Impact of Venture Capital on the Dividend Policy of Listed Companies and Management Platform Design
Table 6
Information disclosure quality and the dividend payment level.
(1)
(2)
DA ≤ MidDA
DA > MidDA
Pay
Pay
VC
0.005
0.007
(0.01)
(0.00)
Roe
0.021
−0.014
(0.01)
(0.02)
Lev
−0.078
−0.082
(0.01)
(0.01)
Growth
−0.002
−0.003
(0.00)
(0.00)
Cash
0.034
0.084
(0.01)
(0.03)
Dual
−0.007
−0.011
(0.00)
(0.00)
Ind
0.015
0.030
(0.02)
(0.03)
Boardsize
0.003
0.003
(0.00)
(0.00)
Top1
0.001
0.001
(0.00)
(0.00)
Soe
−0.007
−0.017
(0.00)
(0.00)
LnSize
−0.032
−0.034
(0.00)
(0.00)
Constant
0.762
0.823
(0.03)
(0.03)
Observations
14,247
14,232
R-squared
0.169
0.205
Industry FE
YES
YES
Year FE
YES
YES
F
81.61
97.45
Adj R-squared
0.163
0.199
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.
