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

Table 5

The effect of dividend distribution and specific financing types to the adjustment of capital structure.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
EBTT	−1.124^∗∗∗		−2.489^∗∗∗		−1.124^∗∗∗		−2.648^∗∗∗
Q	−0.011^∗∗∗		−0.009^∗∗∗		−0.011^∗∗∗		0.007^∗∗∗
DEP	−1.427^∗∗∗		−3.312^∗∗∗		−1.427^∗∗∗		−3.236^∗∗∗
SIZE	0.055^∗∗∗		0.045^∗∗∗		0.055^∗∗∗		0.044^∗∗∗
FA	0.305^∗∗∗		0.304^∗∗∗		0.305^∗∗∗		0.330^∗∗∗
RD	0.151^∗∗∗		0.090^∗∗∗		0.151^∗∗∗		0.139^∗∗∗
IND_median	0.399^∗∗∗		0.191^∗∗∗		0.399^∗∗∗		0.228^∗∗∗
_cons	−1.020^∗∗∗		−0.523^∗∗∗		−1.020^∗∗∗		−0.518^∗∗∗
Q		−0.057		0.001		−0.057		−0.02^∗∗∗
SIZE		−0.141		0.000^∗∗∗		−0.141		−0.000^∗∗
DIS_BDR		0.579		0.016^∗∗		0.586		0
DIV_out		0.068		−0.003		0.065		−0.009^∗∗∗
DIV_out ✕DFS		0.016		0.003^∗∗∗		0.006		0.004^∗∗∗
DIV_out ✕EFS		0.020		0.003^∗∗		0.024		−0.000
DIV_out✕ DFS✕H_lev						0.013		0.000
DIV_out✕ EFS✕H_lev						−0.002		0.005^∗∗
_cons		2.149		0.1658^∗∗∗		2.139		0.170^∗∗∗
Industry		Yes		Yes		Yes		Yes
Year		Yes		Yes		Yes		Yes
R^2		0.399		0.829		0.399		0.830
N		18761		13497		18761		13497

Note. Column (1) and column (2) are the initialization regression results for dynamic model of λ; column (5) and column (6) are initialization regression results for dynamic model of λ with adding financial leverage factor; column (3), column (4), column (7), column (8) are estimated by nonlinear estimation method; the symbols ^∗∗∗, ^∗∗, and ^∗ denote significance (two-tailed) at the levels of 0.01, 0.05, and 0.1, respectively.