Impact of Venture Capital on the Dividend Policy of Listed Companies and Management Platform Design

Table 10

Shareholding and dividend payment willingness.

	(1)	(2)	(3)
	Div	Div	Div
VCholding	0.005	0.005	0.007
	(0.00)	(0.00)	(0.00)
Roe	11.022	10.935	11.560
	(0.32)	(0.32)	(0.34)
Lev	−3.803	−3.973	−3.676
	(0.10)	(0.10)	(0.11)
Growth	−0.070	−0.074	−0.083
	(0.01)	(0.01)	(0.01)
Cash	0.802	1.155	1.337
	(0.24)	(0.25)	(0.25)
Dual	−0.175	−0.171	−0.132
	(0.04)	(0.04)	(0.04)
Ind	−0.519	−0.285	−0.399
	(0.33)	(0.34)	(0.34)
Boardsize	0.019	0.039	0.057
	(0.01)	(0.01)	(0.01)
Top1	0.008	0.010	0.009
	(0.00)	(0.00)	(0.00)
Soe	−0.232	−0.153	−0.018
	(0.03)	(0.04)	(0.04)
LnSize	0.619	0.670	0.577
	(0.02)	(0.02)	(0.02)
Constant	−11.715	−13.249	−12.194
	(0.37)	(0.43)	(0.46)
Observations	28,485	28,468	28,468
Industry FE	NO	YES	YES
Year FE	NO	NO	YES
Wald	3615	4142	4355
Pseudo R2	0.183	0.206	0.218

Note. The marking criteria for statistical significance in this table are as follows: is  < 0.10, is  < 0.05, and is  < 0.01.