Table 6.
Regression analysis results.
| Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
|---|---|---|---|---|---|
| Control variables | |||||
| Constant | 0.276*** (15.34) | 0.145*** (5.70) | 0.133*** (5.10) | 0.144*** (5.68) | 0.144*** (5.69) |
| Enterprise size | −0.009 (−0.79) | −0.045*** (−4.12) | −0.047*** (−4.23) | −0.047*** (−4.24) | −0.045*** (−4.09) |
| Enterprise age | 0.017*** (12.16) | 0.011*** (7.97) | 0.011*** (8.05) | 0.011*** (7.77) | 0.011*** (7.93) |
| Independent variables | |||||
| Enterprise profit | 0.063*** (10.74) | 0.060*** (10.43) | 0.095*** (5.33) | 0.097*** (6.42) | 0.066*** (8.08) |
| Moderating variables | |||||
| Regional development level | 0.064*** (7.53) | 0.063*** (7.44) | 0.063*** (7.45) | 0.063*** (7.47) | |
| Labor union | 0.153*** (9.51) | 0.153*** (9.51) | 0.144*** (8.81) | 0.152*** (9.43) | |
| Workers’ congress | 0.037** (2.31) | 0.036** (2.21) | 0.039** (2.42) | 0.038** (2.38) | |
| Interaction variables | |||||
| Enterprise profit × Regional development level | −0.014** (−2.10) | ||||
| Enterprise profit × Labor union | −0.042*** (−2.67) | ||||
| Enterprise profit × Workers’ congress | −0.011 (−1.06) | ||||
| R 2 | 0.102 | 0.153 | 0.154 | 0.155 | 0.153 |
| Adj. R2 | 0.110 | 0.151 | 0.152 | 0.153 | 0.151 |
| F-value | 117.84*** | 93.68*** | 81.02*** | 81.48*** | 80.46*** |
*p < 0.1, **p < 0.05, ***p < 0.001.