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

Table 8

DID regression results.

Variable	GWover
Change	0.039
	(4.46)
LnSize	0.192
	(24.01)
SOE	−0.059
	(−4.52)
MB	−0.012
	(−1.94)
ROA	−0.263
	(−2.34)
LEV	−0.085
	(−2.66)
Big4	−0.006
	(−0.24)
Top1	−0.001
	(−2.83)
Growth	0.010
	(1.65)
Turnover	−0.037
	(−2.94)
Intercept	−4.136
	(−24.15)
Year	Controlled
Ind	Controlled
N	1252
ADJ R^2	0.66

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