Table 2 reports results using current quarter changes in return on assets (dROA) as the dependent variable.
233) had an insufficient number (fewer than seven) of consecutive quarters of data to calculate the current quarter and four lags of changes in return on assets (dROA) so these four firms are dropped from the regressions.
(23) The R-squareds leaving out both CAR and dROA from the Table 3 regressions (Equations 3 (a)-3(f)) are: 0.048, 0.082, 0.084, 0.138, 0.047, and 0.115, respectively.
Dividend payout = f (Debt to Equity, DROA, growth opportunities, log (firm size), Family ownership, CEO Entrenchment, log (CEO compensation), board size, board independence, CEO duality) (version 2)
However, according to version 2, dividend payouts seem to take into account profitability, since the coefficient of the dummy variable DROA is significantly positive.
(17) DMB, DROA
, Maturity, and DEV1 are included to be consistent with Hovakimian, Opler, and Titman (2001).
A-future DROA is positive and significant as predicted (t = 2.06).
Despite the reduced power, five variables that are significant in the Model 4 results in Table III remain positive and significant in the new estimation: A-managerial ownership (t = 4.15), A-institutional ownership (t = 3.42), mixed consideration (t = 2.41), A-announcement return (t = 3.65), and A-future DROA (t = 3.44).
La representacion social que determina la toma de decisiones en adolescentes Mexicanos usuarios de droas