1. UCS_Dummy is a dummy variable which equals to one of DPrivate, DSOECG, DSOELG and DSAMB. Size is the logarithm of the total assets as of year t. PB is the price-to-book ratio as of year t, defined as market value of equity scaled by book value of equity. FCF is the free cash flow to equity scaled by total equity as of year t. ROE return on equity as of year t. LnTiming is the logarithm of the number of days between the financial year end and financial report and dividend decision announcement date as of year t. LEV is total interest-bearing liabilities scaled by total equity as of year t. SDCR is a dummy variable which equals to 1 when there is stock dividend from capital reserve in year t and 0 otherwise. Year Dummies are included;This table reports robustness check. Panel A and Panel B reports the estimates of Eq.1 and Eq.3, respectively, with SPUCS as one of key independent variables. Panel C reports the estimation results of Eq.3 and Eq.4, with CTE as dependent variable
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