Impact of Venture Capital on the Dividend Policy of Listed Companies and Management Platform Design
Table 11
Shareholding and the dividend payment level.
(1)
(2)
(3)
Pay
Pay
Pay
VCholding
0.001
0.001
0.001
(0.00)
(0.00)
(0.00)
Roe
−0.016
−0.018
−0.008
(0.01)
(0.01)
(0.01)
Lev
−0.067
−0.079
−0.075
(0.01)
(0.01)
(0.01)
Growth
−0.003
−0.003
−0.003
(0.00)
(0.00)
(0.00)
Cash
0.033
0.047
0.049
(0.01)
(0.01)
(0.01)
Dual
−0.009
−0.009
−0.008
(0.00)
(0.00)
(0.00)
Ind
0.011
0.019
0.019
(0.02)
(0.02)
(0.02)
Boardsize
0.002
0.002
0.002
(0.00)
(0.00)
(0.00)
Top1
0.000
0.000
0.000
(0.00)
(0.00)
(0.00)
Soe
−0.013
−0.009
−0.007
(0.00)
(0.00)
(0.00)
LnSize
−0.033
−0.033
−0.033
(0.00)
(0.00)
(0.00)
Constant
0.791
0.770
0.780
(0.02)
(0.02)
(0.03)
Observations
28,485
28,485
28,485
R-squared
0.175
0.188
0.194
Industry FE
NO
YES
YES
Year FE
NO
NO
YES
F
154.7
141.4
134.7
Adj R-squared
0.175
0.186
0.191
Note. The marking criteria for statistical significance in this table are as follows: is < 0.10, is , < 0.05, and is < 0.01; all regression coefficient estimates are based on robustness adjusted for corporate clustering standard error.
