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Impact of Inflation on Dividend Determinants and Dividend Payout

Table 3: Fixed Effects (Within) Regression (Moderating Effects)

Divided Pay-out Coef Robust Std. Err. t p
Debt ratio -0.022 0.022 -0.98 0.329
Dividend Yield -0.024 0.052 -0.46 0.647
Operating Free Cash Flow 0.002 0.006 0.37 0.713
P/E ratio -0.071 0.022 -3.24 0.01
Inflation -0.031 0.015 -1.95 0.053
Debt ratio_ Inflation 0.005 0.007 0.71 0.480
Dividend Yield _ Inflation 0.159 0.022 0.71 0.476
Operating Free Cash Flow _ Inflation -0.002 0.002 -0.74 0.457
P/E ratio _ Inflation 0.011 0.007 1.57 0.119
Constant 2.749 0.046 59.20 0.000
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