Flooding and firm payout policy.

This table reports the regression results of the effects of flooding on firm payout policy. Dependent variables are the probability of paying cash dividends (Dividend) in column 1, dividend per share (DPS) in column 2, DPS to book value of equity per share (DPS/Book per share) in column 3, repurchase payment to market value of equity (Repurchase ratio) in column 4, and probability of repurchase (Repurchase) in column 5, respectively. Variable definitions are in Table A1 in the S1 Appendix. Robust standard errors are clustered at the city-year level and reported in parentheses. *, ** and *** indicate the significance levels at 10%, 5% and 1%, respectively.