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

Table 12

Regression results of mitigating agency conflicts.

Variable	(1) GWover	(2) GWover	(3) GWover	(4) GWover
	Proxy conflict higher group	Proxy conflict lower group	Proxy conflict higher group	Proxy conflict lower group
VC	−0.020	−0.004	−0.068	−0.004
	(−2.26)	(−0.55)	(−2.68)	(−0.47)
LnSize	0.191	0.153	0.112	0.171
	(22.67)	(19.19)	(7.25)	(15.54)
SOE	−0.049	−0.042	0.006	−0.032
	(−3.80)	(−2.09)	(0.18)	(−1.57)
MB	−0.019	−0.021	−0.040	−0.022
	(−2.70)	(−3.11)	(−3.08)	(−2.71)
ROA	−0.540	−0.104	0.156	−0.129
	(−4.33)	(−0.87)	(0.91)	(−0.93)
LEV	−0.080	0.032	0.012	0.020
	(−2.43)	(0.94)	(0.17)	(0.52)
Big4	−0.022	−0.004	0.079	−0.063
	(−0.89)	(−0.11)	(0.96)	(−1.90)
Top1	−0.001	−0.000	−0.001	−0.001
	(−3.66)	(−1.50)	(−1.45)	(−3.29)
Growth	0.019	0.022	−0.001	0.001
	(3.25)	(3.04)	(−0.39)	(2.76)
Intercept	−4.004	−3.371	−0.056	−0.035
	(−21.54)	(−18.28)	(−3.15)	(−2.16)
Year	Controlled	Controlled	Controlled	Controlled
Ind	Controlled	Controlled	Controlled	Controlled
N	1080	1082	147	1051
ADJ R^2	0.62	0.68	0.52	0.61

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