CR DE DIVIDEND_RaINSTPER MKCP PB ROCE STAGE

Mean 2.025 0.407 207.674 16.594 123315.000 4.280 14.307 0.784

Median 1.520 0.270 95.000 13.409 27177.340 3.520 12.070 0.860
Maximum 22.940 2.160 5050.000 55.648 2118956.000 17.820 170.420 0.999
Minimum 0.240 0.000 0.000 0.010 331.620 0.300 -19.150 0.121
Std.Dev. 2.137 0.471 444.082 14.101 260224.900 3.225 14.051 0.20 1667
Skewness 6.325 1.478 7.251 0.684 4.88360 1 1.578 5.483 -0.810
Kurtosis 53.367 4.650 69.054 2.411 32.237 5.843 58.893 2.565
Jarque-Bera 30338.900 128.909 51451.320 23.118 9541.715 189.486 36092.400 31.671
Probability 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Observations 270.000 270.000 270.000 250.000 241.000 252.000 267.000 270.000

CR DE DIVIDEND_... INSTPER
Mean 2.025333 0.407148 207.6764 16.59385
Median 1.520000 0.270000 95.00000 13.40875
Maximum 22.94000 2.160000 5050.000 55.64750
Minimum 0.240000 0.000000 0.000000 0.010000
Std. Dev. 2.136968 0.470696 444.0819 14.10102
Skewness 6.324530 1.477770 7.250854 0.684185
Kurtosis 53.36658 4.650261 69.05416 2.410987

Jarque-Bera 30338.90 128.9090 51451.32 23.11844

Probability 0.000000 0.000000 0.000000 0.000010

Sum 546.8400 109.9300 56072.64 4148.462

Sum Sq. Dev. 1228.424 59.59830 53049140 49510.84

Observations 270 270 270 250

DEND_... INSTPER MKCP PB ROCE STAGE
7.6764 16.59385 123315.3 4.280040 14.30693 0.784485
.00000 13.40875 27177.34 3.520000 12.07000 0.860108
50.000 55.64750 2118956. 17.82000 170.4200 0.999005
000000 0.010000 331.6200 0.300000 -19.15000 0.120763
4.0819 14.10102 260224.9 3.224626 14.05123 0.201667
250854 0.684185 Skewness
4.883601 1.578430 5.482697 -0.810249
.05416 2.410987 32.23720
Kurtosis 5.842619 58.89294 2.565015

451.32 23.11844
Jarque-Bera
9541.715 189.4856 36092.40 31.67125
000000 0.000010 Probability
0.000000 0.000000 0.000000 0.000000
Observations
072.64 4148.462 29718993 1078.570 3819.950 211.8110
049140 49510.84 1.63E+13 2609.951 52518.28 10.94012

270 250 241 252 267 270

Variable Levin, Lin & Chu (LLC) ADF - Fisher PP - Fisher
CR -10.3100 132.6900 165.8780
Significance (p-value) 0.0000 0.0500 0.0003
DE -18.5800 158.0980 207.9500
Significance (p-value) 0.0000 0.0000 0.0000
DIVIDEND_Rate -14.5900 134.0860 156.6600
Significance (p-value) 0.0000 0.0018 0.0000
INSTPER -14.6400 92.7100 112.7770
Significance (p-value) 0.0000 0.5761 0.1162
D(INSTPER) -84.5600 187.8900 216.9930
Significance (p-value) 0.0000 0.0000 0.0000
MKCP -0.9900 53.8000 78.7100
Significance (p-value) 0.1608 0.9991 0.7965
D(MKCP) -186.1250 127.3000 134.8300
Significance (p-value) 0.0000 0.0059 0.0016
PB -6.9200 103.0550 142.2800
Significance (p-value) 0.0000 0.3437 0.0024
D(PB) -15.4800 120.6920 136.5450
Significance (p-value) 0.0000 0.0450 0.0041
ROCE -33.3280 192.4900 229.3900
Significance (p-value) 0.0000 0.0000 0.0000
STAGE -24.5700 170.1170 231.2110
Significance (p-value) 0.0000 0.0001 0.0000
Pooled OLS
Dependent Variable: DIVIDEND_RATE
Method: Panel Least Squares
Date: 02/19/18 Time: 01:55
Variable
Sample: 2013 2017 DE
Periods included: 5 Significanc
Cross-sections included: 53
Total panel (unbalanced) observations: 239
CR
Significanc
Variable Coefficient Std. Error t-Statistic Prob. INSTPER
Significanc
CR -24.16330 23.75695 -1.017105 0.3102
DE 19.87632 61.97674 0.320706 0.7487 MKCP
INSTPER 6.527792 1.911490 3.415029 0.0008 Significanc
MKCP 0.000182 0.000115 1.588149 0.1136
PB -34.33264 8.757384 -3.920422 0.0001
PB
ROCE 19.75851 1.887806 10.46639 0.0000 Significanc
STAGE 288.0271 126.3792 2.279070 0.0236 ROCE
C -226.7555 124.8118 -1.816780 0.0705 Significanc
R-squared 0.411930 Mean dependent var 227.0565 STAGE
Adjusted R-squared 0.394110 S.D. dependent var 467.0170 Significanc
S.E. of regression 363.5211 Akaike info criterion 14.66245 R^2
Sum squared resid 30526095 Schwarz criterion 14.77882
Log likelihood -1744.163 Hannan-Quinn criter. 14.70934 F test stat
F-statistic 23.11578 Durbin-Watson stat 1.428875 Significanc
Prob(F-statistic) 0.000000 LM test (Ch
Significanc
Hausman t
Significanc
Pooled OL Fixed EffecRandom Effects
-24.16 -447.32 -299.69
0.3102 0.4656 0.4108
19.87 -116.79 -59.86
0.7487 0.0708 0.2543
6.5277 1.21 -2.8879
0.0008 0.9402 0.6487
0.000182 0.0014 0.0008
0.1136 0.0024 0.0000
-34.333 139.704 143.16
0.0001 0.0063 0.0006
19.75 -20.48 -1.0005
0.0000 0.0950 0.1277
288.02 -4924.77 -572.91
0.0236 0.0011 0.2502
0.3484 0.4986 0.2507
14.853 5.0006 9.65
0.0000 0.0000 0.0000
19.2366
0.0075
6.94
0.0084
Fixed
Dependent Variable: DIVIDEND_RATE Variable
Method: Panel Least Squares
Date: 02/19/18 Time: 01:56
DE
Sample: 2013 2017 Significanc
Periods included: 5 CR
Cross-sections included: 53 Significanc
Total panel (unbalanced) observations: 239
INSTPER
Variable Coefficient Std. Error t-Statistic Prob. Significanc

CR -49.95249 32.19816 -1.551408 0.1226

MKCP
DE 37.96728 121.4913 0.312510 0.7550 Significanc
INSTPER 2.979412 5.902566 0.504766 0.6143 PB
MKCP -4.62E-05 0.000207 -0.223328 0.8235 Significanc
PB -2.057453 12.01293 -0.171270 0.8642
ROCE 23.48609 1.710366 13.73161 0.0000 ROCE
STAGE 1444.555 302.5701 4.774283 0.0000 Significanc
C -1212.993 274.9226 -4.412125 0.0000
STAGE
Effects Specification Significanc
R^2
Cross-section fixed (dummy variables) F test stat
R-squared 0.749966 Mean dependent var 227.0565 Significanc
Adjusted R-squared 0.667552 S.D. dependent var 467.0170 LM test (Ch
S.E. of regression 269.2740 Akaike info criterion 14.24235 Significanc
Sum squared resid 12979020 Schwarz criterion 15.11510
Log likelihood -1641.961 Hannan-Quinn criter. 14.59405 Hausman t
F-statistic 9.100030 Durbin-Watson stat 2.788849 Significanc
Prob(F-statistic) 0.000000
Pooled OL Fixed EffecRandom Effects
-24.16 -49.95 -299.69
0.3102 0.1226 0.4108
19.87 37.96 -59.86
0.7487 0.7550 0.2543
6.5277 2.97 -2.8879
0.0008 0.6143 0.6487
0.000182 -4.62E-05 0.0008
0.1136 0.8235 0.0000
-34.333 -2.057 143.16
0.0001 0.8642 0.0006
19.75 23.48 -1.0005
0.0000 0.0000 0.1277
288.02 1444.5 -572.91
0.0236 0.0000 0.2502
0.3484 0.4986 0.2507
14.853 5.0006 9.65
0.0000 0.0000 0.0000
19.2366
0.0075
6.94
0.0084
Random
Dependent Variable: DIVIDEND_RATE
Method: Panel EGLS (Cross-section random effects)
Date: 02/19/18 Time: 01:57
Variable
Sample: 2013 2017 DE
Periods included: 5 Significanc
Cross-sections included: 53
Total panel (unbalanced) observations: 239
CR
Swamy and Arora estimator of component variances Significanc
INSTPER
Variable Coefficient Std. Error t-Statistic Prob. Significanc
CR -31.74400 23.47326 -1.352347 0.1776 MKCP
DE 40.43814 77.36541 0.522690 0.6017 Significanc
INSTPER 6.074064 2.627438 2.311782 0.0217
MKCP 0.000112 0.000139 0.807580 0.4202
PB
PB -24.23816 9.113753 -2.659515 0.0084 Significanc
ROCE 22.50816 1.595023 14.11150 0.0000 ROCE
STAGE 556.3527 168.1613 3.308446 0.0011 Significanc
C -502.4629 162.0676 -3.100329 0.0022
STAGE
Effects Specification Significanc
S.D. Rho R^2
Cross-section random 228.6188 0.4189 F test stat
Idiosyncratic random 269.2740 0.5811 Significanc
LM test (Ch
Weighted Statistics
Significanc
R-squared 0.501643 Mean dependent var 107.2124 Hausman t
Adjusted R-squared 0.486541 S.D. dependent var 390.6734 Significanc
S.E. of regression 280.1921 Sum squared resid 18135255
F-statistic 33.21760 Durbin-Watson stat 2.196251
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.381329 Mean dependent var 227.0565

Sum squared resid 32114576 Durbin-Watson stat 1.240234
Pooled OL Fixed EffecRandom Effects
-24.16 -49.95 -31.74
0.3102 0.1226 0.1776
19.87 37.96 40.438
0.7487 0.7550 0.6017
6.5277 2.97 6.07
0.0008 0.6143 0.0217
0.000182 -4.62E-05 0.0001
0.1136 0.8235 0.4202
-34.333 -2.057 -24.238
0.0001 0.8642 0.0084
19.75 23.48 22.508
0.0000 0.0000 0.0000
288.02 1444.5 556.35
0.0236 0.0000 0.0011
0.3941 0.6675 0.4865
14.853 9.1 33.21
23.1100 0.0000 0.0000
19.2366
0.0075
6.94
0.0084
 Null: Random is appropriate
Correlated Random Effects - Hausman Test Alt fe IS APPROPRIATE
Equation: Untitled
Test cross-section random effects

Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob.

Cross-section random 27.976454 7 0.0002

Lagrange Multiplier Tests for Random Effects LM TEST H0 Pooled OLS is appropriate
Null hypotheses: No effects
Alternative hypotheses: Two-sided (Breusch-Pagan) and one-sided
H1 Random effect is appropriate m
(all others) alternatives

Test Hypothesis
Cross-section Time Both

Breusch-Pagan 63.00094 0.442581 63.44352

(0.0000) (0.5059) (0.0000)

Honda 7.937313 -0.665268 5.142112

(0.0000) (0.7471) (0.0000)

King-Wu 7.937313 -0.665268 1.524288

(0.0000) (0.7471) (0.0637)

Standardized Honda 8.766343 -0.378169 0.704392

(0.0000) (0.6473) (0.2406)

Standardized King-Wu 8.766343 -0.378169 -1.237183

(0.0000) (0.6473) (0.8920)

Gourieroux, et al.* -- -- 63.00094

(0.0000)
s appropriate Variable Pooled OL Fixed EffecRandom Effects
DE -24.16 -49.95 -31.74
Significanc 0.3102 0.1226 0.1776
CR 19.87 37.96 40.438
Significanc 0.7487 0.7550 0.6017
INSTPER 6.5277 2.97 6.07
Significanc 0.0008 0.6143 0.0217
MKCP 0.000182 -4.62E-05 0.0001
Significanc 0.1136 0.8235 0.4202
Pooled OLS is appropriate PB -34.333 -2.057 -24.238
Random effect is appropriate model Significanc 0.0001 0.8642 0.0084
ROCE 19.75 23.48 22.508
Significanc 0.0000 0.0000 0.0000
STAGE 288.02 1444.5 556.35
Significanc 0.0236 0.0000 0.0011
R^2 0.3941 0.6675 0.4865
F test stat 14.853 9.1 33.21
Significanc 23.1100 0.0000 0.0000
LM test 63.44
Significanc 0.0000
Hausman te 27.97
Significanc 0.0002