| 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 | 0.009 | 1.324 | 0.186 |
|
|
|
| GOV |
|
|
| 0.015 | 2.266 | 0.024 |
| SIZE | −0.011 | −3.474 | 0.001 | −0.011 | −3.488 | 0.001 |
| LEV | 0.029 | 1.735 | 0.084 | 0.028 | 1.695 | 0.091 |
| STD_EARNing | −0.150 | −1.576 | 0.116 | −0.124 | −1.295 | 0.196 |
| DIV_STOCK | −0.021 | −2.478 | 0.014 | −0.020 | −2.356 | 0.019 |
| ROE_ | 0.002 | 7.153 | 0.000 | 0.002 | 6.850 | 0.000 |
| Constant | 0.346 | 3.960 | 0.000 | 0.344 | 3.956 | 0.000 |
| Observations | 376 |
|
| 376 |
|
|
| 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 | 0.019 | 4.687 | 0.000 |
|
|
|
| GOV |
|
|
| 0.021 | 5.170 | 0.000 |
| SIZE | −0.002 | −1.194 | 0.233 | −0.002 | −1.112 | 0.267 |
| LEV | −0.011 | −1.161 | 0.246 | −0.013 | −1.314 | 0.190 |
| STD_EARNing | −0.041 | −0.846 | 0.398 | −0.051 | −1.059 | 0.290 |
| DIV_STOCK | 0.006 | 1.069 | 0.286 | 0.008 | 1.379 | 0.169 |
| ROE_ | 0.000 | 3.316 | 0.001 | 0.000 | 3.438 | 0.001 |
| Constant | 0.095 | 1.963 | 0.050 | 0.091 | 1.873 | 0.062 |
| Observations | 420 |
|
| 420 |
|
|
| Adj R2 | 0.08 |
|
| 0.09 |
|
|