Variables

DIV

Whole sample

Sub-sample

MON1

MON2

MON3

MON4

MON5

Cons

−0.3434496^***

(0.000)

0.0216018

(0.791)

−0.1686605^***

(0.003)

−0.1015744

(0.220)

−0.1783506^***

(0.001)

−0.4735121^***

(0.000)

SHRCR1

0.0717196^***

(0.000)

0. 101198^***

(0.000)

0 .0832168^***

(0.000)

0 .0754893^***

(0.006)

0.0682887^***

(0.000)

0. 0405905^***

(0.005)

SIZE

0.0155869^***

(0.000)

−0.0017611

(0.641)

0.0061198^**

(0.021)

0.0067327^*

(0.081)

0.0067257^***

(0.006)

0.0219523^***

(0.000)

BOARD

SIZE

0.0021572^***

(0.000)

0 .0002717

(0.878)

0..0022271^*

(0.065)

−0.0018966

(0.253)

0.0025613^*

(0.035)

.00392877^***

(0.001)

EPS

0.0928612^***

(0.000)

0 .2249186^***

(0.000)

0 .1506725^***

(0.000)

0 .1625447^***

(0.000)

0 .2249186^***

(0.000)

0 .0755978^***

(0.000)

CFPS

−0.016266^***

(0.000)

−0. 0001624

(0. 954)

−0.0038388^**

(0.012)

−0. 0000951

(0.998)

−0.0021143

(0.399)

−0.0179305^***

(0.000)

LEV

−0.1277663^***

(0.000)

−0. 0200223

(0.474)

−0.0829265^***

(0.000)

−0.0911302^***

(0.001)

−0.081807^***

(0.000)

−0.1569675^***

(0.000)

QUICKR

0.0102746^***

(0.000)

0. 0048115^***

(0.000)

0.003459 ^***

(0.000)

0.0020963^**

(0.017)

0. .0050305^***

(0.000)

0.0051429^***

(0.000)

SOE

−0.0173747^***

(0.000)

−0.0267864^***

(0.002)

−0.0209^***

(0.000)

−0.0127069

(0.167)

−0.0134982^**

(0.010)

−0.0086376^*

(0.062)

IND

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

YEAR

Fixed

Fixed

Fixed

Fixed

Fixed

Fixed

Obs

12335

2466

2382

990

2999

3498

Adjust R2

0.4011

0. 6446

0.4631

0.5330

0.4525

0.2989