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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Appendix B Coefficients of the Regressions of the Non-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 + industry dummies + error term.
Panel A Legal Law Origin (No. of Observations: 6,093)
Independent
Variable
Exp.
Sign
DVD/Sales
(1)
DVD/CFO
(2)
DVD/MV
(3)
DVD/E
(4)
Intercept (?)
0.060***
(7.04)
0.219***
(6.08)
0.036***
(7.78)
0.198***
(2.90)
Diverge (+)
-0.002
(-0.73)
0.000
(0.04)
-0.003*
(-1.86)
0.016
(0.73)
Legal (+)
0.015***
(7.16)
0.163***
(18.05)
0.019***
(16.18)
0.049***
(2.86)
Diverge*Legal (+)
0.005
(0.98)
0.034
(1.55)
0.006**
(2.08)
0.070*
(1.65)
G*Diverge (+)
0.002***
(2.91)
0.004*
(1.75)
0.001***
(4.09)
0.005
(1.30)
G*Legal (-)
-0.000
(-0.54)
-0.009***
(-6.53)
-0.002***
(-8.94)
-0.002
(-0.65)
G*Diverge*Legal (-)
-0.003***
(-2.62)
-0.011**
(-2.53)
-0.001**
(-2.54)
-0.015*
(-1.77)
Own (?)
0.000***
(4.46)
0.000***
(3.44)
0.000***
(9.76)
0.001***
(4.21)
Own*Legal (?)
-0.000***
(-3.16)
-0.001***
(-3.55)
-0.000***
(-5.80)
-0.001***
(-2.83)
G (-)
-0.000
(-1.55)
-0.004***
(-4.31)
-0.001***
(-5.82)
-0.021***
(-12.71)
Size (?)
0.001***
(5.49)
-0.000
(-0.13)
-0.001***
(-4.62)
0.006***
(3.39)
Leverage (-)
-0.054***
(-26.15)
-0.125***
(-14.44)
-0.001
(-1.19)
0.025
(1.49)
Ln(GNP) (?)
-0.005***
(-9.07)
-0.006**
(-2.50)
-0.002***
(-6.08)
0.000
(0.10)
LRes (-)
0.003
(0.85)
-0.002
(-0.12)
-0.005***
(-2.73)
-0.051**
(-2.05)
Dta (+)
0.017***
(4.88)
0.087***
(5.79)
0.016***
(8.38)
0.127***
(4.44)
Adjusted R 2 22.14% 26.31% 20.57% 7.94%