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

Table 12

Background of foreign capital and willingness to pay dividends.

	(1)	(2)
	Nonforeign	Foreign investment
	Div	Div
VC	0.070	0.081
	(0.04)	(0.04)
Roe	11.761	11.762
	(0.34)	(0.34)
Lev	−3.738	−3.725
	(0.11)	(0.11)
Growth	−0.082	−0.083
	(0.01)	(0.01)
Cash	1.392	1.346
	(0.26)	(0.25)
Dual	−0.139	−0.136
	(0.04)	(0.04)
Ind	−0.422	−0.378
	(0.34)	(0.34)
Boardsize	0.060	0.061
	(0.01)	(0.01)
Top1	0.014	0.014
	(0.00)	(0.00)
Soe	−0.071	−0.059
	(0.04)	(0.04)
LnSize	0.583	0.579
	(0.02)	(0.02)
Constant	−12.003	−11.986
	(0.47)	(0.46)
Observations	27,953	28,437
Industry FE	YES	YES
Year FE	YES	YES
Wald	4258	4313
Pseudo R2	0.217	0.216

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