Table 1 Variable definition Variable... | Emerald Publishing

Table 1

Variable definition

Variable	Symbol	Measurement
Dependent
Dividend payout ratio	DPR	Dividend per share/earning per share (Shafai et al., 2019)
Main variable
Capital expenditure	CAPEX	(Fixed Asset – Lag Fixed Asset) + Depreciation/Total Asset (Jiraporn et al., 2016)
Working capital	WC	Current assets - Current liabilities (Setianto et al., 2022)
Control variable
Sales growth	SGR	(Net Sales - Lag Sales)/Lag Sales
Firm size	SIZE	Natural Logarithm of Total Asset (Nor et al., 2020; Tinungki et al., 2022)
Debt to equity ratio	DER	Debt/Equity (Tinungki et al., 2022)
Return on asset	ROA	Earning After Tax/Total Asset (Setianto et al., 2022)
Cash ratio	CR	Cash and Cash Equivalent/Current Liabilities (Nor et al., 2020; Zelalem and Abebe, 2022)
State owned enterprise	SOE	Dummy = 1 for SOE, 0 for Non-SOE (Zhang and Liu, 2020)

Variable	Symbol	Measurement
Dependent
Dividend payout ratio	DPR	Dividend per share/earning per share (Shafai et al., 2019)
Main variable
Capital expenditure	CAPEX	(Fixed Asset – Lag Fixed Asset) + Depreciation/Total Asset (Jiraporn et al., 2016)
Working capital	WC	Current assets - Current liabilities (Setianto et al., 2022)
Control variable
Sales growth	SGR	(Net Sales - Lag Sales)/Lag Sales
Firm size	SIZE	Natural Logarithm of Total Asset (Nor et al., 2020; Tinungki et al., 2022)
Debt to equity ratio	DER	Debt/Equity (Tinungki et al., 2022)
Return on asset	ROA	Earning After Tax/Total Asset (Setianto et al., 2022)
Cash ratio	CR	Cash and Cash Equivalent/Current Liabilities (Nor et al., 2020; Zelalem and Abebe, 2022)
State owned enterprise	SOE	Dummy = 1 for SOE, 0 for Non-SOE (Zhang and Liu, 2020)

Source(s): Authors' own work