Table III Dividend payers and dividend...

Table III

Dividend payers and dividend non-payers comparisons

Measure of earnings quality
	Dividend payers			Dividend non-payers			Tests for differences
Variable	Nobs	Mean	Median	Nobs	Mean	Median	Mean	Median
EQDD	1,912	0.070	0.049	815	0.078	0.057	−0.008***	−0.008**
Control variables
	Dividend payers			Dividend payers			Tests for differences
Variable	Nobs	Mean	Median	Nobs	Mean	Median	Mean	Median
ROA	1,912	11.530	9.324	815	3.521	3.508	8.009***	5.816***
SALESG	1,912	14.776	10.346	815	10.198	2.575	4.577***	7.771***
BEME	1,912	1.500	1.305	815	2.140	1.928	−0.640***	−0.623***
LNME	1,912	11.908	11.792	815	11.393	11.215	0.515***	0.577***
AGE	1,912	5.565	5.000	815	5.620	5.000	−0.055	0.000
LTDA	1,912	8.029	2.391	815	10.299	4.017	−2.270***	−1.626***

Notes: The sample includes 2,727 firm-year observations in the period from 2010 to 2016. Nobs is the number of firm-year observations. **,***Statistical significant at the 5 and 1 percent levels, respectively

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