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

Table 4

Regression results.

Variable	(1)	(2)
	GWover	GWover
VC	−0.038	−0.015
	(−4.37)	(−2.51)
LnSize		0.171
		(29.23)
SOE		−0.047
		(−4.33)
MB		−0.021
		(−4.38)
ROA		−0.299
		(−3.37)
LEV		−0.035
		(−1.46)
Big4		−0.035
		(−1.59)
Top1		−0.001
		(−4.11)
Growth		0.016
		(3.43)
Turnover		−0.036
		(−3.95)
Intercept	0.110	−3.636
	(5.80)	(−27.54)
Year	Controlled	Controlled
Ind	Controlled	Controlled
N	2162	2162
ADJ R^2	0.19	0.63

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