Table 5

Dividend policy regulation and cost stickiness: grouped by industry competition

Variables(1)(2)
High industry competitionLow industry competition
LnSGALnSGA
LnIncome0.555***0.433***
(32.60)(27.68)
LnIncome×D−0.343***−0.034
(−3.36)(−0.29)
LnIncome×D×Treat0.038−0.189***
(0.55)(−3.13)
LnIncome×D×Post−0.030−0.147**
(−0.45)(−2.20)
LnIncome×D×Treat×Post0.0140.175**
(0.16)(2.37)
Treat−0.018***−0.039***
(−2.73)(−4.86)
Post0.069***0.080***
(5.09)(4.95)
Treat×Post0.0070.024**
(0.96)(2.52)
LnIncome×D×D_Twoyear0.091*0.187***
(1.90)(4.90)
LnIncome×D×Eco_Growth1.315*0.197
(1.82)(0.31)
LnIncome×D×Employ_Inten−0.011−0.007
(−0.94)(−0.99)
LnIncome×D×Asset_Inten−0.021***−0.017***
(−2.66)(−5.28)
D_Twoyear−0.013−0.013
(−1.64)(−1.40)
Employ_Inten−0.0020.004**
(−1.03)(2.04)
Asset_Inten−0.006**−0.001
(−2.39)(−0.78)
ROA−0.090**0.048
(−2.16)(1.19)
Lev−0.056***0.035**
(−4.71)(2.45)
MKI0.003***0.004***
(3.48)(2.70)
Firsthold0.046***0.064***
(4.24)(4.46)
Ind−0.026−0.049
(−0.88)(−1.30)
Dual0.006−0.009
(1.40)(−1.61)
Mshare0.086***0.192***
(6.77)(9.45)
Constant0.015−0.072***
(0.39)(−2.63)
IndustryYesYes
YearYesYes
Observations15,57613,664
Adjusted R-squared0.3540.314

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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