| Variables | DIVRATE | |
| Coefficient | P−value | |
| Cons | −0.486193*** | 0.000 |
| SHRCR1 | 0.1605625*** | 0.000 |
| SIZE | 0.0264162*** | 0.000 |
| BOARDSIZE | 0.0064308 | 0.000 |
| EPS | 0.0018997 | 0.614 |
| CFPS | −0.0148366*** | 0.000 |
| LEV | −0.2483967*** | 0.000 |
| QUICKR | 0.0174419*** | 0.000 |
| SOE | −0.0459653*** | 0.000 |
| IND | Fixed | |
| YEAR | Fixed | |
| Obs | 12,335 | |
| Adjust R2 | 0.08 | |