Table 3

Dividend policy regulation and cost stickiness

Variables(1)(2)(3)
LnSGALnSGALnSGA
LnIncome0.493***0.491***0.483***
(43.27)(42.97)(40.81)
LnIncome×D−0.234***−0.133***−0.166**
(−13.42)(−3.99)(−2.04)
LnIncome×D×Treat −0.135***−0.108**
 (−2.85)(−2.37)
LnIncome×D×Post −0.113***−0.099**
 (−2.90)(−2.05)
LnIncome×D×Treat×Post 0.134**0.119**
 (2.31)(2.10)
Treat −0.038***−0.031***
 (−7.15)(−5.91)
Post 0.086***0.084***
 (8.22)(8.09)
Treat×Post 0.018***0.017***
 (2.80)(2.78)
LnIncome×D×D_Twoyear  0.153***
  (5.09)
LnIncome×D×Eco_Growth  0.653
  (1.34)
LnIncome×D×Employ_Inten  −0.007
  (−1.23)
LnIncome×D×Asset_Inten  −0.019***
  (−6.55)
D_Twoyear  −0.013**
  (−2.21)
Employ_Inten  0.001
  (0.45)
Asset_Inten  −0.003**
  (−2.57)
ROA  0.001
  (0.04)
Lev  −0.009
  (−1.00)
MKI  0.004***
  (4.58)
Firsthold  0.058***
  (6.45)
Ind  −0.038
  (−1.59)
Dual  −0.001
  (−0.27)
Mshare  0.132***
  (11.75)
Constant−0.051***−0.027*−0.050**
(−3.64)(−1.90)(−2.55)
IndustryYesYesYes
YearYesYesYes
Observations29,24029,24029,240
Adjusted R-squared0.3100.3130.327

Note(s): ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively; robust t-statistics are in parentheses; standard errors clustered at the firm level

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