Table 4

Dividend policy regulation and cost stickiness: grouped by marketization

Variables(1)(2)
High marketizationLow marketization
LnSGALnSGA
LnIncome0.520***0.454***
(32.36)(27.92)
LnIncome×D−0.200*−0.173
(−1.76)(−1.55)
LnIncome×D×Treat−0.030−0.171***
(−0.48)(−2.67)
LnIncome×D×Post−0.028−0.131*
(−0.41)(−1.92)
LnIncome×D×Treat×Post0.0150.200**
(0.19)(2.56)
Treat−0.031***−0.029***
(−4.49)(−3.74)
Post0.078***0.096***
(5.33)(6.20)
Treat×Post0.020**0.015
(2.42)(1.64)
LnIncome×D×D_Twoyear0.153***0.161***
(3.52)(3.91)
LnIncome×D×Eco_Growth−0.0061.232*
(−0.01)(1.81)
LnIncome×D×Employ_Inten0.003−0.011
(0.29)(−1.59)
LnIncome×D×Asset_Inten−0.017***−0.020***
(−3.89)(−5.27)
D_Twoyear−0.015*−0.008
(−1.95)(−0.90)
Employ_Inten0.008***−0.004*
(3.77)(−1.94)
Asset_Inten−0.001−0.004***
(−0.45)(−2.73)
ROA0.038−0.042
(0.95)(−1.00)
Lev0.005−0.020
(0.45)(−1.55)
MKI0.0030.004***
(0.66)(2.77)
Firsthold0.067***0.054***
(5.47)(4.10)
Ind−0.012−0.064*
(−0.37)(−1.80)
Dual−0.0030.001
(−0.74)(0.10)
Mshare0.098***0.194***
(7.87)(8.88)
Constant−0.068−0.028
(−1.43)(−0.99)
IndustryYesYes
YearYesYes
Observations14,61114,629
Adjusted R-squared0.3660.299

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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