Table 6

Dividend policy regulation and cost stickiness: grouped by analyst coverage

Variables(1)(2)
High analyst coverageLow analyst coverage
LnSGALnSGA
LnIncome0.600***0.408***
(42.30)(25.24)
LnIncome×D−0.263**−0.118
(−2.03)(−1.21)
LnIncome×D×Treat0.034−0.134**
(0.40)(−2.53)
LnIncome×D×Post−0.042−0.080
(−0.50)(−1.40)
LnIncome×D×Treat×Post−0.0490.131**
(−0.48)(1.98)
Treat−0.020***−0.035***
(−3.31)(−4.44)
Post0.047***0.089***
(3.56)(5.98)
Treat×Post0.021***0.014
(3.07)(1.45)
LnIncome×D×D_Twoyear0.225***0.152***
(3.91)(4.41)
LnIncome×D×Eco_Growth0.1440.782
(0.19)(1.36)
LnIncome×D×Employ_Inten0.008−0.008
(0.51)(−1.21)
LnIncome×D×Asset_Inten−0.034***−0.017***
(−4.72)(−5.45)
D_Twoyear0.014−0.016**
(1.40)(−2.27)
Employ_Inten0.008***0.000
(4.29)(0.12)
Asset_Inten0.002−0.003**
(0.93)(−2.35)
ROA−0.011−0.177***
(−0.26)(−4.31)
Lev−0.004−0.028**
(−0.32)(−2.31)
MKI0.002*0.004***
(1.88)(3.15)
Firsthold0.0040.094***
(0.34)(7.04)
Ind0.031−0.085**
(1.15)(−2.27)
Dual0.002−0.002
(0.58)(−0.48)
Mshare0.080***0.143***
(6.09)(8.65)
Constant−0.050*−0.060**
(−1.92)(−2.16)
IndustryYesYes
YearYesYes
Observations13,97115,269
Adjusted R-squared0.4250.263

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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