| Model | Unstandardized Coefficients | Standardized Coefficients | t | Sig. | ||
| B | Std. Error | Beta | ||||
| 1 | (Constant) | 2.032 | 0.271 |
| 7.500 | 0.000 |
| LEVERAGE | −0.028 | 0.249 | −0.010 | −0.111 | 0.912 | |
| DIVIDEND POLICY (Z) | 0.419 | 0.249 | 0.176 | 1.682 | 0.094 | |
| LEV*KD | −0.061 | 0.191 | −0.039 | −0.321 | 0.749 | |