214608 | 1.107 | 0.382 | −13.088 | 4.887 | |
214608 | 0.811 | 1.214 | −10.784 | 37.164 | |
214608 | −0.446 | 1.133 | −19.25 | 20.891 | |
214608 | 0.007 | 0.327 | −4.943 | 8.215 | |
214608 | 0.006 | 0.054 | −0.641 | 1.963 | |
214608 | 0.008 | 0.138 | −0.69 | 4.049 | |
|
214608 | 0.013 | 0.104 | −1.239 | 1.797 |
214608 | −0.004 | 0.119 | −1.803 | 3.629 |
Variable name | Symbol | Variable definitions |
---|---|---|
Dividend decisions | Div_dum | Whether or not to pay DIV, pay DIV of 1, or 0 |
Div_cat | Whether or not to pay catering dividend, pay catering dividend of 1, or 0 | |
Div_lev | Dividend level, the ratio of dividend per share to basic earnings per share | |
Peer influence | Peer_dum | Share of companies in the industry with the exception of target companies |
Peer_cat | Share of companies with peers that pay dividends other than target companies | |
Peer_lev | Average dividend level for peer companies other than target companies | |
Peer average idiosyncratic equity shocks | Peer_ir | Average idiosyncratic return of peer companies calculated by Carhart four-factor model |
Peer idiosyncratic volatilities | Peer_risk | The standard deviation of idiosyncratic return of peer companies calculated by Carhart four-factor model |
Financial constraints | KZ | Calculated according to regression model of KZ index |
Company size | Size | Natural logarithm of total assets at the end of the period |
Cash ratio | Cash | Cash and cash equivalents balance/current liabilities at end of the period |
Growth rate | Growth | (Gross operating income for the year - gross operating income for the previous year)/Gross operating income for the previous year |
Growth | Tobin's Q | Market value/total end assets |
Return on total assets | ROA | Net profit/total average assets for the year |
Asset-liability ratio | Lev | Total ending liabilities/total ending assets |
Established years | Life | Natural logarithm of the number of years of incorporation |
Equity nature | Soe | The nature of a state-owned enterprise is 1, or 0 |
Equity concentration | Shr1 | Share of the largest shareholder |
Variable | Observations | Mean | Standard deviation | Minimum value | Median | Maximum value |
---|---|---|---|---|---|---|
Div_dum | 18337 | 0.740 | 0.439 | 0.000 | 1.000 | 1.000 |
Div_cat | 18337 | 0.094 | 0.292 | 0.000 | 0.000 | 1.000 |
Div_lev | 18337 | 0.264 | 0.316 | 0.000 | 0.198 | 1.962 |
Peer_dum | 18337 | 0.706 | 0.083 | 0.143 | 0.704 | 1.000 |
Peer_cat | 18337 | 0.090 | 0.038 | 0.000 | 0.087 | 1.000 |
Peer_lev | 18337 | 0.270 | 0.073 | 0.029 | 0.278 | 0.400 |
KZ | 18337 | 1.144 | 1.794 | −4.526 | 1.332 | 4.867 |
Size | 18337 | 22.399 | 1.277 | 19.961 | 22.226 | 26.240 |
Life | 18337 | 2.871 | 0.285 | 2.079 | 2.890 | 3.526 |
ROA | 18337 | 0.036 | 0.056 | −0.225 | 0.033 | 0.195 |
Lev | 18337 | 0.451 | 0.201 | 0.062 | 0.449 | 0.887 |
Cash | 18337 | 0.667 | 0.987 | 0.023 | 0.343 | 6.511 |
Growth | 18337 | 0.191 | 0.464 | −0.520 | 0.108 | 3.146 |
Tobin's Q | 18337 | 1.995 | 1.306 | 0.000 | 1.591 | 8.135 |
Soe | 18337 | 0.443 | 0.497 | 0.000 | 0.000 | 1.000 |
Shr1 | 18337 | 35.080 | 15.007 | 8.448 | 33.255 | 74.890 |
Peer_ir | 18337 | −0.004 | 0.011 | −0.055 | −0.006 | 0.062 |
Peer_risk | 18337 | 1.397 | 1.380 | 0.001 | 1.624 | 4.962 |
Div_dum | Div_cat | Div_lev | |
---|---|---|---|
Peer_dum | 2.191 |
||
Peer_cat | 4.225 (0.151) | ||
Peer_lev | 0.290 (0.297) | ||
Control variables | yes | yes | yes |
Year/Industry | yes | yes | yes |
IV: | |||
Peer_dum | Peer_cat | Peer_lev | |
Peer_risk | 0.012 |
0.002 |
0.016 |
Peer_re | −1.343 |
−0.564 |
−1.048 |
Wald test | 4.53 |
3.34 |
1.51 |
N | 18337 | 18331 | 18337 |
Excluding samples that pay Bonus Shares | Add industry risk as a control variable | |||||
---|---|---|---|---|---|---|
Div_dum (1) | Div_cat (2) | Div_lev (3) | Div_dum (4) | Div_cat (5) | Div_lev (6) | |
Peer_dum | 2.215 |
2.150 |
||||
Peer_cat | 4.448 (0.134) | 4.116 (0.176) | ||||
Peer_lev | 0.299 (0.299) | 0.322 (0.246) | ||||
Ind_risk | −0.431 (0.687) | −0.685 (0.654) | 0.200 (0.474) | |||
Control variables | Yes | Yes | Yes | Yes | Yes | Yes |
Year/Industry | Yes | Yes | Yes | Yes | Yes | Yes |
IV: | ||||||
Peer _risk | 0.012 |
0.002 |
0.016 |
0.013 |
0.001 |
0.016 |
Peer_ir | −1.395 |
−0.569 |
−1.050 |
−1.365 |
−0.542 |
−1.056 |
Wald test | 5.14 |
3.63 |
1.41 | 4.62 |
3.16 |
1.92 |
N | 17831 | 17825 | 17831 | 18337 | 18331 | 18337 |
Div_dum | ||||
---|---|---|---|---|
Low financial | constraints | High financial | constraints | |
Low Financial Constraint Group |
1.824 (0.167) | 2.478 |
||
High Financial Constraint Group |
2.142 (0.176) | 2.868 |
||
Control variables | Yes | Yes | Yes | Yes |
Year/Industry | Yes | Yes | Yes | Yes |
IV: | ||||
Peer _risk | 0.017 |
0.006 |
0.007 |
0.019 |
Peer_ir | −2.046 |
−1.757 |
−1.611 |
−2.068 |
Wald Inspection | 1.17 | 1.04 | 4.72 |
3.11 |
Sample size | 8184 | 8186 | 10151 | 10151 |
Div_dum | Div_cat | Div_lev | ||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Peer_dum | 2.170 |
9.337 (0.430) | ||||
Peer_cat | 4.335 (0.141) | −62.262 |
||||
Peer_lev | 0.285 (0.305) | −1.052 (0.387) | ||||
Peer_dum |
1.763 (0.551) | |||||
Peer_cat |
−17.143 |
|||||
Peer_lev |
−0.352 (0.245) | |||||
SA | −0.857 |
−2.126 (0.318) | −1.165 |
0.516 (0.244) | −0.080 |
0.011 (0.895) |
Control variables | Yes | Yes | Yes | Yes | Yes | Yes |
Year/Industry | Yes | Yes | Yes | Yes | Yes | Yes |
IV: | ||||||
Peer _risk | 0.012 |
−0.008 (0.119) | 0.002 |
−0.004 (0.111) | 0.016 |
−0.001 (0.902) |
Peer_ir | −1.343 |
0.755 (0.349) | −0.564 |
−1.261 |
−1.048 |
3.025 |
Peer _risk |
−0.005 |
−0.001 |
−0.004 |
|||
Peer_ir |
0.544 |
−0.180 |
1.054 |
|||
Wald inspection | 4.59 |
5.58 |
3.44 |
14.6 |
1.47 | 2.05 |
Sample size | 18337 | 18337 | 18331 | 18331 | 18337 | 18337 |
Div_dum | Div_cat | (3) Div_lev | ||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Peer_dum | 2.246 |
2.371 |
||||
Peer_cat | 3.818 (0.204) | 5.428 |
||||
Peer_lev | 0.304 (0.275) | 0.254 (0.354) | ||||
Peer_dum |
−0.002 (0.991) | |||||
Peer_cat |
−1.977 |
|||||
Peer_lev |
−0.029 (0.417) | |||||
KZ | 0.120 |
0.120 (0.444) | 0.182 |
0.378 |
−0.008 |
0.000 (0.965) |
Controls variables | Yes | Yes | Yes | Yes | Yes | Yes |
Year/Industry | Yes | Yes | Yes | Yes | Yes | Yes |
IV: | ||||||
Peer_dum | Peer mk | Peer_lev | Peer_dum | Peer mk | Peer_lev | |
Peer _risk | 0.012 |
0.013 |
0.002 |
0.002 |
0.016 |
0.015 |
Peer_ir | −1.341 |
−1.485 |
−0.563 |
−0.661 |
−1.046 |
−0.872 |
Peer _risk |
−0.000 |
−0.000 |
0.000 (0.707) | |||
Peer_ir |
0.102 |
0.066 |
−0.114 |
|||
Wald test | 5.07 |
6.66 |
2.98 |
6.64 |
1.61 | 1.02 |
N | 18337 | 18337 | 18331 | 18331 | 18337 | 18337 |