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

Financial Innovation

Table 4 Difference of mean test for family and non-family firms

	All (1)	Family (2)	Non-Family (3)	t-statistic (2)–(3) (4)
DIV/TA	0.073	0.013	0.057	−6.491***
DIV/E	0.034	0.028	0.124	−6.112***
SIZE	15.563	14.907	16.284	−11.963***
ROA	9.665	6.712	12.913	−4.916***
M/B	19.017	6.087	33.240	−4.138***
LEV	0.136	0.151	0.120	2.694***
TANG	0.476	0.514	0.434	5.224***
TURN	0.001	0.000	0.001	−6.82***

Note: This table provides the results of difference of means tests for key variables between family and nonfamily firms. The sample comprises the 54 family and 49 nonfamily firms and covers 2009 through 2016
* Significance at the 10% level
** Significance at the 5% level
*** Significance at the 1% level