The Impact of Dividend Policies and Financing Strategies on the Speed of Firms’ Capital Structure Adjustment
Table 6
Robustness results based on quantile regression.
Panel A : DIV_dum = 0
mean_OLS
q = 0.25
q = 0.5
q = 0.75
q = 0.9
BDR
0.474∗∗∗
0.889∗∗∗
0.948∗∗∗
0.935∗∗∗
0.875∗∗∗
−4.93
−29.8
−51.15
−33.1
−11.22
DEF
0.043
0.004
0.02
0.044
0.125
−0.94
−0.12
−0.94
−1.35
−1.4
MB_efwa
0.005∗∗
0.001
0
0
0.002
−2.51
−0.58
−0.06
−0.46
−0.6
Controls
Yes
Yes
Yes
Yes
Yes
Year
Yes
Yes
Yes
Yes
Yes
Panel B::DIV_dum = 1
mean_OLS
q = 0.25
q = 0.5
q = 0.75
q = 0.9
BDR
0.550∗∗∗
0.850∗∗∗
0.962∗∗∗
0.938∗∗∗
0.879∗∗∗
−53.52
−179.07
−296.31
−172.95
−102.15
DEF
0.015∗∗
0.014∗∗
0.024∗∗∗
0.046∗∗∗
0.022∗∗
−2.39
−2.46
−6.17
−7.13
−2.19
MB_efwa
0.001∗∗∗
−0.000∗∗
0
−0.000∗∗
0
−4.87
−2.23
−1.22
−2.32
−1.4
Controls
Yes
Yes
Yes
Yes
Yes
Year
Yes
Yes
Yes
Yes
Yes
Note. The symbols ∗∗∗, ∗∗, and ∗ denote significance (two-tailed) at the levels of 0.01, 0.05, and 0.1, respectively. Due to space limit, the control variables are omitted from the report.
