Table 9.4 shows that the already high dividend payout ratios and debt-to-
equity (leverage) ratios for adopting firms increase somewhat following the adop-
tion of shark repellents. The statistically significant intercept coefficient estimate
of 0.125 in the dividend payout ratio regression means that the median industry-
adjusted level is 0.125% higher for adopting versus nonadopting firms in the
postadoption period. The statistically significant intercept coefficient estimate of
0.276 in the debt-to-equity (leverage) ratio regression means that the median
industry-adjusted level is 0.276% higher for adopting versus nonadopting firms in
the ...
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