From: Effect of family control on corporate dividend policy of firms in Pakistan
Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 |
---|---|---|---|---|---|---|---|
C | 0.436 | 0.611 | 0.197 | 0.457 | 0.366 | 0.507 | 0.380 |
 | (0.046) | (0.124) | (0.634) | (0.109) | (0.277) | (0.047) | (0.723) |
FD*SIZE | Â | 0.024 | Â | Â | Â | Â | Â |
 |  | (0.535) |  |  |  |  |  |
FD*ROA |  |  | − 0.006 |  |  |  |  |
 |  |  | (0.44) | ||||
FD*M/B | Â | Â | Â | 0.000 | Â | Â | Â |
 |  |  |  | (0.985) | |||
FD*LEV | Â | Â | Â | Â | 1.294 | Â | Â |
 |  |  |  |  | (0.678) | ||
FD*TANG | Â | Â | Â | Â | Â | 0.206 | Â |
 |  |  |  |  |  | (0.657) | |
FD*TURN |  |  |  |  |  |  | −90.440 |
 |  |  |  |  |  |  | (0.944) |
FD | −0.222** | − 0.588 | −0.064 | − 0.230 | −0.317 | − 0.332 | −0.207 |
 | (0.024) | (0.329) | (0.790) | (0.065) | (0.225) | (0.184) | (0.513) |
SIZE | −0.023** | − 0.033 | −0.012 | − 0.023 | −0.018 | − 0.024** | − 0.019 |
 | (0.047) | 0.145 | 0.547 | 0.119 | 0.327 | 0.040 | 0.758 |
ROA | 0.001 | 0.001 | 0.004 | 0.001 | 0.001 | 0.001 | 0.001 |
 | (0.277) | (0.344) | (0.334) | (0.445) | (0.631) | (0.328) | (0.788) |
M/B | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
 | (0.712) | (0.652) | (0.974) | (0.760) | (0.795) | (0.690) | (0.821) |
LEV | −0.088 | − 0.091 | −0.015 | − 0.092 | −0.588 | − 0.070 | −0.086 |
 | (0.224) | (0.262) | (0.896) | (0.334) | (0.624) | (0.438) | (0.515) |
TANG | 0.142** | 0.131* | 0.070 | 0.137** | 0.151* | 0.059 | 0.133 |
 | (0.027) | (0.052) | (0.492) | (0.037) | (0.076) | (0.775) | (0.114) |
TURN | 2.908 | 5.857 | −2.291 | 3.863 | 4.135 | 3.643 | 2.744 |
 | (0.363) | (0.224) | (0.780) | (0.305) | (0.334) | (0.304) | (0.869) |
AR(1) | 0.000 | 0.012 | 0.058 | 0.001 | 0.009 | 0.000 | 0.001 |
AR(2) | 0.433 | 0.564 | 0.765 | 0.284 | 0.691 | 0.187 | 0.884 |
Hansen(J-stat) | 0.191 | 0.216 | 0.132 | 0.109 | 0.165 | 0.221 | 0.473 |
Adj R2 | 0.581 | 0.529 | 0.344 | 0.561 | 0.485 | 0.552 | 0.503 |