Dependent Variable: DIVIDEND_YIELD_Testing for Hypothesis 1, 2
Panel A: Sub sample: 2010-2011		Model 1 Largest					Model 2 ( GOV)
Variables		Coef.	t-value		Sig (P)		Coef.		t-value	Sig (P)
LARGEST		0.002	0.318		0.751
GOV							0.008		1.213	0.226
SIZE		−0.009	−2.659		0.008		−0.009		−2.789	0.006
LEV		0.038	1.925		0.055		0.038		1.962	0.050
STD_EARNing		−0.486	−4.915		0.000		−0.478		−4.835	0.000
DIV_STOCK		−0.018	−1.757		0.080		−0.018		−1.750	0.081
ROE_		0.003	10.261		0.000		0.003		10.240	0.000
Constant		0.255	3.263		0.001		0.262		3.378	0.001
Observations		502					502
Adj R²		0.18					0.18
Panel B: Sub sample: 2013-2014	Model 1 Largest							Model 2 ( GOV)
Variables	Coef.			t-value		Sig (P)		Coef.	t-value	Sig (P)
LARGEST	0.003			0.637		0.524
GOV								0.006	1.281	0.201
SIZE	−0.003			−1.580		0.115		−0.003	−1.721	0.086
LEV	0.027			2.224		0.027		0.027	2.306	0.022
STD_EARNing	−0.002			−0.053		0.958		−0.005	−0.097	0.923
DIV_STOCK	−0.011			−1.273		0.204		−0.011	−1.227	0.221
ROE_	0.001			6.273		0.000		0.001	6.338	0.000
Constant	0.113			2.352		0.019		0.118	2.476	0.014
Observations	526							526
Adj R²	0.09							0.09