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

Table 4

The joint moderating mechanism for dividend distribution behavior based on explanations of financing strategies.

	(1)		(2)	(3)
BDR	0.581^∗∗∗∗∗	BDR	0.183^∗	0.162^∗∗∗
	−93.91		−1.9	−4.7
EBIT	−0.142^∗∗∗	BDR^∗	0.220^∗∗	0.306^∗∗∗
	−7.53		−2.35	−8.86
Q	0.003^∗∗∗	Contribution coefficient of BDR^∗	1.093	1.561
	−3.58	DEF	−0.01	0.017^∗∗
DEP	−0.488^∗∗∗		−0.54	−2.09
	−4.23	Contribution coefficient of DEF	−0.047	0.085
SIZE	0.023^∗∗∗	MB_efwa	0.142^∗∗	0.135^∗∗∗
	−13.44		−2.54	−4.8
FA	0.012	Contribution coefficient of MB_efwa	0.708	0.69
	−1.15
RD	0.025
	−1.23
IND_median	0.043^∗∗∗
	−3.28
_cons	−0.366^∗∗∗	_cons	−0.126	−0.093^∗∗
	−10.08		−1.39	−2.35
Year	Yes	Year	Yes	Yes
R^2	0.409	R^2	0.166	0.235
N	22310	N	3907	14910

Note. In column (1), we use the full sample to regress model (3), so as to obtain BDR^∗, column (2) and column (3) are the results of model of (2) which are the coefficients of standardized regression equation for noncash dividend group and cash dividend group respectively. Standardized regression coefficient is to value the corresponding variable’s ability to explain variations in dependent variable BDR. Contribution times = standardized regression coefficient/sd[BDR], sd[BDR] is the standard deviation of BDR. The symbols ^∗∗∗, ^∗∗, and ^∗ denote significance (two-tailed) at the levels of 0.01, 0.05, and 0.1, respectively.