(1) D_DIV

(2) DPS

INST

0.100^***

0.012^*

(0.019)

(0.007)

SIZE

0.016^***

0.004^***

(0.003)

(0.001)

GR

0.007^**

0.018^***

(0.003)

(0.002)

LEV

−0.008^***

−0.153^***

(0.003)

(0.008)

ROE

0.032^***

−0.277^***

(0.006)

(0.025)

EPS

0.055^***

0.290^***

(0.008)

(0.006)

UPPS

0.112^***

−0.009^***

(0.003)

(0.002)

cons

0.177^***

0.0250

(0.059)

(0.027)

N

14741

14741

R²

0.212

0.558

Adj-R²

0.211

0.558

F

564.6

1781