Discrete Dynamics in Nature and Society

Research Article

The Impact of Dividend Policies and Financing Strategies on the Speed of Firms’ Capital Structure Adjustment

Table 2

Correlation coefficient matrix.
VariablesMDRBDRDIS_BDRIND_medianMB_efwaDEFDIV_dumDIV_outEBITQDEPSIZEFARD
MDR10.882∗∗∗0.174∗∗∗0.343∗∗∗−0.095∗∗∗0.046∗∗∗−0.113∗∗∗−0.03∗∗∗−0.24∗∗∗−0.478∗∗∗0.119∗∗∗0.532∗∗∗0.237∗∗∗−0.001
BDR0.93∗∗∗10.235∗∗∗0.318∗∗∗−0.034∗∗∗0.084∗∗∗−0.181∗∗∗−0.04∗∗∗−0.241∗∗∗−0.319∗∗∗0.11∗∗∗0.432∗∗∗0.218∗∗∗0.015∗∗∗
DIS_BDR0.189∗∗∗0.223∗∗∗10.001−0.0040.269∗∗∗−0.023∗∗∗−0.005−0.115∗∗∗−0.030∗∗∗−0.071∗∗∗0.017∗∗∗−0.045∗∗∗0.003
IND_median0.328∗∗∗0.307∗∗∗−0.0071−0.073∗∗∗−0.011∗−0.090∗∗∗−0.03∗∗∗−0.082∗∗∗−0.195∗∗∗−0.103∗∗∗0.209∗∗∗−0.044∗∗∗−0.072∗
MB_efwa−0.121∗∗∗−0.046∗∗∗0.008−0.162∗∗∗1−0.011∗−0.011∗∗−0.008−0.010∗0.243∗∗∗−0.021∗∗∗0.096∗∗∗−0.050∗∗∗0.069∗∗∗
DEF0.072∗∗∗0.099∗∗∗0.354∗∗∗−0.024∗∗∗0.019∗∗∗10.078∗∗∗0.0040.055∗∗∗−0.011∗−0.159∗∗∗−0.027∗∗∗−0.153∗∗∗−0.08∗∗∗
DIV_dum−0.108∗∗∗−0.151∗∗∗−0.029∗∗∗−0.076∗∗∗0.025∗∗∗0.074∗∗∗10.18∗∗∗0.322∗∗∗−0.081∗∗∗−0.058∗∗∗0.13∗∗∗−0.069∗∗∗−0.04∗∗∗
DIV_out−0.159∗∗∗−0.204∗∗∗−0.026∗∗∗−0.088∗∗∗−0.044∗∗∗0.029∗∗∗0.736∗∗∗1−0.005−0.0050.019∗∗∗−0.0040.014∗∗−0.007
EBIT−0.228∗∗∗−0.207∗∗∗−0.110∗∗∗−0.032∗∗∗0.047∗∗∗0.049∗∗∗0.308∗∗∗0.171∗∗∗10.19∗∗∗0.016∗∗∗−0.026∗∗∗−0.0070.001
Q−0.668∗∗∗−0.414∗∗∗−0.038∗∗∗−0.278∗∗∗0.315∗∗∗0.033∗∗∗−0.014∗∗−0.0030.214∗∗∗1−0.066−0.365−0.1120.024
DEP0.102∗∗∗0.084∗∗∗−0.068∗∗∗−0.104∗∗∗−0.069∗∗∗−0.151∗∗∗−0.043∗∗∗0.054∗∗∗0.043∗∗∗−0.042∗∗∗10.041∗∗∗0.808∗∗∗0.071∗∗∗
SIZE0.530∗∗∗0.4470.0110.194∗∗∗0.157∗∗∗−0.012∗0.139∗∗∗0.020∗∗∗0.02∗∗∗−0.495∗∗∗−0.029∗∗∗10.084∗∗∗0.015∗∗∗
FA0.172∗∗∗0.153∗∗∗−0.039∗∗∗−0.075∗∗∗−0.100∗∗∗−0.137∗∗∗−0.041∗∗∗0.049∗∗∗0.025∗∗∗−0.082∗∗∗0.874∗∗∗−0.00310.072∗∗∗
RD−0.055∗∗∗−0.056∗∗∗0.003−0.192∗∗∗0.066∗∗∗−0.069∗∗∗0.0070.027∗∗∗0.0110.076∗∗∗0.215∗∗∗−0.063∗∗∗0.23∗∗∗1
Note. The Pearson correlation coefficient and the Spearman correlation coefficients between variables are listed separately on the lower and upper triangular parts of the correlation coefficient matrix; the symbols ∗∗∗, ∗∗, and ∗ denote significance (two-tailed) at the levels of 0.01, 0.05, and 0.1, respectively.