Controlling Shareholders’ Equity Pledge and Listed Companies’ Stock Repurchase
Table 9
Estimated results of controlling shareholders’ equity pledge, information environment, and listed companies’ stock repurchase.
Variable
(1)
(2)
(3)
(4)
Rpurchase1
Rpurchase2
Rpurchase1
Rpurchase2
Pledge1
0.0458
0.0574
(3.992)
(1.743)
Pledge2
0.0028
0.0083
(4.388)
(3.387)
Analyst
−0.0018
−0.0114
−0.0010
−0.0098
(−2.654)
(−5.099)
(−1.525)
(−4.063)
Pledge1×Analyst
0.0014
0.0034
(1.701)
(2.124)
Pledge2×Analyst
0.0073
0.0079
(3.679)
(2.117)
Lev
−0.0560
−0.4419
−0.0554
−0.4292
(−1.283)
(−2.728)
(−1.275)
(−2.658)
Growth
−0.0131
−0.0635
−0.0121
−0.0602
(−3.341)
(−4.399)
(−3.078)
(−4.159)
Roe
−0.1491
−0.2669
−0.1361
−0.2167
(−3.585)
(−1.733)
(−3.270)
(−1.427)
Soe
−0.0042
0.0898
−0.0071
0.0971
(−0.122)
(0.672)
(−0.203)
(0.717)
Dual
−0.0182
−0.0469
−0.0196
−0.0476
(−1.282)
(−0.962)
(−1.373)
(−0.974)
Board
−0.0006
−0.0001
−0.0007
−0.0003
(−0.664)
(−0.041)
(−0.741)
(−0.085)
Asset
0.2035
0.6535
0.2022
0.6195
(20.123)
(18.092)
(20.084)
(17.159)
Constant
−4.3459
−13.9942
−4.3089
−13.2577
(−19.451)
(−17.695)
(−19.276)
(−16.697)
Year
Y
Y
Y
Y
Industry
Y
Y
Y
Y
Observations
15,212
15,212
15,212
15,212
R-squared
0.089
0.051
0.090
0.053
F
73.72
46.64
63.42
45.57
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.
