Table 13. Robustness test results of... | Emerald Publishing

Table 13.

Robustness test results of stock options elements design and innovation output using group regression

	Non-executive granting proportion		Granting range		Incentive period
	High	Low	Large	Small	Large	Small
	(1)	(2)	(3)	(4)	(5)	(6)
Delta	−0.074 (−0.66)	0.190 (1.37)	0.060 (0.53)	0.125 (0.80)	0.121 (0.78)	−0.053 (−0.46)
Vega	0.682*** (3.36)	−0.160 (−0.44)	−0.480** (−2.00)	0.756*** (2.82)	0.625** (2.41)	−0.155 (−0.59)
Chow-test	4.61**		13.32***		4.04**
n	469	464	364	569	539	394
	Exercise proportion		Price-to-strike ratio		Performance assessment criteria
	Increasing	Non−increasing	High	Low	Strict	Loose
	(7)	(8)	(9)	(10)	(11)	(12)
Delta	−0.113 (−1.00)	0.218 (1.61)	0.069 (0.46)	0.012 (0.10)	0.032 (0.25)	0.086 (0.65)
Vega	0.555*** (2.59)	−0.350 (−1.28)	0.119 (0.33)	0.410* (1.85)	−0.573** (−2.56)	0.873*** (3.91)
Chow-test	8.65***		0.57		20.93***
n	449	476	397	536	676	257

Notes:

***p < 0.01; **p < 0.05; *p < 0.1