Table 4 Regression tests for dividend... | Emerald Publishing

Table 4

Regression tests for dividend payout ratio (DPR)

	Expected	Model 1	Model 2
Variable	Sign	Mean regression	Median regression
CAPEX	–	−0.256^**	−0.231^**
CAPEX		(−2.38)	(−2.09)
WC	–	−0.106^**	−0.114^**
WC		(−2.36)	(−2.57)
SGR	–	−0.115^***	−0.084^***
SGR		(−3.31)	(−2.92)
SIZE	+	0.015^***	0.023^***
SIZE		(3.13)	(5.73)
DER	–	−0.017^**	−0.017^**
DER		(−1.97)	(−2.45)
ROA	+	0.770^***	0.848^***
ROA		(7.51)	(5.96)
CR	+	0.014^*	0.020^*
CR		(1.75)	(1.83)
SOE		−0.016	−0.046^*
SOE		(−0.54)	(−1.79)
Intercept		−0.047	−0.300^**
Intercept		(−0.32)	(−2.45)
Year FE		Yes	Yes
Industry FE		Yes	Yes
R²		0.177
F-statistic		6,95^***
N		870	870

	Expected	Model 1	Model 2
Variable	Sign	Mean regression	Median regression
CAPEX	–	−0.256^**	−0.231^**
CAPEX		(−2.38)	(−2.09)
WC	–	−0.106^**	−0.114^**
WC		(−2.36)	(−2.57)
SGR	–	−0.115^***	−0.084^***
SGR		(−3.31)	(−2.92)
SIZE	+	0.015^***	0.023^***
SIZE		(3.13)	(5.73)
DER	–	−0.017^**	−0.017^**
DER		(−1.97)	(−2.45)
ROA	+	0.770^***	0.848^***
ROA		(7.51)	(5.96)
CR	+	0.014^*	0.020^*
CR		(1.75)	(1.83)
SOE		−0.016	−0.046^*
SOE		(−0.54)	(−1.79)
Intercept		−0.047	−0.300^**
Intercept		(−0.32)	(−2.45)
Year FE		Yes	Yes
Industry FE		Yes	Yes
R²		0.177
F-statistic		6,95^***
N		870	870

Note(s): t statistics in parentheses

^*p < 0.1, ^**p < 0.05, ^***p < 0.01

Source(s): Authors' own work