Variable

The mediating effect of the growth rate of labor productivity

Variable

Moderating effect of internal pay gap

(1)

(2)

(3)

HS₁

2.4178***

(6.50)

0.4951***

(12.68)

$H{S}_1\ast gap$

−0.0781**

(−2.69)

Lz

0.0117

(1.57)

HS₁

−0.0554

(−0.38)

Leverage

34.3082***

(41.57)

−2.0733***

(−17.17)

Leverage

−0.7290**

(−2.92)

Size

−0.6010**

(−2.85)

−0.3849***

(−13.17)

Size

0.1878**

(2.90)

Growth

0.0103

(0.57)

−0.0027

(−0.62)

Growth

0.0009

(0.21)

Equity

−0.0021***

(−33.37)

−0.0001

(−1.44)

Equity

−0.0001

(−0.93)

Gap

0.7448**

(2.59)

Adjusted R²

0.5112

0.3087

Adjusted R²

0.5462

Year FE

Y

Y

Year FE

Y

Firm FE

Y

Y

Firm FE

Y