CR DE DIVIDEND_RaINSTPER MKCP PB ROCE STAGE

Mean 2.564 0.183 434.309 19.965 284571.100 3.186 17.237 0.745

Median 2.175 0.010 90.000 15.878 13926.390 2.430 14.340 0.844
Maximum 12.890 5.860 13300.000 58.440 4995736.000 15.180 109.850 0.999
Minimum 0.310 0.000 0.000 0.005 248.710 0.050 -27.260 -0.333
Std.Dev. 1.633 0.560 1302.695 16.668 838469.700 2.809 17.266 0.245
Skewness 2.299 6.819 6.575 0.639 4.026 1.604 1.512 -1.504
Kurtosis 11.738 60.632 56.579 2.316 19.987 5.795 8.116 4.910
Jarque-Bera 788.091 28497.470 24729.380 16.350 2679.693 141.015 285.523 103.139
Probability 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Observations 194.000 195.000 195.000 187.000 182.000 187.000 194.000 195.000

c
 CR DE DIVIDEND_... INSTPER MKCP PB
Mean 2.564072 0.183333 434.3091 19.96483 284571.1 3.186096
Median 2.175000 0.010000 90.00000 15.87750 13926.39 2.430000
Maximum 12.89000 5.860000 13300.00 58.44000 4995736. 15.18000
Minimum 0.310000 0.000000 0.000000 0.005000 248.7100 0.050000
Std. Dev. 1.632516 0.559848 1302.695 16.66787 838469.7 2.808544
Skewness 2.298829 6.818707 6.574745 0.638505 4.025505 1.603728
Kurtosis 11.73827 60.63160 56.57897 2.316187 19.98668 5.794701

Jarque-Bera 788.0914 28497.47 24729.38 16.34968 2679.693 141.0146

Probability 0.000000 0.000000 0.000000 0.000282 0.000000 0.000000

Sum 497.4300 35.75000 84690.27 3733.423 51791942 595.8000

Sum Sq. Dev. 514.3657 60.80533 3.29E+08 51674.11 1.27E+14 1467.153

Observations 194 195 195 187 182 187

 MKCP PB ROCE STAGE
3 284571.1 3.186096 17.23268 0.744842
0 13926.39 2.430000 14.34000 0.843535
0 4995736. 15.18000 109.8500 0.999068
0 248.7100 0.050000 -27.26000 -0.333333
7 838469.7 2.808544 17.26639 0.244640
5 4.025505 1.603728 1.512357 -1.503943
7 19.98668 5.794701 8.116005 4.909615

8 2679.693 141.0146 285.5227 103.1388

2 0.000000 0.000000 0.000000 0.000000

3 51791942 595.8000 3343.140 145.2441

1 1.27E+14 1467.153 57538.73 11.61066

182 187 194 195

Variable Levin, Lin & Chu (LLC) ADF - Fisher PP - Fisher
CR -6.1507 69.2624 81.7900
Significane (p-value) 0.0000 0.7497 0.3624
D(CR) -26.9500 139.8700 156.2000
Significane (p-value) 0.0000 0.0000 0.0000
DE -22.9000 78.7400 94.9100
Significane (p-value) 0.0000 0.0034 0.0001
DIVIDEND_Rate -6.3950 72.6400 92.2000
Significane (p-value) 0.0000 0.4565 0.0546
D(DIVIDEND_Rate) -89.0380 98.8200 108.1200
Significane (p-value) 0.0000 0.0087 0.0008
INSTPER -24.9000 135.0600 186.3700
Significane (p-value) 0.0000 0.0000 0.0000
MKCP -12.7100 92.2300 131.6720
Significane (p-value) 0.0000 0.0387 0.0000
PB -10.3600 79.3400 99.5900
Significane (p-value) 0.0000 0.3143 0.0253
D(PB) -26.4800 90.8700 99.7800
Significane (p-value) 0.0000 0.0889 0.0246
ROCE -17.1200 103.6750 121.3750
Significane (p-value) 0.0000 0.0276 0.0012
STAGE -7.1600 72.0600 93.8200
Significane (p-value) 0.0000 0.6680 0.1070
D(STAGE) -169.0460 222.0300 242.7210
Significane (p-value) 0.0000 0.0000 0.0000
Pooled OLS

Dependent Variable: DIVIDEND_RATE

Method: Panel Least Squares
Date: 02/19/18 Time: 00:55
Sample: 2013 2017
Periods included: 5
Cross-sections included: 39
Total panel (unbalanced) observations: 182

Variable Coefficient Std. Error t-Statistic Prob.

DE -245.7677 314.1979 -0.782207 0.4352

CR -8.600836 50.88529 -0.169024 0.8660
INSTPER -5.050641 5.137352 -0.983121 0.3269
MKCP 0.000740 0.000105 7.031992 0.0000
PB 159.2336 40.25981 3.955151 0.0001
ROCE -11.59140 6.554797 -1.768384 0.0787
STAGE -283.2673 400.9683 -0.706458 0.4808
C 239.5334 359.1426 0.666959 0.5057

R-squared 0.374046 Mean dependent var 399.6538

Adjusted R-squared 0.348864 S.D. dependent var 1288.254
S.E. of regression 1039.530 Akaike info criterion 16.77389
Sum squared resid 1.88E+08 Schwarz criterion 16.91472
Log likelihood -1518.424 Hannan-Quinn criter. 16.83098
F-statistic 14.85370 Durbin-Watson stat 2.060599
Prob(F-statistic) 0.000000
Fixed
Dependent Variable: DIVIDEND_RATE
Method: Panel Least Squares
Date: 02/19/18 Time: 00:56
Sample: 2013 2017
Periods included: 5
Cross-sections included: 39
Total panel (unbalanced) observations: 182

Variable Coefficient Std. Error t-Statistic Prob.

DE -447.3291 611.3992 -0.731648 0.4656

CR -116.7928 64.12896 -1.821217 0.0708
INSTPER 1.213459 16.13612 0.075201 0.9402
MKCP 0.001403 0.000453 3.099510 0.0024
PB 139.7047 50.38897 2.772526 0.0063
ROCE -20.48334 12.18996 -1.680345 0.0952
STAGE -4924.779 1474.911 -3.339035 0.0011
C 3958.258 1239.946 3.192283 0.0018

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.623297 Mean dependent var 399.6538

Adjusted R-squared 0.498653 S.D. dependent var 1288.254
S.E. of regression 912.1595 Akaike info criterion 16.68365
Sum squared resid 1.13E+08 Schwarz criterion 17.49345
Log likelihood -1472.212 Hannan-Quinn criter. 17.01193
F-statistic 5.000601 Durbin-Watson stat 2.968858
Prob(F-statistic) 0.000000
Random
Dependent Variable: DIVIDEND_RATE
Method: Panel EGLS (Cross-section random effects)
Date: 02/19/18 Time: 00:56
Sample: 2013 2017
Periods included: 5
Cross-sections included: 39
Total panel (unbalanced) observations: 182
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

DE -299.6972 363.5179 -0.824436 0.4108

CR -59.86671 52.33998 -1.143805 0.2543
INSTPER -2.887920 6.327271 -0.456424 0.6487
MKCP 0.000803 0.000132 6.108272 0.0000
PB 143.1653 41.03444 3.488905 0.0006
ROCE -11.00059 7.187938 -1.530423 0.1277
STAGE -572.9153 496.5760 -1.153731 0.2502
C 581.3095 431.0193 1.348686 0.1792

Effects Specification
S.D. Rho

Cross-section random 451.8066 0.1970

Idiosyncratic random 912.1595 0.8030

Weighted Statistics

R-squared 0.279713 Mean dependent var 270.0020

Adjusted R-squared 0.250736 S.D. dependent var 1089.145
S.E. of regression 942.6823 Sum squared resid 1.55E+08
F-statistic 9.652931 Durbin-Watson stat 2.442344
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.367608 Mean dependent var 399.6538

Sum squared resid 1.90E+08 Durbin-Watson stat 1.988013
Correlated Random Effects - Hausman Test Null: Random is appropriate
Equation: Untitled
Test cross-section random effects
Alt fe IS APPROPRIATE

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

Cross-section random 19.236624 7 0.0075

LM TEST H0 Pooled OLS is appropriate

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

Test Hypothesis
Cross-section Time Both

Breusch-Pagan 6.773097 0.176582 6.949679

(0.0093) (0.6743) (0.0084)

Honda 2.602517 -0.420216 1.543120

(0.0046) (0.6628) (0.0614)

King-Wu 2.602517 -0.420216 0.419358

(0.0046) (0.6628) (0.3375)

Standardized Honda 3.461722 -0.117827 -2.611764

(0.0003) (0.5469) (0.9955)

Standardized King-Wu 3.461722 -0.117827 -2.394578

(0.0003) (0.5469) (0.9917)

Gourieroux, et al.* -- -- 6.773097

(0.0131)
s appropriate

Pooled OLS is appropriate

Random effect is appropriate model