Controlling Shareholders’ Equity Pledge and Listed Companies’ Stock Repurchase

Table 6

Regression results of alternative explanatory variable and explained variable.

Variable	(1)	(2)	(3)	(4)
	Rpurchase1	Rpurchase2	Rpurchase3	Rpurchase3
Pledge1			0.5951^∗∗∗
			(17.270)
Pledge2				0.5668^∗∗∗
				(16.456)
Pledge3	0.1868^∗∗∗	0.1863^∗∗∗
	(18.369)	(18.393)
Constant	−3.0108^∗∗∗	−3.0096^∗∗	−3.0609^∗∗∗	−3.0576^∗∗∗
	(−2.774)	(−2.468)	(−4.154)	(−3.919)
Year	Y	Y	Y	Y
Industry	Y	Y	Y	Y
Observations	15567	15212	15567	15212
R-squared	0.086	0.087	0.047	0.053
F	125.4	55.74	83.37	55.47

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.