The regression results with other two proxies for dividend policy
| EQDD | EQDDM | |||
|---|---|---|---|---|
| DY | −0.045** (0.021) | −0.058*** (0.021) | ||
| DIVE | −1.147*** (0.333) | −1.354*** (0.344) | ||
| F | 32.54*** | 32.69*** | 12.11*** | 12.19*** |
| R2 | 14.23% | 14.43% | 7.67% | 7.98% |
| Industry fixed effects | Yes | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes | Yes |
| Number of observations | 2,727 | 2,727 | 2,727 | 2,727 |
| EQDD | EQDDM | |||
|---|---|---|---|---|
| DY | −0.045** (0.021) | −0.058*** (0.021) | ||
| DIVE | −1.147*** (0.333) | −1.354*** (0.344) | ||
| 32.54*** | 32.69*** | 12.11*** | 12.19*** | |
| 14.23% | 14.43% | 7.67% | 7.98% | |
| Industry fixed effects | Yes | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes | Yes |
| Number of observations | 2,727 | 2,727 | 2,727 | 2,727 |
Notes: The values in parentheses are standard errors clustered by firm. **,***Statistical significant at the 5 and 1 levels, respectively
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