(1)

(2)

DIV

DIV

FF

0.159***

0.120***

(16.37)

(13.10)

FF*EPU

0.132***

(6.04)

EPU

0.005

(0.39)

Growth

−0.015***

−0.015***

(−3.11)

(−3.12)

ROA

2.560***

2.547***

(42.54)

(42.52)

TQ

−0.015***

−0.015***

(−7.85)

(−7.83)

SH

0.001***

0.001***

(7.76)

(7.57)

Size

0.042***

0.043***

(22.50)

(22.74)

_cons

−0.939***

−0.945***

(−21.24)

(−21.39)

N

12842.000

12842.000

r2

0.396

0.399

r2_a

0.394

0.398

ind

Yes

Yes

year

Yes

Yes