Controlling Shareholders’ Equity Pledge and Listed Companies’ Stock Repurchase
Table 8
Regression results of regional differences, controlling shareholders’ equity pledge, and listed companies’ stock repurchase.
Panel A core explained variable: dummy variable of equity pledge
Variable
East = 1
East = 0
(1)
(2)
(3)
(4)
Rpurchase1
Rpurchase2
Rpurchase1
Rpurchase2
Pledge1
0.0691
0.0818
0.0383
0.0375
(6.057)
(3.923)
(2.782)
(2.011)
Lev
−0.0476
−0.4357
−0.0710
−0.3675
(−0.863)
(−2.157)
(−1.070)
(−1.366)
Growth
−0.0098
−0.0510
−0.0175
−0.0749
(−2.035)
(−2.974)
(−2.957)
(−2.930)
Roe
−0.2215
−0.6644
−0.0531
0.0271
(−4.261)
(−3.294)
(−0.884)
(0.159)
Soe
0.0044
0.1770
−0.0214
−0.0592
(0.106)
(1.014)
(−0.325)
(−0.338)
Dual
−0.0175
−0.0262
−0.0167
−0.0961
(−1.064)
(−0.482)
(−0.593)
(−0.874)
Board
−0.0004
−0.0003
−0.0013
0.0005
(−0.341)
(−0.077)
(−0.820)
(0.082)
Asset
0.2126
0.6478
0.1661
0.5680
(18.031)
(16.537)
(9.431)
(8.077)
Constant
−4.5611
−13.9197
−3.5376
−12.3249
(−17.523)
(−16.194)
(−9.089)
(−7.950)
Year
Y
Y
Y
Y
Industry
Y
Y
Y
Y
Observations
10,893
10,893
4,319
4,319
R-squared
0.096
0.051
0.068
0.042
F
75.63
48.92
17.81
11.62
Panel B core explained variable: equity pledge ratio
Pledge2
0.0028
0.0091
0.0019
0.0073
(5.116)
(4.382)
(1.903)
(1.856)
Lev
−0.0470
−0.4253
−0.0662
−0.3476
(−0.856)
(−2.119)
(−0.997)
(−1.283)
Growth
−0.0086
−0.0474
−0.0166
−0.0714
(−1.787)
(−2.754)
(−2.796)
(−2.768)
Roe
−0.2104
−0.5995
−0.0475
0.0501
(−4.032)
(−2.999)
(−0.793)
(0.300)
Soe
0.0087
0.2062
−0.0286
−0.0862
(0.210)
(1.170)
(−0.433)
(−0.486)
Dual
−0.0181
−0.0251
−0.0188
−0.1035
(−1.092)
(−0.459)
(−0.665)
(−0.940)
Board
−0.0005
−0.0006
−0.0013
0.0004
(−0.384)
(−0.140)
(−0.839)
(0.071)
Asset
0.2111
0.6037
0.1634
0.5549
(18.040)
(15.559)
(9.284)
(7.649)
Constant
−4.5093
−12.9540
−3.4661
−11.9981
(−17.365)
(−15.148)
(−8.864)
(−7.502)
Year
Y
Y
Y
Y
Industry
Y
Y
Y
Y
Observations
10,893
10,893
4,319
4,319
R-squared
0.096
0.055
0.069
0.043
F
68.36
49.63
14.93
10.48
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.
