Dependent Variable: DIV

Method: Panel Least Squares

Date: 04/11/18 Time: 07:43
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5917

Variable Coefficient Std. Error t-Statistic Prob.

C -1.573752 2.694476 -0.584066 0.5592

PROF1 -0.018956 0.616612 -0.030742 0.9755
NDTX -0.152942 0.783151 -0.195290 0.8452
GROWTH1 -0.011806 0.117135 -0.100792 0.9197
SIZE1 0.363720 0.415117 0.876188 0.3810
LIQ1 -1.022691 2.801243 -0.365085 0.7151
TAX 0.051770 0.090346 0.573024 0.5667
INT -0.002403 0.153699 -0.015631 0.9875

R-squared 0.000211 Mean dependent var 0.711788

Adjusted R-squared -0.000973 S.D. dependent var 21.33793
S.E. of regression 21.34831 Akaike info criterion 8.961173
Sum squared resid 2693028. Schwarz criterion 8.970212
Log likelihood -26503.63 Hannan-Quinn criter. 8.964314
F-statistic 0.178258 Durbin-Watson stat 1.076593
Prob(F-statistic) 0.989774

Dependent Variable: DIV

Method: Panel Least Squares
Date: 04/11/18 Time: 07:43
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5917

Variable Coefficient Std. Error t-Statistic Prob.

C -1.575762 2.693625 -0.584997 0.5586

PROF2 0.010024 0.812289 0.012340 0.9902
NDTX -0.151807 0.782683 -0.193957 0.8462
GROWTH1 -0.011811 0.117137 -0.100829 0.9197
SIZE1 0.363760 0.415139 0.876237 0.3809
LIQ1 -1.027064 2.802828 -0.366438 0.7141
TAX 0.051756 0.090346 0.572864 0.5668
INT -0.002678 0.153406 -0.017456 0.9861

R-squared 0.000211 Mean dependent var 0.711788

Adjusted R-squared -0.000973 S.D. dependent var 21.33793
S.E. of regression 21.34831 Akaike info criterion 8.961173
Sum squared resid 2693028. Schwarz criterion 8.970212
Log likelihood -26503.63 Hannan-Quinn criter. 8.964314
F-statistic 0.178145 Durbin-Watson stat 1.076595
Prob(F-statistic) 0.989794
Dependent Variable: DIV
Method: Panel Least Squares
Date: 04/11/18 Time: 07:45
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5917

Variable Coefficient Std. Error t-Statistic Prob.

C -1.573082 2.695609 -0.583572 0.5595

PROF3 -0.016263 0.610087 -0.026656 0.9787
NDTX -0.152596 0.782870 -0.194919 0.8455
GROWTH1 -0.011819 0.117136 -0.100897 0.9196
SIZE1 0.363700 0.415130 0.876112 0.3810
LIQ1 -1.022981 2.801337 -0.365176 0.7150
TAX 0.051770 0.090346 0.573016 0.5667
INT -0.002458 0.153663 -0.015995 0.9872

R-squared 0.000211 Mean dependent var 0.711788

Adjusted R-squared -0.000973 S.D. dependent var 21.33793
S.E. of regression 21.34831 Akaike info criterion 8.961173
Sum squared resid 2693028. Schwarz criterion 8.970212
Log likelihood -26503.63 Hannan-Quinn criter. 8.964314
F-statistic 0.178225 Durbin-Watson stat 1.076593
Prob(F-statistic) 0.989780

Dependent Variable: DIV

Method: Panel Least Squares
Date: 04/11/18 Time: 07:45
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5917

Variable Coefficient Std. Error t-Statistic Prob.

C -1.576838 2.693857 -0.585346 0.5583

PROF4 -0.000502 0.018185 -0.027621 0.9780
NDTX -0.158037 0.812582 -0.194488 0.8458
GROWTH1 -0.011803 0.117135 -0.100765 0.9197
SIZE1 0.364038 0.415171 0.876837 0.3806
LIQ1 -1.025770 2.799821 -0.366370 0.7141
TAX 0.051763 0.090345 0.572950 0.5667
INT -0.001660 0.157945 -0.010507 0.9916

R-squared 0.000211 Mean dependent var 0.711788

Adjusted R-squared -0.000973 S.D. dependent var 21.33793
S.E. of regression 21.34831 Akaike info criterion 8.961173
Sum squared resid 2693028. Schwarz criterion 8.970212
Log likelihood -26503.63 Hannan-Quinn criter. 8.964314
F-statistic 0.178232 Durbin-Watson stat 1.076594
Prob(F-statistic) 0.989779
Dependent Variable: DIV
Method: Panel Least Squares
Date: 04/11/18 Time: 07:45
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5914

Variable Coefficient Std. Error t-Statistic Prob.

C -1.581985 2.696515 -0.586678 0.5574

PROF1 -0.023010 0.617093 -0.037288 0.9703
NDTX -0.348572 1.224711 -0.284616 0.7759
GROWTH2 -0.003251 0.037870 -0.085851 0.9316
SIZE1 0.366902 0.415615 0.882793 0.3774
LIQ1 -1.023085 2.798384 -0.365598 0.7147
TAX 0.051747 0.090368 0.572622 0.5669
INT 0.007431 0.160835 0.046206 0.9631

R-squared 0.000218 Mean dependent var 0.711426

Adjusted R-squared -0.000967 S.D. dependent var 21.34331
S.E. of regression 21.35362 Akaike info criterion 8.961672
Sum squared resid 2693001. Schwarz criterion 8.970715
Log likelihood -26491.66 Hannan-Quinn criter. 8.964814
F-statistic 0.183986 Durbin-Watson stat 1.076255
Prob(F-statistic) 0.988750

Dependent Variable: DIV

Method: Panel Least Squares
Date: 04/11/18 Time: 07:46
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5914

Variable Coefficient Std. Error t-Statistic Prob.

C -2.070275 2.519151 -0.821815 0.4112

PROF1 -0.044203 0.617232 -0.071615 0.9429
NDTX -0.133816 1.233236 -0.108508 0.9136
GROWTH2 -0.003164 0.037868 -0.083555 0.9334
SIZE2 0.445576 0.390321 1.141563 0.2537
LIQ1 -1.011910 2.796940 -0.361792 0.7175
TAX 0.051778 0.090364 0.572996 0.5667
INT 0.009730 0.160836 0.060495 0.9518

R-squared 0.000307 Mean dependent var 0.711426

Adjusted R-squared -0.000878 S.D. dependent var 21.34331
S.E. of regression 21.35268 Akaike info criterion 8.961583
Sum squared resid 2692763. Schwarz criterion 8.970626
Log likelihood -26491.40 Hannan-Quinn criter. 8.964726
F-statistic 0.258827 Durbin-Watson stat 1.076360
Prob(F-statistic) 0.969496
Dependent Variable: DIV
Method: Panel Least Squares
Date: 04/11/18 Time: 07:46
Sample: 2000 2015
Periods included: 16
Cross-sections included: 432
Total panel (unbalanced) observations: 5879

Variable Coefficient Std. Error t-Statistic Prob.

C -2.099933 2.597053 -0.808583 0.4188

PROF1 -0.051037 0.618819 -0.082474 0.9343
NDTX -0.142764 1.240487 -0.115087 0.9084
GROWTH2 -0.003130 0.037981 -0.082419 0.9343
SIZE2 0.441629 0.399728 1.104824 0.2693
LIQ2 0.000373 0.032859 0.011354 0.9909
TAX 0.051810 0.090634 0.571641 0.5676
INT 0.010949 0.161573 0.067764 0.9460

R-squared 0.000283 Mean dependent var 0.713612

Adjusted R-squared -0.000909 S.D. dependent var 21.40672
S.E. of regression 21.41645 Akaike info criterion 8.967555
Sum squared resid 2692818. Schwarz criterion 8.976644
Log likelihood -26352.13 Hannan-Quinn criter. 8.970715
F-statistic 0.237526 Durbin-Watson stat 1.076228
Prob(F-statistic) 0.976118

Dependent Variable: VAL1

Method: Panel Least Squares
Date: 04/11/18 Time: 07:47
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5647

Variable Coefficient Std. Error t-Statistic Prob.

C 6.269215 0.010122 619.3469 0.0000

DIV 0.000391 0.000463 0.844013 0.3987

R-squared 0.000126 Mean dependent var 6.269502

Adjusted R-squared -0.000051 S.D. dependent var 0.760204
S.E. of regression 0.760224 Akaike info criterion 2.289946
Sum squared resid 3262.471 Schwarz criterion 2.292297
Log likelihood -6463.662 Hannan-Quinn criter. 2.290765
F-statistic 0.712358 Durbin-Watson stat 0.216785
Prob(F-statistic) 0.398698
MODEL TERBAIK

div c prof1 ndtx growth2 size2 liq1 tax int

Dependent Variable: DIV

Method: Panel Least Squares
Date: 04/11/18 Time: 07:47
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5914

Variable Coefficient Std. Error t-Statistic Prob.

C -2.070275 2.519151 -0.821815 0.4112

PROF1 -0.044203 0.617232 -0.071615 0.9429
NDTX -0.133816 1.233236 -0.108508 0.9136
GROWTH2 -0.003164 0.037868 -0.083555 0.9334
SIZE2 0.445576 0.390321 1.141563 0.2537
LIQ1 -1.011910 2.796940 -0.361792 0.7175
TAX 0.051778 0.090364 0.572996 0.5667
INT 0.009730 0.160836 0.060495 0.9518

R-squared 0.000307 Mean dependent var 0.711426

Adjusted R-squared -0.000878 S.D. dependent var 21.34331
S.E. of regression 21.35268 Akaike info criterion 8.961583
Sum squared resid 2692763. Schwarz criterion 8.970626
Log likelihood -26491.40 Hannan-Quinn criter. 8.964726
F-statistic 0.258827 Durbin-Watson stat 1.076360
Prob(F-statistic) 0.969496

Dependent Variable: VAL2

Method: Panel Least Squares
Date: 04/11/18 Time: 07:48
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5587

Variable Coefficient Std. Error t-Statistic Prob.

C 6.417244 0.010099 635.4372 0.0000

DIV 0.000393 0.000460 0.854876 0.3927

R-squared 0.000131 Mean dependent var 6.417536

Adjusted R-squared -0.000048 S.D. dependent var 0.754407
S.E. of regression 0.754425 Akaike info criterion 2.274636
Sum squared resid 3178.741 Schwarz criterion 2.277008
Log likelihood -6352.195 Hannan-Quinn criter. 2.275463
F-statistic 0.730813 Durbin-Watson stat 0.176159
Prob(F-statistic) 0.392656
Dependent Variable: VAL2
Method: Panel Least Squares
Date: 04/11/18 Time: 07:48
Sample: 2000 2015
Periods included: 16
Cross-sections included: 434
Total panel (unbalanced) observations: 5515

Variable Coefficient Std. Error t-Statistic Prob.

C 0.646219 0.051365 12.58088 0.0000

PROF1 0.023825 0.016997 1.401690 0.1611
NDTX 0.544304 0.026771 20.33207 0.0000
GROWTH2 0.002435 0.001228 1.982480 0.0475
SIZE2 0.893346 0.007929 112.6731 0.0000
LIQ1 0.088494 0.055341 1.599078 0.1099
TAX 0.000805 0.001751 0.459502 0.6459
INT 0.019553 0.004428 4.415373 0.0000
DIV -1.11E-05 0.000252 -0.044232 0.9647

R-squared 0.700309 Mean dependent var 6.423627

Adjusted R-squared 0.699874 S.D. dependent var 0.755003
S.E. of regression 0.413619 Akaike info criterion 1.073889
Sum squared resid 941.9715 Schwarz criterion 1.084684
Log likelihood -2952.249 Hannan-Quinn criter. 1.077654
F-statistic 1608.283 Durbin-Watson stat 0.398990
Prob(F-statistic) 0.000000