Table 3.

AR and CAR around dividend payment announcement. Day 0 is announcement day. *p < 0.1. **p < 0.05. ***p < 0.01

	Cash dividend payment firms		Stock dividend payment firms
	AR	p-value	AR	p-value
Day −5	0.17	0.2132	0.32	0.1532
Day −4	−0.77	0.2031	−1.76	0.1131
Day −3	1.28	0.1242	1.33	0.1082
Day −2	−2.55	0.3002	−2.38	0.3211
Day −1	0.98**	0.0231	1.18**	0.0200
Day 0	1.42***	0.0012	0.15***	0.0014
Day +1	1.83*	0.0561	1.55***	0.0064
Day +2	−1.65	0.2011	0.03**	0.0331
Day +3	1.70	0.1982	0.16**	0.0422
Day +4	1.03	0.3016	1.05**	0.0334
Day +5	−0.99	0.3546	−0.12*	0.0578
Day +6	2.10	0.1900	2.76	0.1443
Day +7	−1.66	0.2941	−3.16	0.2611
Day +8	2.19	0.3306	−1.67	0.3251
Day +9	0.08	0.1775	0.98	0.1500
Day +10	−1.25	0.1744	−1.42	0.1224
Event window	CAR	p-value	CAR	p-value
Window (−5,-2)	−1.87	0.1920	−2.49	0.1387
Window (−1,+1)	4.23***	0.0003	2.88***	0.0033
Window (−1,+3)	4.28	0.1222	3.07***	0.0012
Window (−1,+5)	4.32	0.2035	4.00**	0.0351
Window (−1,+7)	4.76	0.3712	3.60	0.3781
Window (−1,+10)	5.78	0.2277	1.46	0.2407