Research Article

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)
DPSDPSDPS

VC0.0010.0070.005
(0.00)(0.00)(0.00)
Roe0.7200.4900.460
(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)
Cash0.2230.0750.105
(0.02)(0.01)(0.01)
Dual−0.013−0.002−0.001
(0.00)(0.00)(0.00)
Ind−0.0200.0450.004
(0.03)(0.03)(0.02)
Boardsize−0.0000.0010.002
(0.00)(0.00)(0.00)
Top10.0010.0010.001
(0.00)(0.00)(0.00)
Soe−0.028−0.017−0.008
(0.00)(0.01)(0.00)
LnSize0.0330.0400.036
(0.00)(0.00)(0.00)
Constant−0.582−0.783−0.707`
(0.04)(0.05)(0.03)
Observations28,48528,35928,359
R-squared0.3010.6290.648
Industry FENOYESYES
Year FENONOYES
F128.786.57355.1
Adj R-squared0.3000.5780.598

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.