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

Financial Innovation

Table 6 Effect of family ownership on Dividend/Total Equity

Variable	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
C	0.457	1.228	0.231	0.522	0.320	0.652	0.105
	(0.105)	(0.320)	(0.636)	(0.280)	(0.871)	(0.322)	(0.959)
FD*SIZE		0.040
		(0.651)
FD*ROA			− 0.014
			(0.235)
FD*M/B				−0.002
				(0.625)
FD*LEV					3.183
					(0.714)
FD*TANG						−1.114
						(0.571)
FD*TURN							−723.940
							(0.714)
FD	−0.230**	− 1.098	−0.053	− 0.309	−0.538	0.057	−0.221
	(0.06)	(0.46)	(0.85)	(0.14)	(0.30)	(0.94)	(0.74)
SIZE	−0.023*	− 0.065	−0.014	− 0.025	−0.013	− 0.042	0.000
	(0.10)	(0.35)	(0.55)	(0.33)	(0.90)	(0.33)	(014)
ROA	0.001	0.001	0.009	0.001	0.001	0.001	0.003
	(0.42)	(0.64)	(0.17)	(0.59)	(0.85)	(0.57)	(0.62)
M/B	0.000	0.000	0.001	0.001	0.003	0.000	0.001
	(0.738)	(0.954)	(0.576)	(0.458)	(0.728)	(0.887)	(0.679)
LEV	−0.094	− 0.138	0.065	− 0.138	−1.279	−0.233	− 0.029**
	(0.249)	(0.516)	(0.712)	(0.441)	(0.684)	(0.512)	(0.923)
TANG	0.137 **	0.263	0.077	0.193	0.225	0.735	0.187
	(0.042)	(0.169)	(0.582)	(0.099) *	(0.398)	(0.458)	(0.398)
TURN	3.869	4.502	−13.543	1.028	2.067	−2.548	− 8.053
	(0.300)	(0.674)	(0.343)	(0.891)	(0.856)	(0.820)	(0.755)
AR(1)	0.023	0.000	0.011	0.001	0.005	0.089	0.025
AR(2)	0.355	0.632	0.183	0.754	0.583	0.118	0.196
Hansen(J-Stat)	0.228	0.187	0.159	0.193	0.438	0.122	0.172
adj. R2	0.563	0.331	0.395	0.329	0.398	0.419	0.342

This table reports fixed effects multivariate regression results of family ownership on dividends per share of the firms. The sample comprises the 107 family and nonfamily firms and covers 2009 through 2016. Parentheses represents the P-value
* Significance at the 10% level
** Significance at the 5% level
*** Significance at the 1% level