| 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** |