Implications of Venture Capital on Companies’ M&A Goodwill Bubbles: Evidence from Chinese Listed Companies

Table 10

Replacement of explained variables.

Variable	GWover_Equity
VC	−0.035
	(−4.12)
LnSize	0.270
	(30.55)
SOE	−0.073
	(−4.47)
MB	−0.020
	(−2.56)
ROA	−0.618
	(−4.84)
LEV	−0.467
	(−10.71)
Big4	−0.044
	(−1.14)
Top1	−0.001
(−3.65)
Growth	0.031
(3.68)
Turnover	−0.052
(−3.21)
Intercept	−5.570
(−28.59)
Year	Controlled
Ind	Controlled
N	2162
ADJ R^2	0.62

Symbols , , and indicate significance at the 10%, 5%, and 1% levels, respectively. The value output in parentheses is the t value.