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

Table 15

Regression results of external control.

Variable	GWover	GWover
	Marketization level high group	Marketization level Low group
VC	−0.011	−0.019
	(−1.60)	(−2.56)
LnSize	0.169	0.184
	(25.26)	(25.77)
SOE	−0.038	−0.052
	(−2.36)	(−4.44)
MB	−0.013	−0.022
	(−2.15)	(−3.34)
ROA	−0.303	−0.592
	(−2.66)	(−4.88)
LEV	0.038	−0.154
	(1.20)	(−4.76)
Big4	−0.059	0.006
	(−2.68)	(0.15)
Top1	−0.001	−0.000
	(−3.04)	(−1.47)
Growth	0.031	0.047
	(2.98)	(5.85)
Turnover	−0.050	−0.030
	(−3.91)	(−2.40)
Intercept	−3.505	−3.879
	(−21.53)	(−24.54)
Year	Controlled	Controlled
Ind	Controlled	Controlled
N	963	1188
ADJ R^2	0.71	0.67

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