Jensen, Solberg and Zorn investigated the relationship between insider ownership, debt and dividend policies in companies. One of their findings was that companies with high insider ownership choose lower levels of both debt and dividends. The following is a sample of data of these three variables for 11 different industries. Use the data to develop the equation of the regression model to predict insider ownership (expressed as a percentage) using debt ratio and dividend payout. Comment on the regression coefficients.

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Insider Dividend Industry ownership Debt ratio payout 8.2 Mining 14.2 10.4 Food and beverage 18.4 20.8 14.3 Furniture 11.8 18.6 12.1 Publishing 28.0 18.5 11.8 Petroleum refining 7.4 28.2 10.6 Glass and cement 15.4 24.7 12.6 Motor vehicle 15.7 15.6 12.6 Department store 18.4 21.7 7.2 Restaurant 13.4 23.0 11.3 Amusement 18.1 46.7 4.1 35.8 Hospital 10.0 9.0