Scribd
Upload
10 views6 pages

Financial Analysis of Dividend Factors

This document provides descriptive statistics and results from regression analyses of financial data from 2011-2014 for 23 companies. It reports means, medians, standard deviations and other measures for key variables. It then shows results from pooled OLS, fixed effects, random effects and other models, along with tests to evaluate the models. The best fitting model is the fixed effects model, according to the Hausman and Chow tests provided.

Uploaded by

Yessy Kawi
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
10 views6 pages

Financial Analysis of Dividend Factors

This document provides descriptive statistics and results from regression analyses of financial data from 2011-2014 for 23 companies. It reports means, medians, standard deviations and other measures for key variables. It then shows results from pooled OLS, fixed effects, random effects and other models, along with tests to evaluate the models. The best fitting model is the fixed effects model, according to the Hausman and Chow tests provided.

Uploaded by

Yessy Kawi
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

OUTPUT

DESKRIPTIF

Date: 06/19/16
Time: 23:24
Sample: 2011 2014
Common sample

DIV? CR? ROA? DTA?

Mean 1328.757 272.2252 15.17554 0.384891


Median 100.5000 216.2300 11.05500 0.365000
Maximum 55576.00 1174.280 65.72000 0.920000
Minimum 3.570000 51.39000 -0.290000 0.100000
Std. Dev. 6050.069 183.2877 12.00726 0.177110
Skewness 8.094952 2.055833 1.483117 0.599415
Kurtosis 72.06076 8.732842 5.490596 2.789946

Jarque-Bera 19287.42 190.7899 57.50619 5.678371


Probability 0.000000 0.000000 0.000000 0.058473

Sum 122245.6 25044.72 1396.150 35.41000


Sum Sq. Dev. 3.33E+09 3057089. 13119.87 2.854499

Observations 92 92 92 92
Cross sections 23 23 23 23

COMMON EFFECT

Dependent Variable: DIV?


Method: Pooled Least Squares
Date: 06/19/16 Time: 23:19
Sample: 2011 2014
Included observations: 4
Cross-sections included: 23
Total pool (balanced) observations: 92

Variable Coefficient Std. Error t-Statistic Prob.

C -769.6810 2545.556 -0.302363 0.7631


CR? -5.211171 3.947041 -1.320273 0.1902
ROA? 282.0335 44.84704 6.288787 0.0000
DTA? -1982.278 4068.840 -0.487185 0.6273

R-squared 0.313252 Mean dependent var 1328.757


Adjusted R-squared 0.289840 S.D. dependent var 6050.069
S.E. of regression 5098.453 Akaike info criterion 19.95377
Sum squared resid 2.29E+09 Schwarz criterion 20.06341
Log likelihood -913.8733 Hannan-Quinn criter. 19.99802
F-statistic 13.38006 Durbin-Watson stat 2.493362
Prob(F-statistic) 0.000000
FIXED EFFECT

Dependent Variable: DIV?


Method: Pooled Least Squares
Date: 06/19/16 Time: 23:20
Sample: 2011 2014
Included observations: 4
Cross-sections included: 23
Total pool (balanced) observations: 92

Variable Coefficient Std. Error t-Statistic Prob.

C 3636.914 3675.259 0.989567 0.3260


CR? -13.49774 5.625182 -2.399521 0.0192
ROA? 714.0780 114.0334 6.262010 0.0000
DTA? -24605.00 6928.651 -3.551197 0.0007
Fixed Effects (Cross)
_INTP--C -5214.640
_SMCB--C 1622.648
_SMGR--C -6310.008
_TOTO--C -770.9164
_EKAD--C -910.2901
_CPIN--C -3162.336
_TKIM--C 15400.18
_ASII--C 2970.002
_AUTO--C -1765.931
_GJTL--C 9979.898
_IMAS--C 11908.34
_INDS--C 2189.818
_BATA--C 2282.113
_IKBI--C 5185.980
_INDF--C 5557.746
_MLBI--C -4180.514
_GGRM--C 2341.097
_HMSP--C -14815.30
_KAEF--C 1701.988
_KLBF--C -6443.451
_MERK--C -9070.687
_SQBI--C -10139.24
_TCID--C 1643.510

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.593473 Mean dependent var 1328.757


Adjusted R-squared 0.439486 S.D. dependent var 6050.069
S.E. of regression 4529.534 Akaike info criterion 19.90771
Sum squared resid 1.35E+09 Schwarz criterion 20.62039
Log likelihood -889.7546 Hannan-Quinn criter. 20.19535
F-statistic 3.854041 Durbin-Watson stat 2.259289
Prob(F-statistic) 0.000006
RANDOM EFFECT

Dependent Variable: DIV?


Method: Pooled EGLS (Cross-section random effects)
Date: 06/19/16 Time: 23:20
Sample: 2011 2014
Included observations: 4
Cross-sections included: 23
Total pool (balanced) observations: 92
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C -769.6810 2261.506 -0.340340 0.7344


CR? -5.211171 3.506605 -1.486102 0.1408
ROA? 282.0335 39.84271 7.078672 0.0000
DTA? -1982.278 3614.813 -0.548376 0.5848
Random Effects (Cross)
_INTP--C 0.000000
_SMCB--C 0.000000
_SMGR--C 0.000000
_TOTO--C 0.000000
_EKAD--C 0.000000
_CPIN--C 0.000000
_TKIM--C 0.000000
_ASII--C 0.000000
_AUTO--C 0.000000
_GJTL--C 0.000000
_IMAS--C 0.000000
_INDS--C 0.000000
_BATA--C 0.000000
_IKBI--C 0.000000
_INDF--C 0.000000
_MLBI--C 0.000000
_GGRM--C 0.000000
_HMSP--C 0.000000
_KAEF--C 0.000000
_KLBF--C 0.000000
_MERK--C 0.000000
_SQBI--C 0.000000
_TCID--C 0.000000

Effects Specification
S.D. Rho

Cross-section random 0.000000 0.0000


Idiosyncratic random 4529.534 1.0000

Weighted Statistics

R-squared 0.313252 Mean dependent var 1328.757


Adjusted R-squared 0.289840 S.D. dependent var 6050.069
S.E. of regression 5098.453 Sum squared resid 2.29E+09
F-statistic 13.38006 Durbin-Watson stat 2.493362
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.313252 Mean dependent var 1328.757


Sum squared resid 2.29E+09 Durbin-Watson stat 2.493362

CHOW TEST

Redundant Fixed Effects Tests


Pool: REGS_DIV
Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 2.067920 (22,66) 0.0124


Cross-section Chi-square 48.237270 22 0.0010

Cross-section fixed effects test equation:


Dependent Variable: DIV?
Method: Panel Least Squares
Date: 06/19/16 Time: 23:20
Sample: 2011 2014
Included observations: 4
Cross-sections included: 23
Total pool (balanced) observations: 92

Variable Coefficient Std. Error t-Statistic Prob.

C -769.6810 2545.556 -0.302363 0.7631


CR? -5.211171 3.947041 -1.320273 0.1902
ROA? 282.0335 44.84704 6.288787 0.0000
DTA? -1982.278 4068.840 -0.487185 0.6273

R-squared 0.313252 Mean dependent var 1328.757


Adjusted R-squared 0.289840 S.D. dependent var 6050.069
S.E. of regression 5098.453 Akaike info criterion 19.95377
Sum squared resid 2.29E+09 Schwarz criterion 20.06341
Log likelihood -913.8733 Hannan-Quinn criter. 19.99802
F-statistic 13.38006 Durbin-Watson stat 2.493362
Prob(F-statistic) 0.000000
HAUSMAN TEST

Correlated Random Effects - Hausman Test


Pool: REGS_DIV
Test cross-section random effects

Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob.

Cross-section random 27.566812 3 0.0000

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

CR? -13.497744 -5.211171 19.346392 0.0596


ROA? 714.077952 282.033498 11416.163304 0.0001
-
24605.00193 34939335.414
DTA? 5 -1982.278083 793 0.0001

Cross-section random effects test equation:


Dependent Variable: DIV?
Method: Panel Least Squares
Date: 06/19/16 Time: 23:21
Sample: 2011 2014
Included observations: 4
Cross-sections included: 23
Total pool (balanced) observations: 92

Variable Coefficient Std. Error t-Statistic Prob.

C 3636.914 3675.259 0.989567 0.3260


CR? -13.49774 5.625182 -2.399521 0.0192
ROA? 714.0780 114.0334 6.262010 0.0000
DTA? -24605.00 6928.651 -3.551197 0.0007

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.593473 Mean dependent var 1328.757


Adjusted R-squared 0.439486 S.D. dependent var 6050.069
S.E. of regression 4529.534 Akaike info criterion 19.90771
Sum squared resid 1.35E+09 Schwarz criterion 20.62039
Log likelihood -889.7546 Hannan-Quinn criter. 20.19535
F-statistic 3.854041 Durbin-Watson stat 2.259289
Prob(F-statistic) 0.000006

You might also like