Table 10 Results of the simultaneous... | Emerald Publishing

Table 10

Results of the simultaneous equation model – alternative measures dividends to sales ratio and Kothari et al. (2005) model

Variables	3 SLS		The iterative 3SLS
Variables	DPO	DA	DPO	DA
Intercept	−0.084	0.035	−0.088	0.034
Intercept	−0.93	1.46	−0.96	1.39
DA	1.924^**		1.965^**
DA	2.49		2.51
DPO		0.171^***		0.170^**
DPO		2.56		2.53
SIZE	0.001	−0.000	0.001	−0.000
SIZE	0.24	−0.47	0.27	−0.41
DEBT	0.083^**	−0.023^**	0.083^**	−0.023^**
DEBT	2.08	−1.99	2.04	−1.99
ROE	0.077^**		0.072^**
ROE	2.08		2.04
RSQ	−0.000	0.000	−0.000	0.000
RSQ	−1.35	0.61	−1.30	0.61
GROW	−0.243^***	0.072^***	−0.244^***	0.072^***
GROW	−4.66	4.71	−4.58	4.64
LIQ	0.031^***		0.032^***
LIQ	2.26		2.23
CFO	0.860^*	−0.614^***	0.891^*	−0.616^***
CFO	1.67	−11.66	1.72	−11.60
BM		−0.000		−0.000
BM		−0.83		−0.91
ROA		0.000		0.000
ROA		1.23		1.36
ACEXP	0.000	−0.000	0.000	−0.000
ACEXP	0.55	−0.96	0.54	−0.94
ACIND	−0.000	0.000	−0.000	0.000
ACIND	−1.42	1.52	−1.43	1.50
NUMB	−0.001	−0.000	−0.001	−0.000
NUMB	−0.60	−0.55	−0.59	−0.67
AUD		0.001		0.000
AUD		0.47		0.18
CUMUL		−0.001		−0.001
CUMUL		−0.54		−0.54
TACA		0.001^**		0.001^**
TACA		1.99		2.04
CONC		−0.000		−0.000
CONC		−1.43		−1.55
R²	0.194	0.564	0.187	0.563
χ²	78.68^***	349.03^***	75.29^***	342.97^***

Variables	3 SLS		The iterative 3SLS
Variables	DPO	DA	DPO	DA
Intercept	−0.084	0.035	−0.088	0.034
Intercept	−0.93	1.46	−0.96	1.39
DA	1.924^**		1.965^**
DA	2.49		2.51
DPO		0.171^***		0.170^**
DPO		2.56		2.53
SIZE	0.001	−0.000	0.001	−0.000
SIZE	0.24	−0.47	0.27	−0.41
DEBT	0.083^**	−0.023^**	0.083^**	−0.023^**
DEBT	2.08	−1.99	2.04	−1.99
ROE	0.077^**		0.072^**
ROE	2.08		2.04
RSQ	−0.000	0.000	−0.000	0.000
RSQ	−1.35	0.61	−1.30	0.61
GROW	−0.243^***	0.072^***	−0.244^***	0.072^***
GROW	−4.66	4.71	−4.58	4.64
LIQ	0.031^***		0.032^***
LIQ	2.26		2.23
CFO	0.860^*	−0.614^***	0.891^*	−0.616^***
CFO	1.67	−11.66	1.72	−11.60
BM		−0.000		−0.000
BM		−0.83		−0.91
ROA		0.000		0.000
ROA		1.23		1.36
ACEXP	0.000	−0.000	0.000	−0.000
ACEXP	0.55	−0.96	0.54	−0.94
ACIND	−0.000	0.000	−0.000	0.000
ACIND	−1.42	1.52	−1.43	1.50
NUMB	−0.001	−0.000	−0.001	−0.000
NUMB	−0.60	−0.55	−0.59	−0.67
AUD		0.001		0.000
AUD		0.47		0.18
CUMUL		−0.001		−0.001
CUMUL		−0.54		−0.54
TACA		0.001^**		0.001^**
TACA		1.99		2.04
CONC		−0.000		−0.000
CONC		−1.43		−1.55
R²	0.194	0.564	0.187	0.563
χ²	78.68^***	349.03^***	75.29^***	342.97^***

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

Source(s): Own elaboration