Controlling Shareholders’ Equity Pledge and Listed Companies’ Stock Repurchase
Table 11
Estimated results of controlling shareholders’ equity pledge, earnings management, and listed companies’ stock repurchase.
Variable
(1)
(2)
(3)
(4)
Rpurchase1
Rpurchase2
Rpurchase1
Rpurchase2
Pledge1
0.0601
0.0979
(6.500)
(2.859)
Pledge2
0.0024
0.0080
(4.782)
(4.251)
REM
0.0170
0.1325
−0.0199
0.0449
(0.675)
(1.464)
(−0.964)
(0.590)
Pledge1×DA
−0.0487
−0.1016
(−1.299)
(−0.955)
Pledge2×DA
0.0005
0.0028
(0.274)
(0.503)
Lev
−0.0803
−0.4710
−0.0793
−0.4584
(−1.801)
(−2.734)
(−1.780)
(−2.664)
Growth
−0.0108
−0.0609
−0.0096
−0.0576
(−2.774)
(−4.154)
(−2.468)
(−3.919)
Roe
−0.1675
−0.4229
−0.1625
−0.3867
(−4.066)
(−2.692)
(−3.962)
(−2.500)
Soe
−0.0070
0.0972
−0.0067
0.1092
(−0.200)
(0.756)
(−0.191)
(0.840)
Dual
−0.0095
−0.0357
−0.0106
−0.0371
(−0.640)
(−0.702)
(−0.714)
(−0.728)
Board
−0.0010
−0.0008
−0.0010
−0.0009
(−1.051)
(−0.210)
(−1.082)
(−0.233)
Asset
0.1868
0.5951
0.1863
0.5668
(18.369)
(17.270)
(18.393)
(16.456)
Constant
−3.9705
−12.7738
−3.9444
−12.1484
(−17.632)
(−16.777)
(−17.504)
(−15.924)
Year
Y
Y
Y
Y
Industry
Y
Y
Y
Y
Observations
14,244
14,244
14,244
14,244
R-squared
0.077
0.043
0.077
0.045
F
59.95
40.81
51.54
39.97
Note. The t-test value is in brackets, using company-level clustering robust standard error; ,, and are significant at the level of 10%, 5%, and 1%, respectively.
