Table 2 Determinants of the Reinvestment Rate Model Ordinary Two-Stage Least Two-Stage Least Two-Stage Least Type: Squares Squares Squares Squares Variable 0.019 0.034 0.000 0.014 YIELD 0.972 PAYOUT 0.144 DIVTA 0.391 ROE 0.117 0.006 * 0.020 0.004 0.950 0.556 0.063 0.072 0.629 0.020 * 0.010 0.543 0.539 0.731 0.527 DISC 0.005 0.038 * 0.006 PP 0.011 * 0.021 * 0.016 * 0.018 * 0.003 0.001 0.216 0.009 0.012 * 0.664 0.030 * 0.019 BETA 0.097 0.092 0.703 0.147 0.156 SIZE 0.605 0.483 0.405 0.353
Table 2 Determinants of the Reinvestment Rate Model Type: Ordinary Squares Two-Stage Least Squares Two-Stage Least Squares Two-Stage Least Squares Variable 0.019 0.034 0.000 0.014 YIELD 0.972 PAYOUT 0.144 DIVTA 0.391 ROE 0.117 0.020 * 0.950 0.556 0.063 0.072 0.629 0.020 * 0.543 0.539 0.731 0.527 DISC 0.005 0.006 0.038 * 0.006 PP 0.011 * 0.021 * 0.016 * 0.018 * 0.003 0.001 0.216 0.009 0.012 * 0.010 0.664 0.030 * BETA 0.097 0.092 0.703 0.147 SIZE 0.605 0.483 0.405 0.353 0.004 0.156 0.019
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