| Variable | Total Compensation | Fixed v. At-risk | Individual Components | |||
| Coef. | t-stat | Coef. | t-stat | Coef. | t-stat | |
| Intercept | 0.2820 | (6.7333)*** | 0.2739 | (6.2093)*** | 0.2673 | (4.2364)*** |
| TCOMP | −0.0040 | (−0.5026) |
|
|
|
|
| FIX |
|
| −0.0297 | (−1.9930)* |
|
|
| ATRISK |
|
| 0.0109 | (0.9453) |
|
|
| SALARY |
|
|
|
| −0.035 | (−1.7361)* |
| BONUS |
|
|
|
| 0.0919 | (1.6643)* |
| OPTION |
|
|
|
| 0.0196 | (1.3390) |
| SHARE |
|
|
|
| −0.0164 | (−0.9638) |
| LTIP |
|
|
|
| −0.018 | (−1.0776) |
| Control Variables: |
|
|
|
|
|
|
| SIZE | −0.0049 | −1.5131 | −0.0039 | (−1.1645) | −0.0036 | (−1.0522) |
| GROWTH | 0.0004 | 0.9417 | 0.0004 | (0.9509) | 0.0004 | (1.2290) |
| ROE | −0.0530 | (−2.9541)** | −0.0536 | (−2.9950)** | −0.0526 | (−4.0267)*** |
| LEV | −0.0056 | −0.3763 | −0.0047 | (−0.3072) | −0.0053 | (−0.2422) |
| BM | −0.0065 | (−3.3492)** | −0.0068 | (−3.7196) | −0.0071 | (−1.6477)* |
| CIR | 0.0340 | 0.7672 | 0.0334 | (0.7539) | 0.0348 | (1.6359) |
| LAGTA | 0.0008 | (7.1064)*** | 0.0007 | (6.0797)*** | 0.0007 | (2.0582)** |
| Adj. R-square | 0.1034 |
| 0.1092 |
| 0.1111 |
|
| N | 3326 |
| 3326 |
| 3326 |
|