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投資機會和投資者保護機制對控股股東派息的影響
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Table 1 Country-Level Summary Statistics
Refer to Appendix A for the definitions of the variables.
Panel A: Country-Level Summary of Industry-adjusted Dividend Payout Ratios, and Country- and Firm-Specific
Characteristics
Dividend Payout Ratios (%)
a
Country- and Firm-specific Characteristics
Country
No. of
Obs.
Dvd/
SALES
Dvd/CFO Dvd/MV Dvd/E G
a
Size
a
Leverage
a
Ln(GNP)
LRes
Dta
Austria
66 4.73% 18.84% 2.50% 45.75% 5.81
19.57
0.56
10.07
0.10
0.78
Belgium
98 3.04% 16.32% 2.82% 38.98% 4.67
20.05
0.59
9.98
0.10
0.74
Finland
112 1.69% 16.26% 2.56% 37.03% 5.38
19.42
0.52
9.87
0.00
1.07
France
607 1.43% 13.32% 2.06% 29.57% 4.80
19.68
0.59
10.02
0.10
0.64
Germany
529 1.56% 16.36% 2.33% 52.64% 4.60
19.84
0.63
10.07
0.10
0.86
Hong Kong
188 7.24% 39.82% 4.79% 45.80% 4.36
19.71
0.37
9.80
0.00
1.00
Indonesia
94 4.56% 23.31% 3.71% 39.53% 7.22
18.65
0.46
6.61
0.00
0.76
Ireland
73 1.50% 17.47% 2.27% 26.27% 4.99
19.11
0.54
9.47
0.00
0.77
Italy
163 2.77% 16.13% 2.87% 44.47% 5.16
20.28
0.58
9.90
0.20
0.77
Japan
1,060 0.77% 12.47% 0.93% 39.38% 3.02
20.83
0.60
10.36
0.25
0.70
Malaysia
166 4.16% 24.83% 1.65% 35.02% 5.68
19.42
0.40
8.05
0.00
0.68
Norway
100 1.86% 12.77% 1.79% 24.66% 5.86
19.43
0.57
10.16
0.20
1.08
Philippines
48 2.93% 10.80% 1.34% 15.32% 5.98
19.17
0.39
6.75
0.00
1.05
Portugal
48 2.36% 15.97% 2.70% 39.54% 6.25
18.85
0.48
9.12
0.20
0.98
Singapore
169 3.92% 25.93% 1.87% 39.41% 4.40
19.42
0.40
9.90
0.00
0.96
South Korea
104 0.65% 7.85% 1.77% 30.90% 6.63
20.34
0.70
8.94
0.50
0.79
Spain
162 4.46% 21.49% 3.28% 43.38% 5.31
20.12
0.49
9.52
0.20
0.72
Sweden
163 2.07% 18.13% 2.44% 32.68% 5.70
20.02
0.56
10.12
0.20
1.03
Switzerland
210 1.73% 14.75% 2.36% 36.42% 4.07
19.96
0.58
10.48
0.50
0.56
Taiwan
73 3.22% 17.99% 1.18% 27.04% 4.73
20.16
0.37
9.25
1.00
0.60
Thailand
73 5.01% 27.41% 3.62% 50.46% 4.92
19.08
0.53
7.65
0.10
0.90
United
Kingdom
1,787 2.80% 27.17% 3.20% 41.29% 4.38
18.85
0.53
9.80
0.00
0.83
Mean
2.93% 18.88% 2.46% 37.07% 5.17
19.64
0.52
9.36
0.17
0.83
Median
2.78% 16.91% 2.40% 39.18% 5.07
19.63
0.53
9.83
0.10
0.79
Std. dev.
0.16% 7.05% 0.91% 8.93% 0.93
0.56
0.09
1.11
0.24
0.16