Implications of Venture Capital on Companies’ M&A Goodwill Bubbles: Evidence from Chinese Listed Companies

Table 13

Regression results of venture capital participation.

Variable	(1)	(2)
	GWover	GWover
VC_share	−0.001
	(−1.66)
VC_js		−0.010
		(−2.95)
LnSize	0.201	0.188
	(20.13)	(19.20)
SOE	−0.079	−0.075
	(−4.87)	(−4.71)
MB	−0.011	−0.016
	(−1.45)	(−2.11)
ROA	−0.199	−0.102
	(−1.52)	(−0.81)
LEV	−0.046	−0.023
	(−1.17)	(−0.64)
Big4	−0.007	0.001
	(−0.24)	(0.04)
Top1	−0.001	−0.001
	(−3.04)	(−2.49)
Growth	0.013	0.011
	(1.68)	(1.50)
Turnover	−0.022	−0.037
	(−1.79)	(−2.58)
Intercept	−4.283	−4.002
	(−20.28)	(−19.06)
Year	Controlled	Controlled
Ind	Controlled	Controlled
N	987	1018
ADJ R^2	0.69	0.68

Symbols , , and indicate significance at the 10%, 5%, and 1% levels, respectively. The value output in parentheses is the t value.