臺大管理論叢 NTU Management Review VOL.28 NO.1

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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 4 Coefficients of the Regressions of the Industry-Adjusted Dividend Payout
on Control Divergence and Legal Institutions
PAYOUT = β0 + β1Diverge + β2 Institution + β3Diverge×Institution + β 4GxDiverge + β5GxInstitution +
β6GxDiverge×Institution + β7Own + β8 Own×Institution + β9G + β10Size + β11 Leverage +
β12Ln(GNP) + β13LRes + β14 Dta + error term (1)
Panel A. Legal Law Origin (No. of Observations: 6,093)
Independent
Variable
Exp.
Sign
IADvd/Sales
(1)
IADvd/CFO
(2)
IADvd/MV
(3)
IADvd/E
(4)
Intercept (?)
0.037***
(4.59)
0.067**
(1.98)
0.015***
(3.45)
-0.073
(-1.14)
Diverge (+)
-0.003
(-1.22)
-0.006
(-0.49)
-0.003*
(-1.81)
0.014
(0.65)
Legal (+)
0.015***
(6.86)
0.151***
(16.71)
0.017***
(15.04)
0.038**
(2.26)
Diverge*Legal (+)
0.004
(0.81)
0.036*
(1.65)
0.006**
(2.12)
0.057
(1.38)
G*Diverge (+)
0.002***
(3.25)
0.005**
(2.14)
0.001***
(4.51)
0.007
(1.57)
G*Legal (-)
0.000
(0.46)
-0.007***
(-5.65)
-0.001***
(-7.22)
0.000
(0.14)
G*Diverge*Legal (-)
-0.003***
(-2.98)
-0.013***
(-2.92)
-0.002***
(-3.14)
-0.017**
(-2.05)
Own (?)
0.000***
(4.51)
0.000***
(3.04)
0.000***
(10.44)
0.001***
(4.28)
Own*Legal (?)
-0.000***
(-3.25)
-0.001***
(-3.16)
-0.000***
(-6.17)
-0.001***
(-3.17)
G (-)
-0.000**
(-2.03)
-0.004***
(-4.33)
-0.001***
(-6.24)
-0.021***
(-12.73)
Size (?)
0.001***
(5.86)
-0.000
(-0.23)
-0.000***
(-3.52)
0.004**
(2.07)
Leverage (-)
-0.004***
(-22.13)
-0.099***
(-11.93)
-0.001
(-0.82)
0.046***
(2.93)
Ln(GNP) (?)
-0.006***
(-9.15)
-0.006**
(-2.40)
-0.002***
(-5.75)
0.000
(0.10)
LRes (-)
0.004
(1.33)
-0.004
(-0.32)
-0.005***
(-3.03)
-0.055**
(-2.17)
Dta (+)
0.019***
(5.30)
0.084***
(5.68)
0.016***
(8.25)
0.137***
(4.90)
Adjusted R 2 15.53% 23.52% 19.21% 7.01%