Effect of ownership structure on dividend payments: Evidence from public companies in Nordic and Baltic Countries

Figures & data

Table 1. Summary statistics of regression variables for Nordic public companies

Variable	Mean	Median	S.D.	Min	Max
DPS, Eur	0.31	0.00	1.27	0.00	11.40
CONC, %	24.80	16.30	19.70	0.06	98.60
MANAG, %	13.00	3.72	18.50	0.00	97.50
INSTIT, %	27.20	23.20	22.90	0.00	98.30
Total assets, MEur	129.76	56.71	197.74	0.45	449.74
FL	0.23	0.16	0.23	0.00	1.94
ROA, %	−2.42	1.24	18.30	−128.00	82.40
GROWTH, %	8.27	1.58	52.10	−106.00	569.00
RETA	−0.36	0.12	3.67	−102.00	5.70

Table 2. Correlation matrix of regression variables for Nordic public companies

	SIZE	ROA	FL	GROWTH	RETA	CONC	MANAG	INSTIT	DPS
SIZE	1.0000
ROA	0.2501	1.0000
FL	0.2161	−0.1420	1.0000
GROWTH	−0.0821	0.1112	−0.0757	1.0000
RETA	0.1737	0.2588	−0.0199	0.0338	1.0000
CONC	−0.0614	0.0536	−0.1130	−0.0220	0.0335	1.0000
MANAG	−0.1926	0.1382	−0.1373	0.0276	0.0778	0.0783	1.0000
INSTIT	0.1075	0.0551	0.0760	−0.0368	−0.0512	0.1078	−0.2412	1.0000
DPS	0.0561	0.1021	−0.1076	0.0000	0.0463	0.2484	0.2290	−0.1355	1.0000

Table 3. Estimation results of the Logit regression model for Nordic public companies

Variables	Coefficient	Z-values
Constant	−0.2126	−0.5330
CONC	0.0132***	3.254
MANAG	0.0029	0.644
INSTIT	−0.0111***	−2.806
SIZE	0.1877***	2.602
ROA	0.0614***	5.675
FL	−1.9095***	−4.449
GROWTH	−0.0027	−1.373
RETA	1.7240***	6.628
Country	Yes
McFadden R-squared	0.2490

Notes: The dividend payment dummy is the dependent variable; t-statistics (P-value) ***significant at 1%;**significant at 5%; * significant at 10%.

The choice of this model instead of the Probit regression model was done due to these reasons: 1) Akaike criteria are very similar: for Logit is 1109, for Probit is 1129; 2) McFadden R-squared for Logit is 0.25, for Probit is 0.24. The Variance Inflation Factor (VIF) test is further used for detecting the multicollinearity degrees between the variables. VIF for all variables ranged between 1.03 − 1.24, hence, the possibility of a multicollinearity problem was not detected.

Table 4. Estimation results of Tobit regression model for Nordic public companies

Variables	Coefficient	Z-values
Constant	−3.0020***	−7.735
CONC	0.0272***	7.218
MANAG	0.0203***	5.022
INSTIT	−0.0097**	−2.496
SIZE	0.2600***	3.690
ROA	0.0541***	6.266
FL	−1.9170***	−4.458
GROWTH	−0.0027	−1.593
RETA	0.9215***	4.598
Country	Yes
Chi-square	227.126
P-value	0.0000

Dividends per share is the dependent variable; t-statistics (P-value)

*** significant at 1%; ** significant at 5%; * significant at 10%

Table 5. Summary Statistics of regression variables for Baltic public companies

Variable	Mean	Median	S.D.	Min	Max
DPS, Eur	0.10	0.00	0.30	0.00	2.55
CONC, %	39.10	31.90	28.20	4.44	100.00
MANAG, %	10.20	0.44	16.90	0.00	70.50
INSTIT, %	31.40	20.40	31.00	0.00	97.50
Total assets, MEur	139.67	76.82	165.66	1.09	868.23
FL	0.23	0.23	0.17	0.00	0.74
ROA, %	3.13	3.64	9.09	−38.00	35.50
GROWTH, %	7.13	1.09	54.70	−99.10	637.00
RETA	0.18	0.20	0.30	−1.21	0.78

Table 6. Correlation matrix of regression variables for Baltic public companies

	SIZE	ROA	FL	GROWTH	RETA	CONC	MANAG	INSTIT	DPS
SIZE	1.0000
ROA	0.2301	1.0000
FL	0.0522	−0.2884	1.0000
GROWTH	0.0325	0.0498	−0.0040	1.0000
RETA	0.2530	0.5271	−0.5245	−0.0424	1.0000
CONC	0.1212	−0.0286	0.0372	0.0071	0.0343	1.0000
MANAG	−0.1564	0.1193	−0.0141	−0.0251	0.1094	−0.0700	1.0000
INSTIT	0.1052	0.1611	−0.1261	−0.0157	0.1780	−0.2253	−0.1888	1.0000
DPS	0.2098	0.2303	−0.0302	−0.0227	0.1258	−0.0204	−0.1384	0.0634	1.0000

Table 7. Estimation results of the Logit regression model for Baltic public companies

Variables	Coefficient	Z-values
Constant	−5.6264***	−6.023
CONC	−0.0032	−0.551
MANAG	0.0050	0.538
INSTIT	0.0021	0.415
SIZE	1.0375***	6.490
ROA	0.0587**	2.444
FL	−0.4505	−0.378
GROWTH	0.0025	0.733
RETA	−0.7056	−0.805
Country	Yes
McFadden R-squared	0.2580

Dividends per share is the dependent variable; t-statistics (P-value)

*** significant at 1%; ** significant at 5%; * significant at 10%

Table 8. Estimation results of the Tobit regression model for Baltic public companies

Variables	Coefficient	Z-values
Constant	−1.3030***	−6.331
CONC	−0.0009	−0.688
MANAG	−0.0025	−1.141
INSTIT	−0.0003	−0.395
SIZE	0.2127***	6.691
ROA	0.0137***	2.676
FL	−0,2074	−0.849
GROWTH	−0.0004	−0.521
RETA	−0.0911	0.476
Country	Yes
Chi-square	70.40
P-value	0.0000

Dividends per share is the dependent variable; t-statistics (P-value)

*** significant at 1%; ** significant at 5%; * significant at 10%