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

Table 8

Regression results of the propensity score matching method.

	(1)	(2)
	Div	Pay
VC	0.097	0.007
	(0.06)	(0.00)
Roe	9.834	−0.029
	(0.53)	(0.02)
Lev	−4.104	−0.080
	(0.19)	(0.01)
Growth	−0.044	−0.003
	(0.03)	(0.00)
Cash	1.098	0.030
	(0.45)	(0.02)
Dual	−0.054	−0.007
	(0.07)	(0.00)
Ind	−0.254	0.034
	(0.62)	(0.03)
Boardsize	0.071	0.004
	(0.02)	(0.00)
Top1	0.014	0.001
	(0.00)	(0.00)
Soe	−0.136	−0.008
	(0.07)	(0.00)
LnSize	0.622	−0.032
	(0.03)	(0.00)
Constant	−12.679	0.776
	(0.79)	(0.03)
Observations	9,058	9,072
R-squared		0.195
Industry FE	YES	YES
Year FE	YES	YES
Wald	1236	—
Pseudo R2	0.189	—
F	—	65.44
Adj R-squared	—	0.186

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