Dividend Decision

Model 1

Model 2

Prob > Chi2

0.0001***

0.0245**

Hausman Test

0.0000***

0.0000***

No of Obervations

2450

2383

Variables

Coefficient

P |z|

Coefficient

P |z|

FCF

0.0007516

0.883

0.0003786

0.940

MB_Ratio

−0.3902538*

0.075

−0.3799588*

0.077

Prof

4.673493**

0.041

4.581324

0.046**

FS

0.3852429

0.391

0.3359773

0.442

Liq

−0.0100147

0.821

−0.0070843

0.872

Lev

−2.924858

0.137

−2.559422

0.190

Man_Own

0.1532954

0.974

0.079425

0.986

Free_Float

−1.058464

−3.179377

−0.9064846

0.400

Inst_Own

0.1015486

0.926

0.0943738

0.929