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

Table 13

Regional development level and dividend payment willingness.

	(1)	(2)
	Eastern	Central and western
	Div	Div
VC	0.062	0.174
	(0.05)	(0.07)
Roe	12.043	11.734
	(0.43)	(0.55)
Lev	−3.381	−4.400
	(0.13)	(0.20)
Growth	−0.092	−0.067
	(0.02)	(0.03)
Cash	1.408	1.263
	(0.32)	(0.44)
Dual	−0.162	−0.045
	(0.05)	(0.07)
Ind	−0.741	−0.092
	(0.45)	(0.55)
Boardsize	0.053	0.070
	(0.01)	(0.02)
Top1	0.015	0.010
	(0.00)	(0.00)
Soe	−0.119	0.142
	(0.05)	(0.06)
LnSize	0.508	0.729
	(0.02)	(0.03)
Constant	−10.689	−15.205
	(0.62)	(0.76)
Observations	19,418	9,035
Industry FE	YES	YES
Year FE	YES	YES
Wald	2783	1626
Pseudo R2	0.215	0.229

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