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

Table 3

Dividend distribution, financing strategies, and the adjustment of capital structure.

	(1)	(2)	(3)	(4)	(5)	(6)
BDR	0.549^∗∗∗	0.439^∗∗∗	0.565^∗∗∗
	−53.48	−15.28	−46.71
MDR				0.522^∗∗∗	0.364^∗∗∗	0.538^∗∗∗
				−49.09	−13.4	−42.6
DEF	0.016^∗∗	0.02	0.008	0.016^∗∗∗	0.019	0.011^∗∗
	−2.52	−1.18	−1.22	−3.22	−1.45	−2.02
MB_efwa	0.002^∗∗∗	0.003^∗∗	0.002^∗∗∗	0.001^∗∗∗	0.001^∗	0.001^∗∗∗
	−4.98	−2.81	−4.72	−3.65	−1.87	−2.94
EBIT	−0.140^∗∗∗	−0.102	−0.193^∗∗∗	−0.109^∗∗∗	−0.053	−0.169^∗∗∗
	−5.17	−1.39	−6.35	−5.27	−1.06	−6.62
Q	0.001	−0.001	0.002^∗∗	−0.001	−0.004^∗∗	0
	−1.29	−0.28	−2	−1.38	−2.11	−0.65
DEP	−0.432^∗∗∗	−0.397	−0.468^∗∗∗	−0.365^∗∗∗	−0.068	−0.450^∗∗∗
	−2.80	−0.97	−2.63	−2.61	−0.21	−2.72
SIZE	0.021^∗∗∗	0.028^∗∗∗	0.018^∗∗∗	0.024^∗∗∗	0.034^∗∗∗	0.024^∗∗∗
	−7.94	−3.76	−5.88	−10.42	−5.97	−8.37
FA	0.003	0.043	−0.002	0.012	0.022	0.023
	−0.24	−1.25	−0.11	−1.05	−0.86	−1.64
RD	0.022	0.065	0.025	0.015	−0.032	0.034
	−0.74	−0.65	−0.77	−0.68	−0.60	−1.27
IND_median	0.046^∗∗	−0.035	0.057^∗∗∗	0.044^∗∗∗	−0.008	0.040^∗∗
	−2.48	−0.70	−2.74	−2.97	−0.23	−2.31
_cons	−0.371^∗∗∗	−0.488^∗∗∗	−0.312^∗∗∗	−0.476^∗∗∗	−0.629^∗∗∗	−0.474^∗∗∗
	−6.23	−2.81	−4.53	−8.88	−4.81	−7.19
Year	Yes	Yes	Yes	Yes	Yes	Yes
Fixed effect	Yes	Yes	Yes	Yes	Yes	Yes
R^2	0.37	0.261	0.386	0.474	0.372	0.487
N	19146	3933	15213	18719	3836	14833

Note. The vif test was performed, and there is no serious multicollinearity between the variables; the models controlled the fixed effects; the symbols ^∗∗∗, ^∗∗, and^∗denote significance (two-tailed) at the levels of 0.01, 0.05, and 0.1, respectively.