Payout Ratio

Model 1

Model 2

Model 3

Prob > Chi2

0.0317**

0.0091***

0.03362**

Hausman Test

0.9389

0.9569

0.7456

No of Observations

2450

2383

2058

Variables

Coefficient

P |z|

Coefficient

P |z|

Coefficient

P |z|

FCF

−0.0016**

0.022

−0.0015539**

0.024

0.0002742

0.521

MB_Ratio

0.00049

0.986

0.0009829

0.972

−0.006261

0.651

Prof

1.08272***

0.001

1.0708***

0.001

−0.1009263

0.591

FS

0.04868

0.365

0.0601805

0.295

−0.0014435

0.964

Liq

0.00197

0.821

0.0021939

0.807

−0.0026162

0.550

Lev

−0.1440

0.627

−0.1415158

0.673

−0.26849***

0.008

Man_Own

0.63860**

0.048

0.63512**

0.045

−0.0908973

0.679

Free_Float

0.03248

0.801

0.0397266

0.764

0.0441764

0.578

Inst_Own

0.28345

0.386

0.2686506

0.401

−0.1202179

0.119