Table 8. Number of... | Emerald Publishing

Table 8.

Number of reputation-established firms for 25 portfolios formed on size and market-to-book ratio

	Market-to-book equity quintiles
Size quintiles	Low	2	3	4	High	Total	Low	2	3	4	High
	Number of firms of RPT5 = 1						Proportion of firms of RPT5 = 1
Small	118	85	40	10	3	256	0.075	0.064	0.041	0.017	0.008
2	125	117	92	41	6	381	0.112	0.107	0.082	0.043	0.010
3	131	132	116	94	33	506	0.141	0.147	0.119	0.082	0.035
4	131	157	169	134	108	699	0.168	0.191	0.187	0.133	0.080
Big	99	160	211	286	312	1,068	0.221	0.218	0.236	0.247	0.191
Total	604	651	628	565	462	2,910
	Number of firms of RPT3 = 1						Proportion of firms of RPT3 = 1
Small	245	203	128	37	5	618	0.155	0.153	0.131	0.061	0.013
2	269	262	199	113	18	861	0.240	0.239	0.177	0.117	0.031
3	250	244	238	212	72	1,016	0.269	0.273	0.245	0.185	0.077
4	237	273	295	261	221	1,287	0.303	0.332	0.326	0.259	0.163
Big	160	271	348	469	535	1,783	0.357	0.369	0.390	0.406	0.327
Total	1,161	1,253	1,208	1,092	851	5,565
	Number of firms in the full sample
Small	1,581	1,324	980	603	372	4,860
2	1,119	1,096	1,122	963	572	4,872
3	931	895	972	1,143	931	4,872
4	781	823	904	1,008	1,357	4,873
Big	448	735	893	1,156	1,634	4,866
Total	4,860	4,873	4,871	4,873	4,866	24,343

	Market-to-book equity quintiles
Size quintiles	Low	2	3	4	High	Total	Low	2	3	4	High
	Number of firms of RPT5 = 1						Proportion of firms of RPT5 = 1
Small	118	85	40	10	3	256	0.075	0.064	0.041	0.017	0.008
2	125	117	92	41	6	381	0.112	0.107	0.082	0.043	0.010
3	131	132	116	94	33	506	0.141	0.147	0.119	0.082	0.035
4	131	157	169	134	108	699	0.168	0.191	0.187	0.133	0.080
Big	99	160	211	286	312	1,068	0.221	0.218	0.236	0.247	0.191
Total	604	651	628	565	462	2,910
	Number of firms of RPT3 = 1						Proportion of firms of RPT3 = 1
Small	245	203	128	37	5	618	0.155	0.153	0.131	0.061	0.013
2	269	262	199	113	18	861	0.240	0.239	0.177	0.117	0.031
3	250	244	238	212	72	1,016	0.269	0.273	0.245	0.185	0.077
4	237	273	295	261	221	1,287	0.303	0.332	0.326	0.259	0.163
Big	160	271	348	469	535	1,783	0.357	0.369	0.390	0.406	0.327
Total	1,161	1,253	1,208	1,092	851	5,565
	Number of firms in the full sample
Small	1,581	1,324	980	603	372	4,860
2	1,119	1,096	1,122	963	572	4,872
3	931	895	972	1,143	931	4,872
4	781	823	904	1,008	1,357	4,873
Big	448	735	893	1,156	1,634	4,866
Total	4,860	4,873	4,871	4,873	4,866	24,343

Notes:

This table reports the number of firms that do not decrease in regular dividends per share over at least five or three years. Size is market capitalization. The sample period is from 1998 to 2019

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