Effect of family control on corporate dividend policy of firms in Pakistan

Financial Innovation

Table 2 Summary Statistics

	DIV/TA	DIV/E	SIZE	ROA	M/B	LEV	TANG	TURN
Panel A: Summary statistics for the full sample
Mean	0.073	0.034	15.563	9.665	19.017	0.136	0.476	0.001
Median	0.012	0.006	15.559	6.380	8.447	0.077	0.474	0.000
Maximum	3.807	1.964	19.666	266.050	151.024	1.073	0.973	0.027
Minimum	−0.070	0.000	8.536	−46.730	− 146.26	0.000	0.001	0.000
Std. Dev.	0.229	0.099	1.744	18.173	94.917	0.168	0.228	0.002
Obs.	824	824	824	824	824	824	824	824
Panel B: Summary statistics for the family firm’s sample
Mean	0.013	0.028	14.907	6.712	6.087	0.151	0.514	0.000
Median	0.000	0.000	14.852	4.260	5.234	0.102	0.516	0.000
Maximum	0.484	1.641	17.852	266.050	98.113	0.988	0.965	0.002
Minimum	0.000	−0.070	8.536	−46.730	− 653.01	0.000	0.007	0.000
Std. Dev.	0.033	0.097	1.469	18.248	41.716	0.150	0.195	0.000
Obs.	432	432	432	432	432	432	432	432
Panel C: Summary statistics for the non-family firm’s sample
Mean	0.057	0.124	16.284	12.913	33.240	0.120	0.434	0.001
Median	0.020	0.051	16.576	10.760	14.964	0.037	0.412	0.000
Maximum	1.964	3.807	19.666	63.720	1501.020	1.073	0.973	0.027
Minimum	0.000	0.000	11.372	−40.910	− 1456.26	0.000	0.001	0.000
Std. Dev.	0.136	0.308	1.739	17.547	129.007	0.185	0.253	0.003
Obs.	392	392	392	392	392	392	392	392

Note: DIV/TA denotes to Dividends/Total Assets; DIV/E denotes to Dividends/Total Equity; ROA denotes to Return on Assets; M/B denotes to market-to-book value of equity; Lev denotes to leverage; Tang denotes to tangibility; and Turn denotes to Turnover