Dividend Policy of Indian Organizations[1]

8/9/2019 Dividend Policy of Indian Organizations[1]

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Advanced corporate Finance

2009 - 11

Dividend Policy of Indian

OrganizationsSubmitted by:

Ajay Simha

Anupam Chaplot

Siva Harsha Karra


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Contents

INTRODUCTION ....................................................................................................................................... 3

TABLESAND FINDINGS............................................................................................................................. 4

REGRESSION ............................................................................................................................................ 6

MODELSUSED ......................................................................................................................................... 7

LINTNER MODEL .................................................................................................................................. 7

Model for dividend pay out ratio ......................................................................................................... 7

Synopsis of regression coefficients for lintners model ............................................... .......................... 8

APPENDIX ................................................................................................................................................ 9

Asset financing..................................................................................................................................... 9

Bank .................................................................................................................................................. 12

Communication ................................................................................................................................. 14

Construction ...................................................................................................................................... 18

Electricity ........................................................................................................................................... 20

food beverages .................................................................................................................................. 23

health services ................................................................................................................................... 26

Information technology ..................................................................................................................... 29

metal product .................................................................................................................................... 32

Mining ............................................................................................................................................... 35

Textile ................................................................................................................................................ 38

Wholesale retail ................................................................................................................................. 40

chemical ............................................................................................................................................ 42

Hotel.................................................................................................................................................. 44

Investment services ........................................................................................................................... 47

Machinery ......................................................................................................................................... 50

Non-metallic mineral products ........................... ................................ ...................... .......................... 53

Recreational services ......................................................................................................................... 56

Transport equipment ......................................................................................................................... 59

Transport services .............................................................................................................................. 61

IT industry (company wise analysis) ................................................................................................... 63


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INTRODUCTION

The present study examines the dividend behavior of Indian corporate firms over the period 2000 - 2009 and attemptsto explain the observed behavior.

For this purpose data of 20 different industries has been collected over the period of 10 years to see the variation in thetrend across industry. Given below are the details of the industries and number of companies from each industry thathas been observed for the study for last 10 years. A total of 18,657 companies have been studied.

Set Description no. of companies

Asset financing services 583

Banking services 201Communication services 187

Construction 1431

Electricity 354

Food & beverages 1763

Health services 119

Information technology 961

Metals & metal products 1306

Mining 178

Textiles 1501

Wholesale & retail trading 2046Chemicals 2336

Hotels & tourism 354

Investment services 2067

Machinery 1464

Non-metallic mineral products 614

Recreational services 274

Transport equipment 548

Transport services 370

Total 18657


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TABLES AND FINDINGS

percentage div paid / PAT

Industry 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Asset financing 63.6% 72.7% 76.5% 41.0% 217.5% 44.1% 42.6% 29.2% 31.5% 30.5%

Banking Services 19.9% 26.1% 19.3% 17.3% 17.8% 20.1% 20.3% 20.1% 18.9% 18.6%

Communication services 18.4% 62.1% 42.3% 79.9% 11.4% 15.9% 21.2% 12.5% 16.5% 8.7%

Construction 47.0% 49.3% 44.7% 51.1% 42.2% 33.5% 16.8% 17.1% 17.5% 14.3%

Electricity 20.6% 30.5% 26.3% 33.0% 33.0% 57.0% 41.7% 37.1% 41.5% 57.7%

food beverages 70.5% 60.1% 51.2% 68.4% 53.6% 38.1% 39.4% 36.7% 38.9% 37.6%

health services -54.8% -131.7% -1857.0% 100.3% -158.3% 51.4% 82.5% 36.4% 66.2% 48.9%

information tech. 12.6% 11.4% 16.0% 27.5% 46.7% 31.6% 44.9% 24.9% 31.1% 23.9%

metal product -30.1% -39.0% -17.5% 124.0% 13.8% 17.2% 18.1% 15.5% 16.1% 22.5%

Mining 47.1% 59.6% 37.6% 43.3% 41.3% 45.0% 41.7% 40.5% 43.1% 41.3%

Textile -10.9% -8.7% -9.2% -13.3% 37.1%

-

2888.9% 23.6% 19.6% 20.9% 14.3%

Wholesale retail 86.3% -22.5% -32.9% 1469.5% 42.7% 37.9% 26.0% 28.0% 35.4% 56.3%

Chemicals 49.9% 45.1% 51.9% 52.4% 40.9% 35.7% 34.3% 31.9% 22.8% 28.7%

Hotels & tourism 65.8% 93.3% -69.5% 154.1% 145.2% 53.6% 33.3% 29.7% 28.6% 31.0%

Investment services 29.9% -92.4% 34.0% 53.2% 24.9% 17.5% 20.1% 21.2% 15.1% 24.9%

Machinery 134.5% 205.6% 323.4% 703.6% 99.7% 42.3% 25.6% 21.8% 23.4% 35.2%

Non-metallic mineral

products -53.9% -519.8% -238.9% 79.6% 43.4% 33.1% 24.3% 22.3% 18.2% 21.3%

Recreational services 11.1% 37.6%

-

14329.8% 172.4% 164.9% 109.5%

-

35.2% -47.3% -87.3% -63.1%

Transport equipment 55.5% -64.6% 76.0% 48.6% 39.7% 31.3% 29.3% 28.0% 26.3% 34.7%

Transport services 579.7% 83.0% 88.1% 58.6% 48.1% 22.3% 32.1% 114.8% 49.9% -17.5%

Below table give the details of the no of companies who gave dividend 0 to 10 times in last 10 years.

Industry 0 1 2 3 4 5 6 7 8 9 10 total

Asset financing 333 29 23 6 13 9 10 8 3 8 20 4

Communication 149 3 8 3 4 2 2 1 0 0 3 1

Bank 70 14 11 5 11 14 8 10 3 8 31 1

Construction 790 44 37 29 28 18 24 14 9 9 27 10


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Electricity 175 10 12 9 10 6 10 1 2 1 10 2

food beverages 1036 100 68 37 32 38 30 22 14 28 47 14

health services 82 4 6 3 3 0 0 2 1 1 2 1

information tech. 618 87 54 28 20 13 24 13 9 18 22 9

metal product 790 59 41 39 28 31 22 16 18 21 33 10

Mining 95 8 6 3 4 5 4 4 3 5 11 1

Textile 929 55 51 40 35 20 26 17 25 21 34 12

Wholesale retail 1426 89 69 37 47 32 30 29 15 14 31 18

Below table give the information of the number of companies in each sector who have gave dividend in each year.

Industry 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Asset financing 70 59 52 55 61 68 65 68 65 54

Communication 7 5 6 10 9 11 15 14 15 11

Bank 62 58 67 73 80 66 74 72 71 66

Construction 72 71 69 79 91 115 137 156 159 123

Electricity 24 21 22 26 34 38 39 42 43 34

food beverages 225 180 154 158 169 193 195 196 187 176

health services 5 4 8 12 11 10 10 8 11 9

information tech. 123 97 85 96 100 120 130 134 122 106

metal product 124 109 101 117 135 152 168 187 201 150

Mining 21 23 22 29 33 38 37 36 40 34

Textile 149 136 136 154 161 173 193 196 143 93

Wholesale retail 146 132 134 169 188 190 177 190 167 140

Below table gives information about the percentage of companies who have paid dividend in each year.

Industry 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Average

Asset financing 15% 13% 11% 12% 13% 15% 14% 15% 14% 12% 13%

Communication 4% 3% 3% 6% 5% 6% 9% 8% 9% 6% 6%

Bank 34% 31% 36% 39% 43% 36% 40% 39% 38% 36% 37%

Construction 7% 7% 7% 8% 9% 11% 13% 15% 15% 12% 10%

electricity 10% 9% 9% 11% 14% 15% 16% 17% 17% 14% 13%food beverages 15% 12% 11% 11% 12% 13% 13% 13% 13% 12% 13%

health services 5% 4% 8% 12% 11% 10% 10% 8% 11% 9% 8%

information tech. 14% 11% 9% 11% 11% 13% 14% 15% 13% 12% 12%

metal product 11% 10% 9% 11% 12% 14% 15% 17% 18% 14% 13%

Mining 14% 16% 15% 20% 22% 26% 25% 24% 27% 23% 21%

Textile 12% 11% 11% 12% 13% 14% 15% 16% 11% 7% 12%


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Wholesale retail 8% 7% 7% 9% 10% 10% 10% 10% 9% 8% 9%

Below table contain the aggregate profit of the industry and the cumulative growth rate of the industry in term of profit. CAGR is not been

calculated for few of the industries because of negative PAT.

PAT(in crores)

Industry 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 CAGR

Asset financing 1032.92 1013.84 1174.37 2546.44 586.69 3560.91 4024.91 6115.24 8720.34 9572.57 24

Banking Services 8227.55 7459.26 9019.38 17925.22 24011.16 21454.85 25207.92 31921.64 43197.76 53611.78 20

Communication services 1729.7 3073.34 7139.71 1080.69 7008.94 11849.18 9575.85 15755.41 14763.76 10647.91 19

Construction 745.41 703.43 764.05 881.35 1307.62 2487.15 5789.28 11532.58 19889.07 15421.33 35

Electricity 6565.46 5256.17 6083.58 6748.73 9722.81 7585.08 13277.92 16525.77 16836.68 11828.48 6

food beverages 1281.25 1448.53 1854.26 1572.04 2557.9 4984.91 6000.62 7187.16 7689.76 9321.02 21

health services -30.27 -16.89 -1.35 26.74 -19.63 67.88 57.99 143.36 109.4 159.75 29

information tech. 2956.23 4626.16 3717.5 4085.69 5921.37 10178.31 16337.9 19806.25 22823.57 22918.57 22

metal product -2654.49 -2528.32 -4817.21 1009.04 9706.32 21415.64 19257.74 32195.98 36611 23558.03 56

Mining 4535.28 4301.15 8575.01 13991.32 15007.25 21222.95 27800.84 29467.45 34182.84 31768.61 21

Textile -3532.38 -3919.81 -3621.06 -3267.82 1550.74 -22.34 3375.6 4394.69 3481.8 4717.97 20

Wholesale retail 302.64 -973.95 -1060.74 23.28 1156.67 1567.34 2423.81 2893.4 2334.52 1264.75 15

Chemicals 10593.96 12795.81 12275.88 19419.85 26314.19 30420.54 31950.03 46252.94 53499.89 43399.33 15

Hotels & tourism 271.95 189.02 -189.49 89.25 103.3 422.77 1156.73 1791.43 2123.15 1211.79 16

Investment services 1991.69 -546.87 1791.78 1773.11 4626.26 5605.94 7016.5 8983.28 10497.28 6716.45 12

Machinery 740.96 455.37 277.07 142.51 1342.63 4312.57 10135.74 15222.22 16035.62 11227.82 31

Non-metallic mineral

products -625.53 -65.13 -146.77 474.6 1443.71 2383.99 5783.18 9964.85 10965 9543.99 35

Recreational services 385.25 159.65 -0.47 53.25 53.32 156.72 -956.52 -523.12 -407.91 -415.83 #NU

Transport equipment 1051.85 -687.16 1357.29 2878.14 4834.97 7787.76 9310.45 13218.05 13969.44 8907.37 23

Transport services 49.08 427.31 464.21 959.22 2561.32 5126.24 3851.5 1182.1 3222.6 -7338.11 #NU

REGRESSIONWe have done regression between PAT, previous year dividend (independent variable) and dividend this year

(dependent variable) and tried to find out if the dividend depends on this two variable for which industries. Since

the regression is done on the aggregate values we have moved one step further and did company wise analysis for

IT industry taking around 20 companies and try to find out if the result matches the value that we have got for the

industry aggregate. The result for the two were quiet similar. Hence we can say that the aggregate of the industry

represent the behavior of individual companies in that industry to a great level.

Below are the results that we have got for regression of various industries and at the bottom is the analysis that

has been done for just of the IT industry taking 20 companies.


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MODELS USED

LINTNERMODEL

Lintner (1956) developed a model to study the determinants of the dividend behavior of

American corporations assuming that the dividend payout is a function of net currentearnings after tax (PAT) and dividend paid during the previous year i.e. lagged dividend

(Div t-1). Companies decide to payout a fixed proportion of their net profits as dividend tocommon stockholders; but in view of their well known preference for stable dividends

may try to achieve the target level only by a fraction of the amount indicated by the targetpayout ratio whenever profit changes. The above theoretical formulation of Lintner has

been used as an estimating equation for corporate dividend in the present study, which isas follows

Y= + 1X1+ 2X2

Y- Dependent variabla(dividend for the present year)

X1- independent variable PAT (current year)X2- independent variable Dividend previous year

- constant

Model for dividend pay out ratio

Y= + 1X1+ 2X2 +1X3+ 2X4+ 1X5

The variables that have been identified can be stated as follows:

Y= dividend payout ratio

X1=earnings before interest and taxes /total assetsX2= cash from operations (Rs. crore)

X3=corporate tax /profit before taxX4=annual sales growthX5= Market to book value ratio


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Synopsis of regression coefficients for lintners model

Sno Industry R square Value t significance

1 Asset financing 0.916 pat 2.357 0.056

div_lastyear 1.449 0.198

2 Communication -0.146 pat 0.915 0.395

div_lastyear -0.422 0.688

3 construction 0.983 pat 14.072 0


4 Electricity 0.956 pat 1.762 0.128


5 Food& beverages 0.991 pat

div_lastyear

6 health services 0.906 pat -0.157 0.881

div_lastyear 3.633 0.0117 IT 0.842 pat 4.088 0.006


8 Metal product 0.957 pat 5.649 0.001


9 mining 0.99 pat 9.457 0


10 textile 0.833 pat 2.191 0.071


11 wholesale retail 0.911 pat 3.2 0.019

div_lastyear 2.899 0.02712 chemical 0.7 pat 1.941 0.1


13 hotel 0.988 pat 15.464 0


14 Investment services 0.759 pat 2.009 0.091



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15 Machinery 0.98 pat 3.851 0.008


16 Non mettalic mineral products 0.987 pat 9.897 0


17 recreational services 0.708 pat -2.482 0.048


18 transport equipment 0.982 pat 7.581 0


19 Transport services 0.724 pat 1.41 0.208


APPENDIX

Asset financing

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .968a

.937 .916 223.249

a. Predictors: (Constant), div_last_year, pat

b. Dependent Variable: div_this_year

Coefficientsa

Model

Unstandardized Coefficients

Standardized

Coefficients

t Sig.

95% Confidence Interva

B Std. Error Beta Lower Bound Upper

1 (Constant) 437.966 226.566 1.933 .101 -116.421

pat .142 .060 .611 2.357 .056 -.005

div_last_year .440 .303 .376 1.449 .198 -.303

a. Dependent Variable: div_this_year


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Bank

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of

the Estimate

1 .998a

.995 .994 219.971



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.

95% Confidence Interval

for B

B Std. Error Beta

Lower

Bound

Upper

Bound

1 (Constant) 137.163 159.274 .861 .422 -252.567 526.893

Pat .132 .019 .720 6.909 .000 .085 .179

div_last_year .351 .128 .285 2.733 .034 .037 .665



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Communication


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Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of

the Estimate

1 .375a

.141 -.146 813.097



ANOVAb

Model

Sum of

Squares df Mean Square F Sig.

1 Regression 649327.579 2 324663.789 .491 .635a

Residual 3966763.852 6 661127.309

Total 4616091.431 8



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.


for B

B Std. Error Beta

Lower

Bound

Upper

Bound

1 (Constant) 1517.806 799.727 1.898 .106 -439.056 3474.667

Pat .053 .058 .347 .915 .395 -.089 .196

div_last_year -.141 .334 -.160 -.422 .688 -.957 .676



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Construction

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of

the Estimate

1 .993a

.987 .983 143.038



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.


for B

B Std. Error Beta

Lower

Bound

Upper

Bound

1 (Constant) 337.918 69.158 4.886 .003 168.695 507.141

Pat .174 .012 1.168 14.072 .000 .144 .204

div_last_year -.226 .085 -.219 -2.645 .038 -.435 -.017



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Electricity

Model Summaryb

Model R R SquareAdjusted R

SquareStd. Error ofthe Estimate

1 .983a

.967 .956 459.905



Coefficientsa

Model


Standardized

Coefficients

t Sig.

95% Confidence Interval for B

B Std. Error Beta Lower Bound Upper Bound

1 (Constant) 140.008 423.695 .330 .752 -896.737 1176.753

Pat .122 .069 .246 1.762 .128 -.047 .292

div_last_year .780 .142 .766 5.491 .002 .432 1.127



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food beverages

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of

the Estimate

1 .997a

.993 .991 90.501



ANOVAb

Model

Sum of

Squares df Mean Square F Sig.

1 Regression 7357849.591 2 3678924.795 449.170 .000a

Residual 49142.973 6 8190.496

Total 7406992.564 8




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health services

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of

the Estimate

1 .964a

.929 .906 6.354



Coefficientsa

Model


Standardized

Coefficients

t Sig.



1 (Constant) 1.385 7.774 .178 .864 -17.636 20.406

Pat -.013 .085 -.043 -.157 .881 -.220 .194

div_last_year 1.170 .322 1.004 3.633 .011 .382 1.959



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Information technology

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of

the Estimate

1 .939a

.882 .842 1059.615



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.

95% Confidence

Interval for B

B Std. Error Beta

Lower

Bound

Upper

Bound

1 (Constant) -467.227 722.492 -.647 .542 -2235.102 1300.648

pat .526 .129 1.621 4.088 .006 .211 .840

div_last_year -.743 .381 -.774 -1.950 .099 -1.675 .189



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metal product

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of

the Estimate

1 .984a

.967 .957 422.825



Coefficientsa

Model


Standardized

Coefficients

t Sig.



1 (Constant) 757.529 242.142 3.128 .020 165.029 1350.028

Pat .091 .016 .678 5.649 .001 .052 .131

div_last_year .367 .124 .357 2.972 .025 .065 .670



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Mining

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of

the Estimate

1 .996a

.992 .990 451.319



Coefficientsa

Model


Standardized

Coefficients

t Sig.



1 (Constant) 228.539 353.992 .646 .542 -637.648 1094.726

pat .447 .047 1.089 9.457 .000 .331 .563

div_last_year -.095 .111 -.098 -.852 .427 -.366 .177



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Textile

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of

the Estimate

1 .935a

.875 .833 78.620



Coefficientsa

Model


Standardized

Coefficients

t Sig.



1 (Constant) 432.247 162.871 2.654 .038 33.716 830.778

pat .038 .017 .699 2.191 .071 -.004 .080

div_last_year .245 .304 .257 .807 .451 -.498 .988



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Wholesale retail

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .966a

.933 .911 64.748




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Coefficientsa

Model


Standardized

Coefficients

t Sig.



1 (Constant) 233.592 65.717 3.555 .012 72.789 394.3

pat .080 .025 .538 3.200 .019 .019 .1

div_last_ye

ar.465 .160 .487 2.899 .027 .072 .8



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chemical

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .881a

.775 .700 1556.716



Coefficientsa


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Model


Standardized

Coefficients

t Sig.

95% Confidence Interval for

B Std. Error Beta Lower Bound Upper Bou

1 (Constant) 6003.833 2128.454 2.821 .030 795.693 11211

pat .213 .110 1.104 1.941 .100 -.056

div_last_year -.215 .505 -.242 -.425 .686 -1.451 1



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Hotel

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .995a

.991 .988 19.920



Coefficientsa


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Model


Standardized

Coefficients

t Sig.

95% Confidence Interval for

B Std. Error Beta Lower Bound Upper Bou

1 (Constant) 141.438 13.281 10.650 .000 108.941 173

pat .221 .014 1.020 15.464 .000 .186

div_last_year -.031 .065 -.031 -.469 .655 -.190



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Investment services

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .905a

.819 .759 236.859



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.

95% Confidence

Interval for B

B Std. Error Beta Lower Bound

Upper

Bound

1 (Constant) 533.344 233.852 2.281 .063 -38.871 1105.559

pat .110 .055 .823 2.009 .091 -.024 .244

div_last_year .089 .409 .089 .218 .834 -.912 1.091



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Machinery

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .993a

.985 .980 174.803



Coefficientsa

Model


Standardized

Coefficients

t Sig.

95% Confidence

Interval for B


Upper

Bound

1 (Constant) 393.812 135.756 2.901 .027 61.628 725.996

pat .078 .020 .412 3.851 .008 .028 .127

div_last_year .688 .121 .609 5.687 .001 .392 .984



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Non-metallic mineral products

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .995a

.990 .987 91.282



Coefficientsa

Model


Standardized

Coefficients

t Sig.

95% Confidence

Interval for B


Upper

Bound

1 (Constant) 446.122 55.308 8.066 .000 310.789 581.455

pat .217 .022 1.272 9.897 .000 .164 .271

div_last_year -.314 .136 -.297 -2.311 .060 -.646 .019



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Recreational services

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .884a

.781 .708 63.424



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.

95% Confidence

Interval for B

B Std. Error Beta

Lower

Bound

Upper

Bound

1 (Constant) 97.527 38.070 2.562 .043 4.373 190.680

pat -.196 .079 -.643 -2.482 .048 -.388 -.003

div_last_year .298 .248 .311 1.202 .275 -.309 .906



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Transport equipment

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .993a

.987 .982 153.124



Coefficientsa

Model


Standardized

Coefficients

t Sig.

95% Confidence

Interval for B


Upper

Bound

1 (Constant) 652.947 102.462 6.373 .001 402.231 903.663

pat .186 .025 .825 7.581 .000 .126 .246

div_last_year .172 .102 .183 1.686 .143 -.078 .422



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Transport services

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .891a

.793 .724 239.269




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Coefficientsa

Model


Standardized

Coefficients

t Sig.

95% Confidence

Interval for B

B Std. Error Beta

Lower

Bound

Upper

Bound

1 (Constant)239.513 181.578 1.319 .235

-

204.793683.8

pat .034 .024 .266 1.410 .208 -.025 .0

div_last_year .816 .171 .900 4.766 .003 .397 1.2



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IT industry (company wise analysis)

Model Summaryb

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .921a

.847 .844 159.730

a. Predictors: (Constant), Previous_DIvidend, PAT

b. Dependent Variable: Current_Dividend


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Coefficientsa

Model


Standardized

Coefficients

t Sig.B Std. Error Beta

1 (Constant) 1.710 19.030 .090 .929

PAT 4.031 .324 1.070 12.428 .000

Previous_DIvidend -.239 .118 -.175 -2.030 .045

a. Dependent Variable: Current_Dividend


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Residuals Statisticsa

Minimum Maximum Mean Std. Deviation N

Predicted Value -82.70 1731.18 209.84 372.185 93

Residual -467.260 525.909 .000 157.985 93

Std. Predicted Value -.786 4.088 .000 1.000 93

Std. Residual -2.925 3.292 .000 .989 93

Documents

Dividend Policy of Indian Organizations[1]