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

Table 7

PSM regression results.

Variable	GWover_asset
VC	−0.015
	(−2.60)
LnSize	0.177
	(29.49)
SOE	−0.048
	(−4.39)
MB	−0.019
	(−3.90)
ROA	−0.320
	(−3.62)
LEV	−0.046
	(−1.89)
Big4	−0.022
	(−0.98)
Top1	−0.001
	(−3.51)
Growth	0.017
	(3.57)
Turnover	−0.037
	(−4.01)
Intercept	−3.750
	(−27.94)
Year	Controlled
Ind	Controlled
N	2145
ADJ R^2	0.64

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