Table 7.
The effect of behavior foundations and business strategy on the dividend policy before and after the financial crisis.
| Y=DIVPAYER | Y=DIV | |||
|---|---|---|---|---|
| Before | After | Before | After | |
| Intercept | 2.959 | 5.402 | −0.046 | 0.224 |
| (0.07) | (0.14) | (−0.58) | (1.03) | |
| Ambiguity | −0.418** | −0.147 | −0.046*** | −0.066** |
| (−2.03) | (−0.81) | (−2.74) | (−2.09) | |
| Loss | 0.184* | 0.120 | −0.012 | −0.032 |
| (1.67) | (1.26) | (−1.09) | (−1.63) | |
| Risk | −0.046*** | −0.050*** | −0.003*** | −0.006*** |
| (−9.80) | (−11.43) | (−7.89) | (−9.18) | |
| Strategy | −0.097*** | −0.106*** | −0.004** | −0.016*** |
| (−5.32) | (−7.21) | (−2.30) | (−5.24) | |
| Size | 0.661*** | 0.440*** | 0.108*** | 0.161*** |
| (13.57) | (11.35) | (19.38) | (17.65) | |
| Leverage | −1.899*** | −0.986*** | −0.160*** | −0.220*** |
| (−4.75) | (−2.93) | (−4.02) | (−3.06) | |
| bm | −0.752*** | −0.855*** | −0.092*** | −0.223*** |
| (−4.08) | (−5.60) | (−5.65) | (−7.74) | |
| Indpend | 1.560*** | 2.610*** | 0.289*** | 0.314*** |
| (4.66) | (5.80) | (9.51) | (3.65) | |
| Inst | −2.948*** | −3.801*** | −0.384*** | −0.891*** |
| (−8.01) | (−10.05) | (−10.24) | (−11.03) | |
| FCF | 0.103 | 0.088 | −0.160*** | 0.277*** |
| (0.23) | (0.26) | (−3.57) | (3.59) | |
| Year | YES | YES | YES | YES |
| Ind | YES | YES | YES | YES |
| Pseudo R2/Adj R2 | 50.46% | 45.73% | 57.20% | 47.62% |
| N | 4,700 | 5,646 | 4,700 | 5,646 |
This table presents the results of an additional test for the effect of the financial crisis. The sample is divided into two groups, namely after (the firm-year after 2008) and before (observations with the firm-year before 2008). The first two columns using logistic regressions, where the dependent variable equals one if the firm pays dividends and zero otherwise. The last two columns using OLS regressions, where the dependent variable is the dividends per share. We estimate all regression models using industry (two-digit SIC codes) and year dummy variables. The t-value is reported in parentheses. *, ** and *** mean statistical significance at 10, 5 and 1%, respectively.