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臺大管理論叢
第
28
卷第
1
期
Table 5 Regression of the Industry-Adjusted Dividend Payout on the Control
Divergence and Aggregate Legal Institutional Measures
PAYOUT
= β
0
+ β
1
Diverge
+ β
2
Aggregate
+ β
3
Diverge×Aggregate
+ β
4
GxDiverge
+ β
5
GxAggregate
+
β
6
GxDiverge×Aggregate
+ β
7
Own
+ β
8
Own×Aggregate
+ β
9
G
+ β
10
Size
+ β
11
Leverage
+
β
12
Ln(GNP)
+ β
13
LRes
+ β
14
Dta
+ error term
(1)
Industry-adjusted Dependent Variable
Independent
Variable
Exp.
Sign
IADvd/Sales
(1)
IADvd/CFO
(2)
IADvd/MV
(3)
IADvd/E
(4)
Intercept
(?)
0.047***
(3.48)
-0.172***
(-2.99)
-0.029***
(-4.02)
-0.025
(-0.23)
Diverge
(+)
-0.027
(-1.25)
-0.014
(-0.15)
0.002
(0.15)
-0.136
(-0.81)
Aggregate
(+)
0.001**
(2.32)
0.012***
(12.01)
0.001***
(10.89)
-0.000
(-0.13)
Diverge*Aggregate
(+)
0.001
(1.05)
0.000
(0.06)
-0.000
(-0.40)
0.004
(0.89)
G*Diverge
(+)
0.019***
(5.01)
0.048***
(2.91)
0.005***
(2.64)
0.092***
(3.05)
G*Aggregate
(-)
0.000**
(2.48)
-0.001***
(-4.51)
-0.000***
(-6.46)
0.000
(1.19)
G*Diverge*Aggregate
(-)
-0.000***
(-4.75)
-0.001***
(-2.77)
-0.000**
(-2.17)
-0.002***
(-2.94)
Own
(?)
0.001***
(4.72)
0.004***
(6.20)
0.001***
(7.05)
0.007***
(5.83)
Own*Aggregate
(?)
-0.000***
(-4.77)
-0.000***
(-6.48)
-0.000***
(-6.32)
-0.000***
(-5.89)
G
(-)
-0.003***
(-2.80)
0.017***
(3.07)
0.003***
(4.55)
-0.033***
(-3.28)
Size
(?)
0.001***
(3.94)
-0.002**
(-2.08)
-0.001***
(-4.62)
0.001
(0.69)
Leverage
(-)
-0.045***
(-22.88)
-0.114***
(-13.42)
-0.003**
(-2.41)
0.033**
(2.13)
Ln(GNP)
(?)
-0.007***
(-9.29)
-0.018***
(-5.90)
-0.002***
(-4.72)
0.006
(1.08)
LRes
(-)
-0.010***
(-3.26)
-0.090***
(-6.86)
-0.013***
(-8.12)
-0.136***
(-5.64)
Dta
(+)
0.019***
(5.29)
0.083***
(5.35)
0.017***
(8.86)
0.137***
(4.83)
Adjusted R
2
14.33% 19.79% 16.77%
8.11%
Note: The variables are as defined in Appendix A. The number of observation is 5,926. The
Aggregate
measure is constructed using principle component analysis. The other variables
are as defined in Appendix A. *** (**,*) indicates statistical significance at the 1% (5%, 10%)
level, two-tailed.