Determinants of reputation building: Logit regressions for two sub-periods
| 1998∼2008 | 2009∼2019 | |||
|---|---|---|---|---|
| Log(DY) | 0.541*** (5.04) | 0.555*** (5.28) | 1.029*** (9.84) | 1.028*** (9.77) |
| Log(MV) | 0.190*** (3.57) | 0.208*** (3.81) | 0.279*** (6.37) | 0.280*** (6.34) |
| Log(Age) | 0.802*** (8.02) | 0.808*** (8.26) | 0.615*** (7.99) | 0.598*** (7.78) |
| ROA | 9.338*** (7.31) | 9.245*** (7.30) | 6.942*** (5.75) | 6.944*** (5.72) |
| Cashflow | 0.915 (1.43) | 0.922 (1.44) | 0.073 (0.13) | 0.066 (0.11) |
| r1Y | 0.046 (1.25) | 0.035 (0.88) | −0.233*** (−3.64) | −0.246*** (−3.73) |
| GS | 0.596 (1.51) | 0.640 (1.64) | −0.224 (−0.77) | −0.235 (−0.80) |
| MB | −0.044 (−0.76) | −0.044 (−0.77) | 0.029*** (4.60) | 0.028*** (4.57) |
| LVRG | −0.672* (−1.76) | −0.643* (−1.70) | −1.119*** (−3.61) | −1.062*** (−3.40) |
| σr1Y | −26.154*** (−3.87) | −23.215*** (−3.43) | −14.510*** (−2.66) | −11.422** (−2.09) |
| σROA | −27.756*** (−5.87) | −27.533*** (−5.85) | −15.196*** (−3.75) | −14.242*** (−3.61) |
| LargeSh | 0.401 (0.93) | 0.539 (1.53) | ||
| MinorSh | −0.823* (−1.65) | −0.852** (−2.34) | ||
| FMsh | 0.391*** (2.90) | 0.356*** (2.65) | 0.096 (0.81) | 0.072 (0.60) |
| Constant | −9.966*** (−7.18) | −10.087*** (−7.58) | −9.283*** (−6.38) | −9.211*** (−7.16) |
| Observations | 9,526 | 9,550 | 22,346 | 22,346 |
| Year dummy | Yes | Yes | Yes | Yes |
| Industry dummy | Yes | Yes | Yes | Yes |
| Clusters (firms) | 1,508 | 1,507 | 1,736 | 1,727 |
| R2 | 0.278 | 0.279 | 0.235 | 0.233 |
| 1998∼2008 | 2009∼2019 | |||
|---|---|---|---|---|
| 0.541 | 0.555 | 1.029 | 1.028 | |
| 0.190 | 0.208 | 0.279 | 0.280 | |
| 0.802 | 0.808 | 0.615 | 0.598 | |
| 9.338 | 9.245 | 6.942 | 6.944 | |
| 0.915 (1.43) | 0.922 (1.44) | 0.073 (0.13) | 0.066 (0.11) | |
| 0.046 (1.25) | 0.035 (0.88) | −0.233 | −0.246 | |
| 0.596 (1.51) | 0.640 (1.64) | −0.224 (−0.77) | −0.235 (−0.80) | |
| −0.044 (−0.76) | −0.044 (−0.77) | 0.029 | 0.028 | |
| −0.672 | −0.643 | −1.119 | −1.062 | |
| −26.154 | −23.215 | −14.510 | −11.422 | |
| −27.756 | −27.533 | −15.196 | −14.242 | |
| 0.401 (0.93) | 0.539 (1.53) | |||
| −0.823 | −0.852 | |||
| 0.391 | 0.356 | 0.096 (0.81) | 0.072 (0.60) | |
| Constant | −9.966 | −10.087 | −9.283 | −9.211 |
| Observations | 9,526 | 9,550 | 22,346 | 22,346 |
| Year dummy | Yes | Yes | Yes | Yes |
| Industry dummy | Yes | Yes | Yes | Yes |
| Clusters (firms) | 1,508 | 1,507 | 1,736 | 1,727 |
| 0.278 | 0.279 | 0.235 | 0.233 | |
Notes:
This table reports the results from logit regressions of dividend reputation dummies, RPT5 for two sub-periods, from 1998 to 2008 and from 2009 to 2019. The variables are defined in Table 1. t-statistics are based on standard errors adjusted for the firm-clustering effect and are in parentheses.
,
and
denote statistical significance at the 1, 5 and 10% levels
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