Quantile regression tests (Q25, Q50, and Q75) for dividend payout ratio (DPR)
| Expected | Model 1 | Model 2 | Model 3 | |
|---|---|---|---|---|
| Sign | Q25 | Q50 | Q75 | |
| CAPEX | – | −0.191** | −0.231** | 0.035 |
| (−2.07) | (−2.09) | (.) | ||
| WC | – | −0.066* | −0.114** | −0.049 |
| (−1.94) | (−2.57) | (.) | ||
| SIZE | + | 0.014*** | 0.023*** | 0.006*** |
| (3.15) | (5.73) | (7.0e+13) | ||
| SGR | – | −0.067*** | −0.084*** | −0.104 |
| (−2.76) | (−2.92) | (.) | ||
| DER | – | −0.020*** | −0.017** | −0.024 |
| (−3.44) | (−2.45) | (.) | ||
| ROA | + | 0.020 | 0.848*** | 0.954 |
| (0.10) | (5.96) | (.) | ||
| CR | + | 0.016** | 0.020* | 0.038 |
| (2.14) | (1.83) | (.) | ||
| SOE | −0.005 | −0.046* | −0.155*** | |
| (−0.23) | (−1.79) | (−3.69) | ||
| Intercept | −0.047 | −0.300** | 0.396 | |
| (−0.39) | (−2.45) | (.) | ||
| Year FE | Yes | Yes | Yes | |
| Industry FE | Yes | Yes | Yes | |
| N | 870 | 870 | 870 |
| Expected | Model 1 | Model 2 | Model 3 | |
|---|---|---|---|---|
| Sign | Q25 | Q50 | Q75 | |
| CAPEX | – | −0.191** | −0.231** | 0.035 |
| (−2.07) | (−2.09) | (.) | ||
| WC | – | −0.066* | −0.114** | −0.049 |
| (−1.94) | (−2.57) | (.) | ||
| SIZE | + | 0.014*** | 0.023*** | 0.006*** |
| (3.15) | (5.73) | (7.0e+13) | ||
| SGR | – | −0.067*** | −0.084*** | −0.104 |
| (−2.76) | (−2.92) | (.) | ||
| DER | – | −0.020*** | −0.017** | −0.024 |
| (−3.44) | (−2.45) | (.) | ||
| ROA | + | 0.020 | 0.848*** | 0.954 |
| (0.10) | (5.96) | (.) | ||
| CR | + | 0.016** | 0.020* | 0.038 |
| (2.14) | (1.83) | (.) | ||
| SOE | −0.005 | −0.046* | −0.155*** | |
| (−0.23) | (−1.79) | (−3.69) | ||
| Intercept | −0.047 | −0.300** | 0.396 | |
| (−0.39) | (−2.45) | (.) | ||
| Year FE | Yes | Yes | Yes | |
| Industry FE | Yes | Yes | Yes | |
| 870 | 870 | 870 |
Note(s): t statistics in parentheses
*p < 0.1, **p < 0.05, ***p < 0.01
Source(s): Authors' own work
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