Table 4 Results of multinomial logit...

Table 4

Results of multinomial logit regression

Model	DivMethod			Div0	Div50	DivYear
Variable	Cash	Stock	Cash–stock
SDG	5.479***	5.208**	0.203	(4.708)***	4.283*	(0.425)
SDG	6.911	5.917	0.005	6.998	3.169	0.012
SIZE	(0.839)***	(0.034)	(0.431)*	0.450***	0.058	(0.308)
SIZE	17.534	0.026	2.912	8.146	0.035	0.636
LEV	0.018	0.208	3.737	(0.043)	(1.735)	(0.151)
LEV	1x10⁻⁴	0.011	2.020	0.001	0.366	0.002
TobinQ	(0.425)*	(0.333)	(0.086)	0.293	0.141	0.150
TobinQ	3.088	0.499	0.116	2.120	0.351	0.484
ROA	19.593***	(2.409)	16.336*	(8.658)	1.411	1.994
ROA	6.639	0.120	3.029	2.228	0.017	0.027
ROE	1.702	7.330**	12.384**	(6.771)**	4.859	7.153
ROE	0.194	4.629	6.004	5.095	0.368	0.725
AGE	0.078***	0.042**	0.079***	(0.070)***	(0.006)	(0.046)
AGE	16.884	3.864	13.319	15.706	0.099	1.923
BGD	(0.026)***	0.009	(0.032)**	0.014**	(0.037)*	0.014
BGD	6.994	0.670	4.876	3.014	3.039	0.543
–2Log-likelihood (Intercept)	748.423			366.519	113.149	80.845
–2Log-likelihood (Final)	522.696***			269.753***	94.425**	67.414**
Pseudo R²	0.302			0.264	0.165	0.166
Observations	300			300	300	300

Model	DivMethod			Div0	Div50	DivYear
Variable	Cash	Stock	Cash–stock
SDG	5.479***	5.208**	0.203	(4.708)***	4.283*	(0.425)
SDG	6.911	5.917	0.005	6.998	3.169	0.012
SIZE	(0.839)***	(0.034)	(0.431)*	0.450***	0.058	(0.308)
SIZE	17.534	0.026	2.912	8.146	0.035	0.636
LEV	0.018	0.208	3.737	(0.043)	(1.735)	(0.151)
LEV	1x10⁻⁴	0.011	2.020	0.001	0.366	0.002
TobinQ	(0.425)*	(0.333)	(0.086)	0.293	0.141	0.150
TobinQ	3.088	0.499	0.116	2.120	0.351	0.484
ROA	19.593***	(2.409)	16.336*	(8.658)	1.411	1.994
ROA	6.639	0.120	3.029	2.228	0.017	0.027
ROE	1.702	7.330**	12.384**	(6.771)**	4.859	7.153
ROE	0.194	4.629	6.004	5.095	0.368	0.725
AGE	0.078***	0.042**	0.079***	(0.070)***	(0.006)	(0.046)
AGE	16.884	3.864	13.319	15.706	0.099	1.923
BGD	(0.026)***	0.009	(0.032)**	0.014**	(0.037)*	0.014
BGD	6.994	0.670	4.876	3.014	3.039	0.543
–2Log-likelihood (Intercept)	748.423			366.519	113.149	80.845
–2Log-likelihood (Final)	522.696***			269.753***	94.425**	67.414**
Pseudo R²	0.302			0.264	0.165	0.166
Observations	300			300	300	300

Note(s): Significant at *p < 0.10; **p < 0.05; ***p < 0.01; Negative numbers are presented in parentheses; the italicised value below is the Wald value

Source(s): Authors' own work

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