Hypothesis

Description

Results

H1-1

The relationship between Average VD and ROA

Negative Significant

H1-2

The relationship between Average VD and ROS

Negative Insignificant

H1-3

The relationship between Average VD and MCAP

Positive significant

H1-4

The relationship between Average VD and EPS

Negative Insignificant

H1-4

The relationship between Average VD and Tobin’s Q

Positive significant