	0.091	0.086	0.086

The heterogeneity threshold returns

Variable	High	Medium	Low
GAP-1	-0.131***(7.035)	-0.195***(6.493)	-0.152***(8.473)
GAP-2	0.184***(7.281)	0.294***(6.947)	0.265***(8.931)
GAP-3	-0.149***(7.126)	-0.207***(6.758)	-0.194***(8.692)
Control	YES	YES	YES
(Cons_)	-1.674***(-6.358)	-1.628***(-6.127)	-1.653***(-6.209)
Adj.R2	0.561	0.632	0.618

Descriptive statistical results of model variables

Variable	Means	SD	Min	Max	Skewness	Kurtosis
RDD	4.715	4.451	0.069	9.154	-1.322	-1.531
GAP	0.774	0.976	0.032	4.327	-1.739	-1.007
Lev	0.438	0.226	0.005	1.055	-0.685	-1.339
Roa	0.045	0.053	0.042	0.217	-1.724	-0.988
Growth	0.237	0.521	-0.174	1.389	-1.115	-1.559
Cash	0.042	0.079	-0.525	0.263	-0.881	-1.673
Own	4.281	4.157	-0.223	6.172	-1.638	-1.536
Power	0.306	0.465	0.795	0.786	-0.786	-1.231
SOE	0.263	0.442	0.006	0.498	-1.487	-1.401
Fixed	0.215	0.154	0.014	0.685	-1.176	-0.572
Indratio	0.376	0.052	0.323	0.574	-1.496	-0.945

Threshold effect estimation

Variable	Regression coefficient	Standard deviation	T value
Lev	-0.018***	0.004	-9.233
Roa	0.042***	0.001	8.064
Growth	0.051***	0.001	4.571
Cash	0.179***	0.003	6.226
Own	0.238***	0.002	3.285
Power	0.026	0.001	0.832
SOE	0.053***	0.000	4.463
Fixed	0.042***	0.000	5.108
Indratio	-0.057**	0.000	3.275
GAP≤2.463	-0.148**	0.002	9.327
2.463<GAP≤4.134	0.305***	0.001	9.503
GAP>4.134	-0.161***	0.000	9.519
(Con_)	-2.217***	0.004	-10.325
F statistic	72.816***
P value	0.000

Threshold effect test and confidence interval

Test	Threshold variable-GAP
	Single threshold	Double threshold	Triple threshold
F value	158.42***	69.51***	53.85
P value	0.005	0.002	0.769
10%	11.594	10.423	88.474
5%	13.742	11.319	90.595
1%	19.957	18.741	135.839
Threshold value	2.463	4.134	9.236
95% CI	[2.414,2.491]	[4.095,4.159]	[8.315,9.547]

The heterogeneity threshold effect test

Marketization	Model	F value	P value	Threshold	95% CI
High	Single threshold	13.724	0.006**	0.385	[0.148,0.642]
	Double threshold	14.452	0.003***	0.224	[0.221,0.468]
				0.385	[0.357,0.427]
Medium	Single threshold	25.147	0.001***	0.284	[0.201,0.636]
	Double threshold	94.301	0.000***	0.225	[0.215,0.233]
				0.403	[0.395,0.421]
Low	Single threshold	78.725	0.002***	0.175	[0.133,0.205]
	Double threshold	68.316	0.001***	0.138	[0.142,0.358]
				0.492	[0.479,0.527]