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

Table 5

Heckman two-stage regression.

Variable	(1)	(2)
	VC	GWover
VC		−0.016
		(−2.90)
Lambda		−0.897
		(−6.98)
LnSize	−0.289	0.346
	(−6.96)	(13.50)
SOE	0.190	−0.161
	(1.68)	(−8.14)
MB		−0.023
		(−4.82)
ROA		−0.353
		(−4.04)
LEV	1.167	−0.729
	(5.63)	(−7.01)
Big4		−0.027
		(−1.34)
Top1		−0.001
		(−4.40)
Growth	−0.017	0.027
	(−0.57)	(5.57)
Turnover	−0.139	0.059
	(−1.56)	(3.72)
HT	0.069
	(0.90)
VC_develop	−0.021
	(−0.33)
Intercept	6.603	−6.819
	(6.78)	(−14.36)
Year	Controlled	Controlled
Ind	Controlled	Controlled
N	2100	2100
Pseudo R^2/ADJ R^2	0.05	0.65

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