Impact of Venture Capital on the Dividend Policy of Listed Companies and Management Platform Design
Table 9
Replacing dependent variables and models.
(1)
(2)
(3)
DPS
DPS
DPS
VC
0.001
0.007
0.005
(0.00)
(0.00)
(0.00)
Roe
0.720
0.490
0.460
(0.02)
(0.02)
(0.01)
Lev
−0.201
−0.177
−0.172
(0.01)
(0.01)
(0.01)
Growth
−0.005
−0.003
−0.003
(0.00)
(0.00)
(0.00)
Cash
0.223
0.075
0.105
(0.02)
(0.01)
(0.01)
Dual
−0.013
−0.002
−0.001
(0.00)
(0.00)
(0.00)
Ind
−0.020
0.045
0.004
(0.03)
(0.03)
(0.02)
Boardsize
−0.000
0.001
0.002
(0.00)
(0.00)
(0.00)
Top1
0.001
0.001
0.001
(0.00)
(0.00)
(0.00)
Soe
−0.028
−0.017
−0.008
(0.00)
(0.01)
(0.00)
LnSize
0.033
0.040
0.036
(0.00)
(0.00)
(0.00)
Constant
−0.582
−0.783
−0.707`
(0.04)
(0.05)
(0.03)
Observations
28,485
28,359
28,359
R-squared
0.301
0.629
0.648
Industry FE
NO
YES
YES
Year FE
NO
NO
YES
F
128.7
86.57
355.1
Adj R-squared
0.300
0.578
0.598
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.