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Table 3.

Support of one-way causality in supporting Hypothesis 1. Panel least squares regression results on long-term equity-based incentive compensation

All countries (N = 22)
Intercept	−1.8174
	(−5.6014)^***
GDPGR(−1)	0.0791
	(0.3116)
INVRATIO	−0.7071
	(−2.1907)^**
LEGAL	0.0340
	(2.2178)^**
LABOR	0.0393
	(3.7283)^***
LN(EDUCATION)	0.9602
	(5.5380)^***
INDIVCOLLECT	0.0011
	(0.6530)
No. of panel observations	110
Adjusted R²	0.3880
F-statistic	12.5169^***
Durbin Watson statistic	0.5715^***

All countries (N = 22)
Intercept	−1.8174
	(−5.6014)^***
GDPGR(−1)	0.0791
	(0.3116)
INVRATIO	−0.7071
	(−2.1907)^**
LEGAL	0.0340
	(2.2178)^**
LABOR	0.0393
	(3.7283)^***
LN(EDUCATION)	0.9602
	(5.5380)^***
INDIVCOLLECT	0.0011
	(0.6530)
No. of panel observations	110
Adjusted R²	0.3880
F-statistic	12.5169^***
Durbin Watson statistic	0.5715^***

Notes:This table presents the panel least squares regression results using random effects for all 22 countries. All regressions are run with five years of data: 2000–04 if lagged, and 2001–05 if not lagged. Numbers in parentheses are t-statistics.

^**Statistically significant at α = 5 percent level and ^***statistically significant at α = 1 percent level. The cross-section random effects are not reported as they sum to zero and are not relevant to the discussions.

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