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

Table 3

Venture capital holdings and dividend payment propensity.

	(1)	(2)	(3)
	Div	Div	Div
VC	0.128	0.114	0.087
	(0.04)	(0.04)	(0.04)
Roe	11.175	11.082	11.758
	(0.32)	(0.32)	(0.34)
Lev	−3.817	−3.981	−3.723
	(0.10)	(0.10)	(0.11)
Growth	−0.071	−0.075	−0.083
	(0.01)	(0.01)	(0.01)
Cash	0.840	1.178	1.348
	(0.24)	(0.25)	(0.25)
Dual	−0.177	−0.173	−0.138
	(0.04)	(0.04)	(0.04)
Ind	−0.504	−0.276	−0.379
	(0.33)	(0.34)	(0.34)
Boardsize	0.024	0.044	0.061
	(0.01)	(0.01)	(0.01)
Top1	0.011	0.013	0.014
	(0.00)	(0.00)	(0.00)
Soe	−0.256	−0.177	−0.061
	(0.03)	(0.04)	(0.04)
LnSize	0.611	0.662	0.579
	(0.02)	(0.02)	(0.02)
Constant	−11.434	−12.968	−11.977
	(0.37)	(0.43)	(0.46)
Observations	28,485	28,468	28,468
Industry FE	NO	YES	YES
Year FE	NO	NO	YES
Wald	3612	4136	4316
Pseudo R2	0.182	0.205	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.