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

Table 3 Correlation Matrix

	DIV/TA	DIV/E	SIZE	ROA	M/B	LEV	TANG	TURN
DIV/TA	1
DIV/E	0.867***	1
SIZE	0.055	0.056	1
ROA	0.303***	0.266***	−0.014	1
M/B	0.125***	0.179***	− 0.003	0.141***	1
LEV	−0.135***	− 0.096***	0.127***	− 0.324***	− 0.108***	1
TANG	−0.079**	− 0.090***	0.159***	− 0.248***	− 0.080**	0.568***	1
TURN	0.188***	0.127***	0.361***	0.296***	0.064*	− 0.052	−0.020	1

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
* Significance at the 10% level
** Significance at the 5% level
*** Significance at the 1% level