low cash dividend distribution

high cash dividend distribution

(1) asset_turn

(2) occupy

(3) asset_turn

(4) occupy

fund

0.000

−0.007

0.002***

−0.009**

(0.001)

(0.006)

(0.001)

(0.004)

num

0.000

0.001

0.000

0.001

(0.000)

(0.002)

(0.000)

(0.001)

lnasset

−0.126***

0.190

−0.177***

0.022

(0.018)

(0.161)

(0.019)

(0.149)

lev

0.002***

0.012**

0.003***

0.011***

(0.001)

(0.005)

(0.001)

(0.004)

growth

0.001***

−0.002*

0.001***

−0.001

(0.000)

(0.001)

(0.000)

(0.001)

indep

0.154

−0.561

0.100

0.762

(0.126)

(1.435)

(0.111)

(0.867)

dual

0.015

−0.050

−0.014

0.052

(0.016)

(0.142)

(0.019)

(0.096)

m_share

−0.000

0.000

0.001

−0.006

(0.001)

(0.005)

(0.001)

(0.005)

lnpay

0.014

0.049

0.034***

0.097

(0.014)

(0.149)

(0.013)

(0.092)

share_1

−0.001

−0.012

−0.000

−0.006

(0.001)

(0.009)

(0.001)

(0.007)

share2_10

−0.002**

0.008

0.000

0.014**

(0.001)

(0.008)

(0.001)

(0.006)

lnage

0.028

0.257

0.076***

0.139

(0.030)

(0.338)

(0.026)

(0.245)

state

−0.001

0.080

0.033

−0.351

(0.039)

(0.599)

(0.030)

(0.524)

constant

3.059***

−3.713

3.842***

−1.675

(0.427)

(3.790)

(0.434)

(3.151)

year

Y

Y

Y

Y

fixed effect

Y

Y

Y

Y

Obs

5137

5137

5136

5136

R-squared

0.154

0.024

0.218

0.018

Adjusted R²

0.150

0.020

0.214

0.013

F test

12.25***

2.27***

14.22***

1.77**

Hausman test

120.78***

36.24**

71.57***

35.05**