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

Table 14

Regression results of internal control.

Variable	GWover	GWover
	Internal control high group	Internal control low group
VC	−0.010	−0.016
	(−1.23)	(−1.90)
LnSize	0.182	0.171
	(21.85)	(19.52)
SOE	−0.061	−0.040
	(−3.56)	(−2.94)
MB	−0.016	−0.027
	(−2.38)	(4.13)
ROA	−0.406	−0.039
	(−3.06)	(−1.26)
LEV	−0.054	−0.005
	(−1.49)	(0.20)
Big4	−0.011	−0.002
	(−0.34)	(−0.74)
Top1	−0.000	−0.000
	(−1.37)	(−4.21)
Growth	0.024	−0.005
	(2.08)	(1.67)
Turnover	−0.055	0.001
	(−4.20)	(−1.44)
Intercept	−3.986	−3.634
	(−21.03)	(−18.59)
Year	Controlled	Controlled
Ind	Controlled	Controlled
N	977	981
ADJ R^2	0.66	0.65

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