Controlling Shareholders’ Equity Pledge and Listed Companies’ Stock Repurchase
Table 7
Regression results of equity nature, controlling shareholders’ equity pledge, and listed companies’ stock repurchase.
Panel A core explained variable: dummy variable of equity pledge
Variable
Soe = 1
Soe = 0
(1)
(2)
(3)
(4)
Rpurchase1
Rpurchase2
Rpurchase1
Rpurchase2
Pledge1
0.0054
0.0433
0.0621
0.0606
(0.457)
(0.984)
(5.363)
(3.409)
Lev
−0.1513
−0.6337
−0.0496
−0.4267
(−2.782)
(−2.763)
(−0.876)
(−2.034)
Growth
−0.0107
−0.0225
−0.0083
−0.0749
(−3.187)
(−1.745)
(−1.321)
(−3.280)
Roe
−0.0115
−0.0741
−0.2304
−0.5836
(−0.278)
(−0.542)
(−4.156)
(−2.773)
Dual
0.0283
0.0565
−0.0263
−0.0568
(1.451)
(0.936)
(−1.446)
(−0.887)
Board
−0.0001
0.0014
−0.0005
−0.0001
(−0.098)
(0.359)
(−0.346)
(−0.016)
Asset
0.1000
0.2752
0.2403
0.7619
(7.697)
(6.802)
(18.542)
(16.972)
Constant
−2.1888
−5.9816
−5.0450
−16.0454
(−7.327)
(−6.429)
(−17.741)
(−16.541)
Year
Y
Y
Y
Y
Industry
Y
Y
Y
Y
Observations
5,274
5,274
9,938
9,938
R-squared
0.034
0.017
0.107
0.059
F
10.01
7.801
97.23
58.45
Panel B core explained variable: equity pledge ratio
Pledge2
0.0034
0.0114
0.0018
0.0064
(1.972)
(1.851)
(3.684)
(3.317)
Lev
−0.1454
−0.6190
−0.0450
−0.4004
(−2.685)
(−2.705)
(−0.796)
(−1.911)
Growth
−0.0104
−0.0211
−0.0074
−0.0727
(−3.108)
(−1.644)
(−1.168)
(−3.175)
Roe
−0.0168
−0.0913
−0.2254
−0.5252
(−0.409)
(−0.669)
(−4.063)
(−2.522)
Dual
0.0287
0.0572
−0.0277
−0.0566
(1.463)
(0.946)
(−1.517)
(−0.881)
Board
−0.0001
0.0014
−0.0006
−0.0004
(−0.083)
(0.371)
(−0.402)
(−0.076)
Asset
0.0974
0.2692
0.2429
0.7212
(7.644)
(6.720)
(18.884)
(15.925)
Constant
−2.1338
−5.8546
−5.0746
−15.1642
(−7.286)
(−6.358)
(−17.807)
(−15.370)
Year
Y
Y
Y
Y
Industry
Y
Y
Y
Y
Observations
5,274
5,274
9,938
9,938
R-squared
0.038
0.019
0.106
0.060
F
10.15
7.854
84.33
58.01
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.
