Payout Ratio | ||||||
| Model 1 | Model 2 | Model 3 | |||
Prob > Chi2 | 0.0317** | 0.0091*** | 0.03362** | |||
Hausman Test | 0.9389 | 0.9569 | 0.7456 | |||
No of Observations | 2450 | 2383 | 2058 | |||
Variables | Coefficient | P |z| | Coefficient | P |z| | Coefficient | P |z| |
FCF | −0.0016** | 0.022 | −0.0015539** | 0.024 | 0.0002742 | 0.521 |
MB_Ratio | 0.00049 | 0.986 | 0.0009829 | 0.972 | −0.006261 | 0.651 |
Prof | 1.08272*** | 0.001 | 1.0708*** | 0.001 | −0.1009263 | 0.591 |
FS | 0.04868 | 0.365 | 0.0601805 | 0.295 | −0.0014435 | 0.964 |
Liq | 0.00197 | 0.821 | 0.0021939 | 0.807 | −0.0026162 | 0.550 |
Lev | −0.1440 | 0.627 | −0.1415158 | 0.673 | −0.26849*** | 0.008 |
Man_Own | 0.63860** | 0.048 | 0.63512** | 0.045 | −0.0908973 | 0.679 |
Free_Float | 0.03248 | 0.801 | 0.0397266 | 0.764 | 0.0441764 | 0.578 |
Inst_Own | 0.28345 | 0.386 | 0.2686506 | 0.401 | −0.1202179 | 0.119 |