Controlling Shareholders’ Equity Pledge and Listed Companies’ Stock Repurchase
Table 5
Regression results of propensity score matching.
Variable
(1)
(2)
(3)
(4)
Rpurchase1
Rpurchase2
Rpurchase1
Rpurchase2
Pledge1
0.1601
0.2199
(6.500)
(2.964)
Pledge2
0.1108
0.1675
(2.774)
(4.066)
Constant
−3.9705
−3.9444
−12.7738
−12.1484
(−17.632)
(−17.504)
(−16.777)
(−15.924)
Year
Y
Y
Y
Y
Industry
Y
Y
Y
Y
Observations
15567
15212
15567
15212
R-squared
0.077
0.077
0.043
0.045
F
59.95
51.54
40.81
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.
