Table 9 Results of the causal study in... | Emerald Publishing

Table 9

Results of the causal study in the sense of Granger alternative measures dividends to sales ratio and Kothari et al. (2005) model

Variable	DPO		DA
Variable	Coefficient	t-Statistic	Coefficient	t-Statistic
DA (−1)	0.944^**	1.992	0.079	0.581
DPO (−1)	−0.544^**	−2.216	0.283^*	1.864
DEBT	−0.174	−0.389	−0.132	−1.036
SIZE	−0.196	−1.433	0.020	0.402
GROW	−0.100	−1.236	−0.004	−0.731
CFO	0.640	1.176	0.548^***	4.312
RSQ	0.004^**	2.258	−0.000	−0.646
ACEXP	0.000	0.723	−0.000	−1.310
ACIND	−0.003	−1.026	0.000	0.450
NUMB	0.023	0.982	0.004	1.189
No. of observations	1,561		1,561
Hansen j-test (p-value)	12.149 (0.352)		10.161 (0.515)
AR(2) test (p-value)	−0.676 (0.499)		−0.534 (0.593)

Variable	DPO		DA
Variable	Coefficient	t-Statistic	Coefficient	t-Statistic
DA (−1)	0.944^**	1.992	0.079	0.581
DPO (−1)	−0.544^**	−2.216	0.283^*	1.864
DEBT	−0.174	−0.389	−0.132	−1.036
SIZE	−0.196	−1.433	0.020	0.402
GROW	−0.100	−1.236	−0.004	−0.731
CFO	0.640	1.176	0.548^***	4.312
RSQ	0.004^**	2.258	−0.000	−0.646
ACEXP	0.000	0.723	−0.000	−1.310
ACIND	−0.003	−1.026	0.000	0.450
NUMB	0.023	0.982	0.004	1.189
No. of observations	1,561		1,561
Hansen j-test (p-value)	12.149 (0.352)		10.161 (0.515)
AR(2) test (p-value)	−0.676 (0.499)		−0.534 (0.593)

Note(s): *Significance at 10% level; **significance at 5% level and ***significance at 1% level

Source(s): Own elaboration