Table 6 Quantile regression tests... | Emerald Publishing

Table 6

Quantile regression tests (Q10-90) for dividend payout ratio (DPR)

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	Q10	Q20	Q30	Q40	Q50	Q60	Q70	Q80	Q90
CAPEX	−0.169	−0.203	−0.247^***	−0.300	−0.231^**	−0.212^**	−0.164	0.234	0.577
CAPEX	(.)	(.)	(−3.75)	(.)	(−2.09)	(−2.09)	(−0.88)	(.)	(.)
WC	−0.048	−0.054	−0.111^***	−0.162	−0.114^**	−0.092^**	−0.056	−0.056	0.038
WC	(.)	(.)	(−3.59)	(.)	(−2.57)	(−2.00)	(−1.10)	(.)	(.)
SIZE	0.003^***	0.007^***	0.019^***	0.021^***	0.023^***	0.020^***	0.015^***	0.013^***	0.024^***
SIZE	(2.0e+13)	(1.8e+14)	(4.47)	(4.4e+14)	(5.73)	(4.56)	(2.92)	(6.8e+13)	(1.6e+14)
SGR	0.005	−0.026	−0.099^***	−0.099	−0.084^***	−0.099^***	−0.130^***	−0.174	−0.068
SGR	(.)	(.)	(−3.55)	(.)	(−2.92)	(−3.46)	(−3.27)	(.)	(.)
DER	−0.012^***	−0.020	−0.023^***	−0.021	−0.017^**	−0.016^**	−0.008	0.009	0.037
DER	(−8.5e+12)	(.)	(−4.82)	(.)	(−2.45)	(−2.04)	(−0.99)	(.)	(.)
ROA	−0.140	−0.209	0.353^*	0.662	0.848^***	0.886^***	0.922^***	0.973	0.667
ROA	(.)	(.)	(1.72)	(.)	(5.96)	(7.16)	(8.63)	(.)	(.)
CR	0.012	0.012	0.014^*	0.018	0.020^*	0.027^**	0.038^**	0.062	0.106
CR	(.)	(.)	(1.76)	(.)	(1.83)	(2.18)	(2.44)	(.)	(.)
SOE	0.042^***	0.017	−0.023	−0.027	−0.046^*	−0.073^*	−0.114^**	−0.179^***	−0.262^***
SOE	(5.10)	(0.72)	(−0.92)	(−1.56)	(−1.79)	(−1.80)	(−2.17)	(−3.07)	(−4.08)
_cons	0.161	0.108	−0.182	−0.254	−0.300^**	−0.165	0.052	0.326	0.077
_cons	(.)	(.)	(−1.53)	(.)	(−2.45)	(−1.13)	(0.28)	(.)	(.)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	870	870	870	870	870	870	870	870	870

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	Q10	Q20	Q30	Q40	Q50	Q60	Q70	Q80	Q90
CAPEX	−0.169	−0.203	−0.247^***	−0.300	−0.231^**	−0.212^**	−0.164	0.234	0.577
CAPEX	(.)	(.)	(−3.75)	(.)	(−2.09)	(−2.09)	(−0.88)	(.)	(.)
WC	−0.048	−0.054	−0.111^***	−0.162	−0.114^**	−0.092^**	−0.056	−0.056	0.038
WC	(.)	(.)	(−3.59)	(.)	(−2.57)	(−2.00)	(−1.10)	(.)	(.)
SIZE	0.003^***	0.007^***	0.019^***	0.021^***	0.023^***	0.020^***	0.015^***	0.013^***	0.024^***
SIZE	(2.0e+13)	(1.8e+14)	(4.47)	(4.4e+14)	(5.73)	(4.56)	(2.92)	(6.8e+13)	(1.6e+14)
SGR	0.005	−0.026	−0.099^***	−0.099	−0.084^***	−0.099^***	−0.130^***	−0.174	−0.068
SGR	(.)	(.)	(−3.55)	(.)	(−2.92)	(−3.46)	(−3.27)	(.)	(.)
DER	−0.012^***	−0.020	−0.023^***	−0.021	−0.017^**	−0.016^**	−0.008	0.009	0.037
DER	(−8.5e+12)	(.)	(−4.82)	(.)	(−2.45)	(−2.04)	(−0.99)	(.)	(.)
ROA	−0.140	−0.209	0.353^*	0.662	0.848^***	0.886^***	0.922^***	0.973	0.667
ROA	(.)	(.)	(1.72)	(.)	(5.96)	(7.16)	(8.63)	(.)	(.)
CR	0.012	0.012	0.014^*	0.018	0.020^*	0.027^**	0.038^**	0.062	0.106
CR	(.)	(.)	(1.76)	(.)	(1.83)	(2.18)	(2.44)	(.)	(.)
SOE	0.042^***	0.017	−0.023	−0.027	−0.046^*	−0.073^*	−0.114^**	−0.179^***	−0.262^***
SOE	(5.10)	(0.72)	(−0.92)	(−1.56)	(−1.79)	(−1.80)	(−2.17)	(−3.07)	(−4.08)
_cons	0.161	0.108	−0.182	−0.254	−0.300^**	−0.165	0.052	0.326	0.077
_cons	(.)	(.)	(−1.53)	(.)	(−2.45)	(−1.13)	(0.28)	(.)	(.)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	870	870	870	870	870	870	870	870	870

Note(s): t statistics in parentheses

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

Source(s): Authors' own work