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

Table 2

Variable descriptive statistics.

Variable	Size	Average	SD	Median	Minimum	Maximum
GWover	2162	−0.18	0.21	−0.14	−1.01	0.27
VC	2162	0.47	0.50	0.00	0.00	1.00
LnSize	2162	21.42	0.90	21.29	19.99	24.71
SOE	2162	0.09	0.28	0.00	0.00	1.00
MB	2162	1.95	0.84	1.72	1.01	5.56
ROA	2162	0.07	0.05	0.06	−0.12	0.23
LEV	2162	0.34	0.17	0.32	0.06	0.77
Big4	2162	0.03	0.17	0.00	0.00	1.00
Top1	2162	37.58	14.40	36.25	9.19	76.22
Growth	2162	0.02	0.98	0.10	−6.57	2.78
Turnover	2162	0.66	0.36	0.57	0.14	2.33