Table 5: ASY based on different criteria.

CriteriaSampleObservationsMean (ASY)Std. -test


Dividend payout ratioDividend14850.192401.09633−35.853***

Ownership concentrationHigh5880.45361.1573−12.552***

Asset-liability ratioHigh588−0.01951.1493−53.561***

Note: *** denotes significance at the 1% significance level.
Companies are ordered in company scale, with the top 20% as the group of large scale companies and the bottom 20% as the group of small scale companies; dividend paying ratio is decided by whether companies paid dividend in the previous year or not, and they are classified as the dividend paying group and the nondividend paying group; ordered in the ratio of total shares held by the top 5 shareholders, top 20% companies are classified as the group of high ownership concentration, and the bottom 20% as the group of low ownership concentration. Arranged in descending order of the asset-liability ratio, the top 20% of the companies are defined as the group with high liabilities and the bottom 20% as the group with low liabilities.