| Statement | 1 | 2 | 3 | 4 | 5 | Total | Mean | Rank |
| Dividend changes generally lag behind earnings changes | 0 | 30 | 75 | 256 | 100 | 461 | 3.72 | 1 |
| Dividends generally follow smoother path than earnings | 10 | 50 | 87 | 180 | 75 | 402 | 3.24 | 3 |
| The pattern of cash dividends generally changes over a firm’s lifecycle | 9 | 20 | 75 | 240 | 100 | 444 | 3.58 | 2 |