Table 13.
Robustness tests, 2002–2012
| Variables | Specification | |||||
|---|---|---|---|---|---|---|
| (1a) | (1b) | (1c) | (2a) | (2b) | (2c) | |
| OWN = LargeOwn | OWN = MajOwn | OWN = WhollyOwn | OWN = LargeOwn | OWN = MajOwn | OWN = WhollyOwn | |
| NTBDPayout |
− 0.0915 (0.1128) |
0.0006 (0.0714) |
0.0180 (0.0588) |
− 0.1395 (0.0939) |
− 0.0578 (0.0574) |
0.0085 (0.0464) |
| OWN |
− 0.0119 (0.0189) |
− 0.0205 (0.0137) |
− 0.0073 (0.0158) |
− 0.0270* (0.0161) |
− 0.0368*** (0.0123) |
− 0.0416*** (0.0150) |
| NTBDPayout·OWN |
0.2635** (0.1183) |
0.2305*** (0.0851) |
0.3609*** (0.0977) |
0.3522*** (0.0992) |
0.3282*** (0.0817) |
0.4526*** (0.0952) |
| Firm-controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Country-controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm-FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year-FE | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 28,634 | 28,634 | 28,634 | 22,859 | 22,859 | 22,859 |
| R 2 | 0.7248 | 0.7247 | 0.7248 | 0.5762 | 0.5761 | 0.5762 |
| Combined effect (= NTBDPayout + NTBDPayout·OWN) | 0.3178 | 0.4489 | 0.6183 | 0.3269 | 0.4456 | 0.6132 |
This table shows regression results for two further robustness tests. In specification (1) we exclude all firm-years for which the increase in shareholder funds from t − 1 to t is larger than the observed profit in t. In specification (2) we exclude all firms from Russia. In all regressions, firm-level as well as country-level control variables from Table 7 as well as firm- and year-fixed effects are included, but not reported. Robust standard errors, clustered at country-level, are presented in parentheses
***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively