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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 3 Spearman Rank (above the Diagonal) and Pearson (below the Diagonal) Correlations among the Regression
Variables
a
Industry-adjusted Dividend Payout Ratio
Firm-specific Control Variable
Ownership
IADvd/
SALES
IADvd/CFO IADvd/MV IADvd/E
G
Size
Leverage
Own
Diverge
IADvd/Sales
1.000
n/a
n/a
n/a
0.018
-0.142***
-0.439***
0.007
-0.097***
IADvd/CFO
n/a
1.000
n/a
n/a
-0.111***
-0.156***
-0.280***
-0.073***
-0.056***
IADvd/MV
n/a
n/a
1.000
n/a
-0.120***
-0.179***
-0.134***
0.105***
-0.089***
IADvd/E
n/a
n/a
n/a
1.000
-0.231***
0.004
0.013
-0.047***
0.047***
G
-0.016
-0.132***
-0.131***
-0.237***
1.000
-0.084***
0.089***
0.127***
-0.082***
Size
-0.074***
-0.152***
-0.165***
0.028**
-0.090***
1.000
0.287***
-0.227***
0.158***
Leverage
-0.319***
-0.247***
-0.123***
0.010
0.086***
0.260***
1.000
-0.040***
0.066***
Own
0.008
-0.050***
0.074***
-0.002
0.009***
-0.202***
-0.018
1.000
-0.390***
Diverge
-0.057***
-0.059***
-0.079***
0.034***
-0.082***
0.145***
0.056***
-0.408***
1.000
Note:
IADvd
is the industry-adjusted dividend payout ratio (the difference between the dividend payout ratio and the industry (worldwide)
median dividend payout ratio based on the 2-digit primary SIC). Refer to Appendix A for the definitions of other variables. *** (**,*)
indicates statistical significance at the 1% (5%, 10%) level, two-tailed.