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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 6 Summary of the Sensitivity Analyses
Independent Variable
Exp.
Sign
Excluding Japan and
the United Kingdom
Excluding 1997 and
1998
Fama-Macbeth
Regressions
(1)
(2)
(3)
Panel A: Industry-Adjusted Dividend/Sales as Dependent Variable
Intercept
(?)
0.057**
(2.48)
0.078*** (4.45) 0.081*
(2.19)
Diverge
(+)
-0.001 (-0.02)
-0.055** (-2.01) -0.037 (-1.35)
Aggregate
(+)
0.000
(0.18)
0.000
(0.44) -0.000 (-0.17)
Diverge*Aggregate
(+)
-0.000 (-0.13)
0.001*
(1.89) 0.001
(1.45)
G*Diverge
(+)
0.015**
(2.39)
0.026*** (5.36) 0.023*
(2.05)
G*Aggregate
(-)
0.000
(0.73)
0.000*** (3.21) 0.000
(1.59)
G*Diverge*Aggregate
(-)
-0.000** (-2.16)
-0.001*** (-5.14) -0.001*
(-2.06)
Own
(?)
0.000
(1.00)
0.001*** (3.98) 0.000
(1.35)
Own*Aggregate
(?)
-0.000 (-1.16)
-0.000*** (-4.11) -0.000 (-1.40)
G
(-)
-0.003 (-1.14)
-0.005*** (-3.31) -0.004 (-1.63)
Size
(?)
0.001*
(1.92)
0.001*** (2.92) 0.001*** (4.27)
Leverage
(-)
-0.077*** (-20.43)
-0.050*** (-19.53) -0.046*** (-5.12)
Ln(GNP)
(?)
-0.003*** (-2.79)
-0.008*** (-8.19) -0.008*** (-3.98)
LRes
(-)
-0.011*** (-2.72)
-0.008*
(-1.71) -0.008 (-1.53)
Dta
(+)
0.011**
(2.28)
0.019*** (3.92) 0.021*** (4.38)
Adjusted R
2
15.94%
14.50%
n/a
No. of Observations
3,079
3,981
n/a
Panel B: Industry-Adjusted Dividend/CFO as Dependent Variable
Intercept
(?)
0.077
(0.90)
-0.059 (-0.82) -0.061 (-0.49)
Diverge
(+)
0.070
(0.47)
-0.037 (-0.33) -0.010 (-0.11)
Aggregate
(+)
0.005*** (2.61)
0.011*** (8.99) 0.012*** (18.51)
Diverge*Aggregate
(+)
-0.002 (-0.46)
0.001
(0.36) 0.000
(0.12)
G*Diverge
(+)
0.033
(1.45)
0.056*** (2.84) 0.056*
(2.21)
G*Aggregate
(-)
-0.000 (-1.18)
-0.001*** (-3.67) -0.001*** (-3.64)
G*Diverge*Aggregate
(-)
-0.001 (-1.37)
-0.001*** (-2.81) -0.001** (-2.29)
Own
(?)
0.002
(1.63)
0.003*** (4.02) 0.003**
(2.45)
Own*Aggregate
(?)
-0.000*
(-1.74)
-0.000*** (-4.46) -0.000** (-2.87)
G
(-)
0.003
(0.37)
0.018*** (2.70) 0.019**
(2.49)
Size
(?)
-0.004** (-2.26)
-0.002*
(-1.88) -0.002*
(-2.13)
Leverage
(-)
-0.226*** (-16.29)
-0.126*** (-12.05) -0.095*** (-3.91)
Ln(GNP)
(?)
-0.006 (-1.63)
-0.025*** (-6.25) -0.032** (-2.26)
LRes
(-)
-0.066*** (-4.55)
-0.097*** (-5.28) -0.050 (-0.88)
Dta
(+)
0.077*** (4.36)
0.073*** (3.69) 0.112**
(2.25)
Adjusted R
2
16.30%
19.87%
n/a
No. of Observations
3,079
3,981
n/a