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

Table 3

Correlation coefficient.

Variable	GWover	VC	LnSize	SOE	MB	ROA	LEV	Big4	Top1	Growth	Turnover
GWover	1	−0.15	0.80	0.05	−0.39	−0.07	0.38	0.11	0.09	0.22	0.01
VC	−0.13	1	−0.10	0.03	0.02	−0.05	0.04	−0.04	−0.10	−0.05	−0.01
LnSize	0.66	−0.11	1	0.16	−0.52	−0.09	0.50	0.16	0.14	0.18	0.07
SOE	0.02	0.03	0.21	1	−0.06	−0.09	0.09	0.04	0.19	−0.02	−0.11
MB	−0.33	0.00	−0.39	−0.05	1	0.31	−0.38	−0.07	−0.11	0.07	−0.07
ROA	−0.03	−0.05	−0.06	−0.07	0.27	1	−0.41	0.02	0.06	0.52	0.27
LEV	0.32	0.04	0.52	0.10	−0.33	−0.38	1	0.07	0.05	0.05	0.17
Big4	0.08	−0.04	0.21	0.04	−0.01	0.05	0.07	1	0.09	0.01	0.01
Top1	0.11	−0.10	0.21	0.22	−0.11	0.05	0.08	0.09	1	−0.00	0.04
Growth	0.10	−0.04	0.09	−0.00	0.03	0.57	−0.04	−0.00	0.01	1	0.18
Turnover	0.02	−0.03	0.07	−0.09	−0.05	0.21	0.16	0.02	0.02	0.13	1

Symbols , , and indicate significance at the 10%, 5%, and 1% levels, respectively. The lower triangle reports Pearson correlation coefficient, and the upper triangle reports Spearman correlation coefficient.