Table 7

Dividend policy regulation and cost stickiness: grouped by cash flow levels

Variables(1)(2)
High cash flow levelLow cash flow level
LnSGALnSGA
LnIncome0.598***0.381***
(41.59)(22.84)
LnIncome×D−0.365***−0.009
(−2.71)(−0.09)
LnIncome×D×Treat0.032−0.164***
(0.32)(−3.08)
LnIncome×D×Post−0.007−0.125**
(−0.08)(−2.15)
LnIncome×D×Treat×Post0.0040.148**
(0.04)(2.14)
Treat−0.002−0.060***
(−0.27)(−7.61)
Post0.091***0.061***
(6.25)(3.96)
Treat×Post−0.0020.034***
(−0.28)(3.46)
LnIncome×D×D_Twoyear0.121**0.160***
(2.32)(4.34)
LnIncome×D×Eco_Growth0.5140.696
(0.56)(1.21)
LnIncome×D×Employ_Inten−0.008−0.010
(−0.50)(−1.54)
LnIncome×D×Asset_Inten−0.024***−0.019***
(−4.06)(−5.40)
D_Twoyear−0.010−0.019**
(−1.21)(−2.32)
Employ_Inten0.006***−0.001
(2.97)(−0.71)
Asset_Inten0.001−0.003**
(0.82)(−2.50)
ROA0.061−0.108**
(1.51)(−2.46)
Lev0.000−0.019
(0.01)(−1.53)
MKI0.003***0.004***
(3.35)(3.40)
Firsthold0.030***0.071***
(2.75)(4.97)
Ind−0.006−0.062*
(−0.19)(−1.71)
Dual0.006−0.006
(1.42)(−1.21)
Mshare0.079***0.164***
(5.12)(10.64)
Constant−0.113***−0.005
(−4.28)(−0.18)
IndustryYesYes
YearYesYes
Observations14,62014,620
Adjusted R-squared0.4200.272

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

[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close Modal
Close Modal