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

Table 9

Regression results of adding control variables.

Variable	GWover
VC	−0.013
	(−2.31)
LnSize	0.175
	(29.74)
SOE	−0.045
	(−4.07)
MB	−0.022
	(−4.44)
ROA	−0.315
	(−3.56)
LEV	−0.046
	(−1.88)
Big4	−0.034
	(−1.53)
Top1	−0.001
	(−4.07)
Growth	0.017
	(3.57)
Turnover	−0.038
	(−4.09)
Indpr	−0.012
	(−0.20)
Dual	0.001
	(0.10)
HHI	−0.031
	(−0.95)
Market	0.000
	(0.20)
Intercept	−3.693
	(−27.64)
Year	Controlled
Ind	Controlled
N	2151
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.