Controlling Shareholders’ Equity Pledge and Listed Companies’ Stock Repurchase
Table 4
Results of baseline regression.
Panel A core explained variable: dummy variable of equity pledge
Variable
(1)
(2)
(3)
(4)
Rpurchase1
Rpurchase1
Rpurchase2
Rpurchase2
Pledge1
0.1464∗∗∗
0.0603∗∗∗
0.3688∗∗∗
0.1001∗∗∗
(16.607)
(6.678)
(11.196)
(3.040)
Lev
−0.0538
−0.4159∗∗
(−1.231)
(−2.560)
Growth
0.0128∗∗∗
0.0603∗∗∗
(3.280)
(4.226)
Roe
0.1687∗∗∗
0.4439∗∗∗
(4.170)
(2.985)
Soe
−0.0039
0.1068
(−0.114)
(0.797)
Dual
−0.0183
−0.0476
(−1.289)
(−0.971)
Board
−0.0007
−0.0002
(−0.685)
(−0.069)
Asset
0.2009∗∗∗
0.6259∗∗∗
(20.175)
(18.279)
Constant
0.1075∗∗∗
−4.3050∗∗∗
0.2631∗∗∗
−13.4894∗∗∗
(23.113)
(−19.538)
(15.138)
(−17.906)
Year
Y
Y
Y
Y
Industry
Y
Y
Y
Y
Observations
15567
15212
15567
15212
R-squared
0.023
0.088
0.009
0.048
F
275.8
90.39
125.4
57.54
Panel B core explained variable: equity pledge ratio
Pledge2
0.0062∗∗∗
0.0026∗∗∗
0.0190∗∗∗
0.0086∗∗∗
(10.651)
(5.237)
(9.131)
(4.639)
Lev
−0.0518
0.4010∗∗
(−1.190)
(−2.479)
Growth
0.0117∗∗∗
0.0568∗∗∗
(2.974)
(−3.969)
Roe
0.1591∗∗∗
0.3944∗∗∗
(3.926)
(2.684)
Soe
−0.0035
0.1185
(−0.099)
(0.874)
Dual
−0.0196
−0.0485
(−1.367)
(−0.987)
Board
−0.0007
−0.0004
(−0.738)
(−0.108)
Asset
0.1985∗∗∗
0.5915∗∗∗
(19.979)
(17.149)
Constant
0.1446∗∗∗
−4.2367∗∗∗
0.3339∗∗∗
−12.7276∗∗∗
(38.365)
(−19.171)
(24.625)
(−16.726)
Year
Y
Y
Y
Y
Industry
Y
Y
Y
Y
Observations
15567
15212
15567
15212
R-squared
0.027
0.089
0.016
0.051
F
113.5
78.67
83.37
56.53
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.
