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

Table 4

Venture capital holdings and dividend payout levels.

	(1)	(2)	(3)
	Pay	Pay	Pay
VC	0.006	0.006	0.006
	(0.00)	(0.00)	(0.00)
Roe	0.007	0.005	0.010
	(0.01)	(0.01)	(0.01)
Lev	−0.071	−0.083	−0.082
	(0.01)	(0.01)	(0.01)
Growth	−0.003	−0.003	−0.003
	(0.00)	(0.00)	(0.00)
Cash	0.037	0.049	0.051
	(0.01)	(0.01)	(0.01)
Dual	−0.010	−0.009	−0.009
	(0.00)	(0.00)	(0.00)
Ind	0.013	0.021	0.020
	(0.02)	(0.02)	(0.02)
Boardsize	0.003	0.003	0.003
	(0.00)	(0.00)	(0.00)
Top1	0.001	0.001	0.001
	(0.00)	(0.00)	(0.00)
Soe	−0.016	−0.012	−0.011
	(0.00)	(0.00)	(0.00)
LnSize	−0.034	−0.033	−0.033
	(0.00)	(0.00)	(0.00)
Constant	0.821	0.801	0.791
	(0.03)	(0.03)	(0.03)
Observations	28,485	28,485	28,485
R-squared	0.165	0.177	0.183
Industry FE	NO	YES	YES
Year FE	NO	NO	YES
F	145.5	131.5	124.3
Adj R-squared	0.164	0.175	0.181

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.