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

Table 5

Information disclosure quality and willingness to pay dividends.

	(1)	(2)
	DA ≤ MidDA	DA >MidDA
	Div	Div
VC	0.051	0.124
	(0.06)	(0.06)
Roe	10.520	13.259
	(0.39)	(0.65)
Lev	−3.738	−3.650
	(0.15)	(0.16)
Growth	−0.084	−0.075
	(0.02)	(0.03)
Cash	0.609	3.977
	(0.28)	(0.65)
Dual	−0.094	−0.193
	(0.05)	(0.06)
Ind	−0.314	−0.251
	(0.48)	(0.49)
Boardsize	0.055	0.066
	(0.02)	(0.02)
Top1	0.011	0.017
	(0.00)	(0.00)
Soe	0.022	−0.136
	(0.05)	(0.06)
LnSize	0.598	0.562
	(0.03)	(0.03)
Constant	−11.824	−12.489
	(0.64)	(0.68)
Observations	14,241	14,222
Industry FE	YES	YES
Year FE	YES	YES
Wald	2229	2202
Pseudo R2	0.215	0.226

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