The regression results with firm fixed effects
| EQDD | EQDDM | |||||
|---|---|---|---|---|---|---|
| DY | −0.110*** (0.028) | −0.118*** (0.028) | ||||
| DIV | −1.211** (0.511) | −2.081*** (0.547) | ||||
| DIVE | −1.606*** (0.434) | −1.789*** (0.422) | ||||
| F | 20.35*** | 14.31*** | 14.26*** | 11.21*** | 7.20*** | 7.12*** |
| R2 | 6.76% | 6.39% | 6.12% | 3.84% | 3.87% | 3.38% |
| Firm fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| No. of observations | 2,727 | 2,727 | 2,727 | 2,727 | 2,727 | 2,727 |
| EQDD | EQDDM | |||||
|---|---|---|---|---|---|---|
| DY | −0.110*** (0.028) | −0.118*** (0.028) | ||||
| DIV | −1.211** (0.511) | −2.081*** (0.547) | ||||
| DIVE | −1.606*** (0.434) | −1.789*** (0.422) | ||||
| 20.35*** | 14.31*** | 14.26*** | 11.21*** | 7.20*** | 7.12*** | |
| 6.76% | 6.39% | 6.12% | 3.84% | 3.87% | 3.38% | |
| Firm fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| No. of observations | 2,727 | 2,727 | 2,727 | 2,727 | 2,727 | 2,727 |
Notes: The values in parentheses are robust standard errors. **,***Statistical significant at the 5 and 1 percent levels, respectively
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