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Journal articles on the topic 'Dividend pay-out policy'

Author: Grafiati

Published: 3 June 2025

Last updated: 31 July 2025

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1

Barabás, Zoltán, and Gergely Fazakas. "Tax implications of dividend policy." Corvinus Journal of Sociology and Social Policy 1, no. 2 (2010): 51–79. http://dx.doi.org/10.14267/cjssp.2010.02.03.

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The focus of debates about dividend policy is whether any given extent of dividend pay-out creates added value for the shareholders – i.e. whether any price change is induced by such alterations of the dividend level that are announced currently or expected in the future. In the most simple way the main problem of dividend policy is to pay out the profit as dividend or to reinvest in the company as a plow-back. It seems, that several factors influence the firms’ dividend policy: risk, taxes, costs, information, shareholders clienteles, shareholders’ behaviour etc. I will deal only the tax effe

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2

Salisu, Muhammad, and Sunusi Ridwan Ayagi. "Does Independent Directors Influence Dividend Pay-out?" Gusau International Journal of Management and Social Sciences 7, no. 2 (2024): 29–44. http://dx.doi.org/10.57233/gijmss.v7i2.02.

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Dividend is one of the major factors considered by investors /shareholders in their investment decision, however, dividend decision being a sole responsibility of the board would be influenced by the nature of independence of the board. This study aims to evaluate how the independence of bank boards affects dividend payout decisions with reference to listed deposit money banks in Nigeria. The study extracted secondary data from annual reports and accounts of listed DMBs for a period of 10 years (2012 – 2021) relating to the dependent (Dividend payout ratio) and explanatory variable (outside di

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3

Elmagrhi, Mohamed H., Collins G. Ntim, Richard M. Crossley, John K. Malagila, Samuel Fosu, and Tien V. Vu. "Corporate governance and dividend pay-out policy in UK listed SMEs." International Journal of Accounting & Information Management 25, no. 4 (2017): 459–83. http://dx.doi.org/10.1108/ijaim-02-2017-0020.

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Purpose The purpose of this paper is to examine the extent to which corporate board characteristics influence the level of dividend pay-out ratio using a sample of UK small- and medium-sized enterprises from 2010 to 2013 listed on the Alternative Investment Market. Design/methodology/approach The data are analysed by employing multivariate regression techniques, including estimating fixed effects, lagged effects and two-stage least squares regressions. Findings The results show that board size, the frequency of board meetings, board gender diversity and audit committee size have a significant

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4

Gugler, Klaus, and B. Burcin Yurtoglu. "Corporate governance and dividend pay-out policy in Germany." European Economic Review 47, no. 4 (2003): 731–58. http://dx.doi.org/10.1016/s0014-2921(02)00291-x.

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5

Enow, Samuel Tabot. "Capital Structure on Dividend Policy: Is There Any Relationship?" International Journal of Economics and Financial Issues 13, no. 3 (2023): 141–44. http://dx.doi.org/10.32479/ijefi.14344.

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Dividend pay-out policies often emanate from complex financial decisions and corporate managers do not consider dividend policies in isolation. However, some studies have indicated that capital structure significantly affects dividend pay-out and should be managed properly as it accounts for variations in dividends. The aim of this study was to investigate the relationship between capital structure and dividend pay-out. This study made use of a Kolmogorov-Smirnov and a Chi-square test. These tests are more reliable in investigating the variations and dependency between variables and are a leap

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Adnan, Abbas, and Saad Ameer Muhammad. "Determinants of Dividend Policy in Services Industry of China." International Journal of Business, Economics and Management Works (ISSN: 2409-2770) 4, no. 11 (2017): 20–23. https://doi.org/10.5281/zenodo.1063975.

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The dividend policy analysis based upon the service industry in china. The data is based on the most recent years from 2014 to 2016. It includes forty-two organizations of communication, information, and transportation sector. dividend pay-out determines the total revenue by the organization(positively).  It is presumed that the total sale plays a positive part in deciding dividend pay-out ratio of the organization as it increases earning per share, and strength of equity. The debt equity ratio is significant but due to the dividend pay-out of the organization will decrease.

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Radikoko, Ishmael, and Emmanuel Ndjadingwe. "Investigating the Effects of Dividends Pay-out on Stock Prices and Traded Equity Volumes of BSE Listed Firms." International Journal Of Innovation And Economic Development 1, no. 4 (2015): 24–37. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.14.2002.

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The main objective of this study is to examine the effect of dividend pay-out on the prices of stock in Botswana’s equity market as well as the effect of traded volumes of such stocks. Other objectives of the research are to determine the optimal pay-out ratio based on the profits of the firm and to determine the optimal time to declare and pay dividends. We use quota-sampling technique and selected 5 companies from the 22 domestic listed companies in the Botswana Stock Exchange. The companies under consideration are Barclay Bank, RDCP, Chobe, Engen and Sefalana Plcs. These companies are chose

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Tahir, Hussain, Ridzuan Masri, and Mahfuzur Rahman. "Determinants of Dividend Pay-Out Policy of Listed Non-financial Firms in Malaysia." International Journal of Financial Research 11, no. 2 (2020): 68. http://dx.doi.org/10.5430/ijfr.v11n2p68.

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This research paper scrutinizes to recognize the determinants of dividend pay-out. A total of 203 Malaysian non-financial firms representing from various industries were scrutinized over a period of fourteen financial years covering 2005 to 2018. The panel data form specified the time series and cross-sectional nature used for this research paper. Fixed effect and random effects description techniques were used for investigation. The outcomes reveal a statistically significant and positive association between corporate board size, ROA and dividend pay-out. However, financial leverage has a neg

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Chukwuma, C. Ugwu, N. Onyeka Virginia, and E. Okwa Iyana. "Dividend Policy and Corporate Financial Performance: Evidence from Selected Listed Consumer Goods Firms in Nigeria." Journal of Economics and Business 3, no. 3 (2020): 1055–65. https://doi.org/10.31014/aior.1992.03.03.262.

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This study evaluated the dividend policy and corporate financial performance with evidence from selected listed consumer good firms in Nigeria within the period 2015-2019; using dividend pay-out ratio, earnings per share and dividend per share as proxies for dividend policy and Return on equity as proxy for financial performance with two control variables; firm size and financial leverage. The study employed correlation and ex-post facto research designs. Descriptive statistics and multiple regressions were used for data analysis. Secondary data were used, which were extracted from the Central

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Febrianty, Erica, and Ratih Kusumastuti. "The Influence of Liquidity, Profitability, and Asset Growth on Dividend Policy." INVOICE : JURNAL ILMU AKUNTANSI 6, no. 1 (2024): 83–94. https://doi.org/10.26618/inv.v6i1.13172.

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This study aims to determine the effect of liquidity, profitability, asset growth on Dividend Policy in sub-companies of the property and real estate listed in Indonesia Securities in 2018-2021. The independent variable in this study is dividend policy calculated using the divident payout ratio model, and the dependent el variab in this study is liquidity ratio (current ratio), profitability (return on equity), and asset growth (asset growth). Sample determination was carried out by purposive sampling technique with the number of selected samples as many as 11 companies from a population of 67

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CHARBTI, SANA, FABRICE HERVÉ, and EVELYNE POINCELOT. "Dividend Policy and Managerial Overconfidence: French Evidence." Bankers, Markets & Investors 164 (April 22, 2021): 24–38. http://dx.doi.org/10.54695/bmi.164.4762.

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This paper examines the impact of managerial overconfidence on dividend policy.The literature has identified two strands of reasoning. Deshmukh et al. (2013) argue that overconfident managers with relatively high investment needs perceive external funds as more costly than internal financing. This leads them to pay out lower dividends. Conversely, Wu and Liu (2011) claim that overconfident CEOs expect higher future cash flows and are prone to pay out higher dividends. We study a sample of 120 French firms for the period 2000–2015. Our results provide evidence that CEOs’ overconfidence plays a

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12

Hussain, Haroon, Rohani Md-Rus, Hamdan Amer Al-Jaifi, and Rana Yassir Hussain. "Determinants of Corporate Pay-Out Policy and the Moderating Effects of Firm's Growth: Evidence from Pakistan." Studia Universitatis „Vasile Goldis” Arad – Economics Series 32, no. 3 (2022): 65–101. http://dx.doi.org/10.2478/sues-2022-0013.

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Abstract This study investigates the determinants of dividend pay-out of listed firms in Pakistan from the year 2011 to 2015. The focus of the study is the life cycle theory of dividends, agency theory and signaling theory. Corporate governance indicators, firm efficiency and cash flow volatility are the main determinants used in this study. This study also includes eight corporate governance indicators namely insider ownership, ownership concentration, institutional ownership, board independence, board size, CEO duality, audit committee independence and remuneration committee. It is found tha

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Abubakar, Nuhu, Jibril Umar, Jibril Ibrahim Yero, and Sani Saidu. "Ownership Structure and Dividend Policy in Listed Industrial and Consumer Goods Firms in Nigeria: Heckman’s Two-Stage Approach." Journal of Business and Economic Analysis 03, no. 03 (2020): 288–308. http://dx.doi.org/10.1142/j_10.36924sbe.2020.3304.

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The decision on the magnitude of dividend has been identified to be highly related to the decisions to pay or not to pay dividends in formulating dividend policy. However, literature seems to be homogeneous and focused on examining the effect of ownership structure on dividend level or probability of paying dividends. Therefore, the paper examines the effect of ownership structure on dividend policy using Heckman’s two-stage technique. Utilizing 304 firm-year observations from industrial and consumer goods firms listed in the Nigerian Stock Exchange for the period within 2009-2019, the result

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14

EKPULU, Dr Godspower Anthony, and Dr Okubokeme Derek OPUDU. "Board Characteristics and Dividend Pay-Out Policy in Nigerian Consumer Good Firms." Saudi Journal of Business and Management Studies 9, no. 11 (2024): 257–65. http://dx.doi.org/10.36348/sjbms.2024.v09i11.003.

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This study interrogates the interplay between board attributes and dividend payout policy amongst listed in Nigerian manufacturing firms. The research focuses on various board attributes, including board size, board independence, gender diversity, and board ownership, to determine their influence on the dividend decisions of firms. Using panel data from a sample of Nigerian manufacturing companies listed on the Nigerian Stock Exchange (NSE) from 2013 to 2022, the study employs multiple regression analysis to evaluate the effect of these variables on dividend per share. The results indicate tha

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Ali, Javid, Khadhraoui Soukaina, Wilayat Shah, Sohail Khan, Zahid Ullah Khan, and Yasmeen Tahira. "The impact of capital structure on dividend policy: Evidence from Pakistan." Journal of Public Value and Administrative Insight 5, no. 1 (2022): 141–52. http://dx.doi.org/10.31580/jpvai.v5i1.2463.

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This study investigates the impact of capital structure over dividend policy. For this purpose data of 40 companies of textile and cement sector listed at Pakistan stock exchange during the period of 2009 to 2014 was examined. Dividend pay-out ratio is taken as dependent variable and is used as a proxy for the dividend policy while debt-to-equity ratio, liquidity and profitability were used as independent variables; debt-to-equity ratio is used as a proxy for capital structure. Multivariate regression analysis shows that debt-to-equity ratio and dividend-pay-out ratio are negatively significan

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Lamyaa, Riad, Dekri Meriam, and Touili Karima. "Dividend Pay-out Policy and Share Price: A Atudy of Listed Firms in Morocco." European Scientific Journal, ESJ 19, no. 4 (2023): 28. http://dx.doi.org/10.19044/esj.2023.v19n4p28.

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The main purpose of this study is to examine the relationship between dividend policy and financial performance in Morocco stock market. The panel data regression method is used to analyze the relationship of share price with dividend per share. This study presumes that dividend policy has an effect on the share price in Morocco. Also, it assumes that companies that pay dividends tend to have a higher financial performance than those that do not. On the other hand, companies that do not distribute dividends are more indebted and have a smaller size compared to distributors. The results of the

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17

Ringane, Busisiwe Carol, and Patricia Lindelwa Makoni. "Determinants of dividend pay-out policy: a case of the South African gold mining industry." Corporate Ownership and Control 11, no. 3 (2014): 83–94. http://dx.doi.org/10.22495/cocv11i3p6.

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This paper sought to shed light on dividend policy within the gold mining industry in South Africa. Several cause-and-effect variables of dividend policy are discussed, in order to lay down the theoretical framework for the research. These are size, managerial ownership and foreign ownership. To meet the objectives of the study, data from seven mining companies listed on the Johannesburg Stock Exchange (JSE) was analysed for a 5 year (2008-2012) period. As found in earlier studies, there is a positive correlation (r = 0.59) between the dividend policy and the size of the organisation. This was

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Umar Mai, Muhamad. "Dividend Policy on IPOs Companies in Indonesia: A Life Cycle Theory Test." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (January 5, 2021): 21–30. http://dx.doi.org/10.37394/23207.2021.18.3.

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This study intends to assess the accuracy of life cycle theory prediction in explaining the dividendpayment policies when a company in Indonesia conducts the Initial Public Offerings. Technically, this studyaims to (1) examine the impacts of Retained Earnings to Total Equity (RE/TE), return on assets, firm age, firmsize, and growth opportunity toward propensity to pay dividends, and (2) examine the impacts of RE/TE, returnon assets, firm age, firm size, and growth opportunity toward dividend pay-out ratio. The population of thisstudy was all companies that conducted the Initial Public Offering

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19

MOLOI, Tankiso, Tatenda NHARO, and Modi HLOBO. "Relationship between Board Characteristics and Dividend Payment Policies." Journal of Academic Finance 12, no. 1 (2021): 30–52. http://dx.doi.org/10.59051/joaf.v12i1.439.

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Objective: To investigate the relationship between corporate governance board characteristics and dividend pay-out (e.g. dividend pay-out ratio). Method: A panel regression analysis was undertaken to investigate the relationship between corporate governance board characteristics and dividend pay-out (e.g. dividend pay-out ratio). Data was collected from a sample of 29 firms in the top-40 of the Johannesburg Stock Exchange (JSE). Data collected spanned for a period of five years from 2013 – 2018 Results: Obtained result demonstrate that there is a significant relationship between bo

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Konieczka, Przemysław, and Adam Szyszka. "Do Investor Preferences Drive Corporate Dividend Policy?" International Journal of Management and Economics 39, no. 1 (2014): 70–81. http://dx.doi.org/10.2478/ijme-2014-0022.

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Abstract This research paper aims at assessing whether managers adapt their dividend policies to the changing preferences of investors, as predicted by the catering theory of dividends. To answer this question, we used an modified approach based on the method proposed by Baker and Wurgler [2004a] in their studies on dividend catering. We noted a systematic decline in percentage of companies that paid out dividends in a sample of American publicly-traded companies, excluding companies of low capitalization and low profitability. Next, we observed a parallel declining tendency in dividend premiu

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Maina, Andrew Gachuiri, and Dr Tabitha Nasieku. "Effect of Ownership Structure on Dividend Policy of Listed Firms at the Nairobi Securities Exchange." International Journal of Social Science and Humanities Research (IJSSHR) ISSN 2959-7056 (o); 2959-7048 (p) 1, no. 1 (2023): 378–98. http://dx.doi.org/10.61108/ijsshr.v1i1.36.

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Ownership structure leads to agency problems since majority shareholders have high levels of incentives hence, they monitor the actions of the management and influence decisions. There has been a growing debate on whether ownership structure impacts on management decisions especially dividend policy decisions. The objective of this study was to determine the effect of ownership on dividend pay-out of listed firms at Nairobi Securities Exchange. The study employed correlation analysis and multiple regression analysis in establishing relationship between types of ownership structures and dividen

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Savira, Ditha Hena, and Agustini Hamid. "FAKTOR-FAKTOR YANG MEMPENGARUHI PAY OUT POLICY PADA PERUSAHAAN PUBLIK THAILAND." Emerging Markets : Business and Management Studies Journal 5, no. 2 (2019): 57–65. http://dx.doi.org/10.33555/ijembm.v5i2.95.

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We investigate the relationship between Free Cash Flow, Life Cycle and Dividend pay out policy in the Thailand Capital Market. Using panel data regression, we find life cycle and profitability negatively affect the pay out policy. While free cash flow, leverage, firm size, GDP and inflation do not have any impact on pay out policy. In line with DeAngelo, dividends tend to follow the pattern of the company’s life cycle. Companies that are in the mature stage are more likely to pay dividends because at this stage the company has a large amount of profits and low investment opportunities. While c

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Ilu, Alawiyya, Yunusa Ibrahim, and Binta Nuhu. "MODERATING EFFECT OF FINANCIAL PERFORMANCE ON THE RELATIONSHIP BETWEEN BOARD CHARACTERISTICS AND DIVIDEND POLICY OF LISTED NON-FINANCIAL FIRMS IN NIGERIA." International Journal of Advanced Research in Statistics, Management and Finance 8, no. 1 (2021): 34–48. http://dx.doi.org/10.48028/iiprds/ijarsmf.v8.i1.03.

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The study analyses the moderating effect of financial performance on the relationship between board characteristics and dividend policy of listed non-financial firms in Nigeria. Board characteristics is proxied by board composition, board size, and board diversity, while dividend policy is proxied by dividend pay-out ratio. The positivist research paradigm and correlational research design were used. Relevant data for the study were collected from 39 sampled non-financial firms actively trading on the floor of the Nigerian stock exchange (NSE) from 2008 to 2017; the data collected were analyse

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Simion, K. Biwott, and Olweny Ph.D Tobias. "Antecedents of Dividend Payout Among Listed Non-Financial Companies listed in Nairobi Securities Exchanges, Kenya." Account and Financial Management Journal 06, no. 09 (2021): 2451–65. https://doi.org/10.47191/afmj/v6i9.02.

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ABSTRACT: The objective of this study was to establish the antecedents of dividend payout among listed non-financial Companies listed in Nairobi Securities Exchanges, Kenya, with four specific objectives; to establish the effect of profitability, capital expenditure, leverage and liquidity on dividend pay-out of listed non-financial companies in NSE. The study was founded on Modigliani and miller hypothesis, signalling hypothesis, birds in hand fallacy, Agency and clientele policy. Using correlation research design, the study examined the antecedents of dividend pay-out of listed non-financial

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Yadav, Sachita. "RELATIONSHIP BETWEEN LIQUIDITY, PROFITABILITY, FINANCIAL LEVERAGE AND DIVIDEND POLICY: WITH SPECIAL REFERENCE TO AUTOMOBILE SECTOR IN INDIA." INDIAN JOURNAL OF APPLIED ECONOMICS AND BUSINESS 4, no. 2 (2022): 217–28. http://dx.doi.org/10.47509/ijaeb.2022.v04i02.05.

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This research is going to investigate the relationship between financial ratios and dividend policy of the automotive companies in India during the period 2010 to 2021. The Correlation, Regression, and Granger Causality Test has been used to identified the relationship between the dividend policy, liquidity, profitability and financial leverage of the Automotive Sector in India. The result of the empirical analysis showed that company like Maruti Suzuki has a high and stable dividend policy among all other automotive companies the current ratio and debt equity ratio are significantly negativel

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Dhungana, Ajaya, and Tej Prasad Devkota. "Corporate Pay-out Policy and Test of Life Cycle Theory; Evidence from Nepalese Commercial Banks." NRB Economic Review 34, no. 2 (2022): 50–79. http://dx.doi.org/10.3126/nrber.v34i2.49439.

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Dividend policy of firm in theoretical finance is one of the most controversial issue, various theories of dividend policy try to explain the dividend behaviour of the firm. The dividend distributed by a firm to its shareholder is very different when it is viewed from the perspective of the company’s life cycle. If no regulation forces, then firms at initial stage have higher investment opportunities, so they retain all their earning and pay no dividend. The firms at maturity stage have less investment opportunities, slow pace of growth rate and lower cost of raising external capital, hence, m

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Bernard, Wilson, Akeem Azeez Adekunle, and Andrew Gamaliel. "Accounting Information and Dividend Pay-Out in Nigerian Listed Oil and Gas Firms." Journal of Economics, Finance And Management Studies 5, no. 01 (2022): 162–74. https://doi.org/10.47191/jefms/v5-i1-22.

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Dividend pay-out policy plays an important role in firm’s decision to determine the amount to be declared as dividend. The study aim to analyse the impact of accounting information on the dividend pay-out of listed oil and gas firms in the Nigerian Stock Exchange. The study employs the use of secondary data obtained from annual reports and accounts. The population of the study is ten oil and gas firms listed in the Nigeria Stock Exchange, the sample of the study ten oil and gas firms and the period covered by the study is from 2015-2019. The data is panel in nature and regression was use

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TAHIR, Hussain, Ridzuan MASRI, and Mahfuzur RAHMAN. "Corporate Board Attributes and Dividend Pay-out Policy: Mediating Role of Financial Leverage." Journal of Asian Finance, Economics and Business 7, no. 1 (2020): 167–81. http://dx.doi.org/10.13106/jafeb.2020.vol7.no1.167.

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ADESANYA, Adewale Abdul, and Joshua Adewale ADEJUWON. "Dividend Policy Decisions and Share Price Volatility of Deposit Money Banks in Nigeria." Journal of Economics, Finance And Management Studies 07, no. 07 (2024): 4762–71. https://doi.org/10.5281/zenodo.13148526.

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Dividend policy and Share price movements are critical decision areas, which are one of the most important financial policies decision, not only from the viewpoint of financial institutions, but also from that of the shareholders and other stakeholders. This Thesis examined the impact of dividend policy and share price volatility of quoted deposit money banks in Nigeria in relation with the restriction of dividend payments as spelt out in Section 17 of the Banks and Other Financial Institutions Act (2007). The objectives of the study were: to ascertain the relationship between dividend pay-out

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Yesaya, Zacharia, and Edwin Bingireki. "The Effect of Cash Dividend Pay-out Policy on Stock Price Performance: A Case Study of Commercial Banks Listed in Dar es Salaam Stock Exchange." Accountancy and Business Review 15, no. 3 (2023): 51–64. http://dx.doi.org/10.59645/abr.v15i3.148.

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This study investigates the effect of the cash dividend pay-out policy on the stock price performance of commercial banks listed on the Dar es Salaam Stock Exchange (DSE) in Tanzania. The study was conducted in the United Republic of Tanzania, focusing specifically on commercial banks listed in DSE. The study population comprised eight financial reports of commercial banks listed in DSE from which a sample of five commercial banks were purposively selected. These financial reports served as secondary data sources for evaluating the effect of dividend pay-out policy on the stock price performan

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Pardhana, Feza, Rida Rahim, and Fajri Adrianto. "The influence of corporate governance on dividend pay out ratio in non-cycal sector companies listed on the indonesian stock exchange." Jurnal Mantik 8, no. 1 (2024): 428–37. http://dx.doi.org/10.35335/mantik.v8i1.5135.

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This research aims to analyze the influence of corporate governance on the dividend payout ratio in companies included in the non-cyclical sector group listed on the Indonesia Stock Exchange. Corporate governance is measured by variables, the research consists of independent variables, namely busy directors, institutional ownership, independent commissioner, audit committee, managerial ownership and the dependent variable dividend payout ratio and the control variables, leverage, company size and company age are also used. In this research, panel data regression analysis is used. The sample in

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Putri, Pavita Bayu, and Arief Yulianto. "Government Ownership and Dividend Payment Policy." Management Analysis Journal 9, no. 2 (2020): 179–86. http://dx.doi.org/10.15294/maj.v9i2.37344.

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The purpose of this study to examine and analyze differences in the average policy of dividend payments with government ownership in companies listed on the Indonesia Stock Exchange in period 2008-2017. Previous research still shows differences in research results or inconsistent results between one study and another. The results showed that the average dividend payment policy carried out by the government was higher than companies that did not have government ownership. This is considered as government ownership, so the amount of dividends distributed will increase. Based on the results of th

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Anazonwu, Helen Obiageli, Francis Chinedu Egbunike, and Felix Nwaolisa Echekoba. "Agency Cost and Dividend Pay-out: A Study of Selected Listed Manufacturing Firms in Nigeria." Indonesian Journal of Management and Business Economics 1, no. 1 (2018): 42. http://dx.doi.org/10.32455/ijmbe.v1i1.40.

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Agency cost is an internal cost which arises between management (agent) and shareholder (principal), because of the diverging interest of the two parties. Dividend payments are often employed to mitigate this cost. Studies have examined the effect of dividend pay-outs on agency costs documenting mixed findings. However, the literature on the reverse effect of agency costs on dividend pay-outs is still nascent. The main objective of the study is to examine the effect of agency cost on dividend pay-out of listed manufacturing firms in Nigeria. The study used a panel research design. The populati

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Das, Chandrabhanu, Brajaballav Kar, and Manoj Kumar Jena. "Managerial remuneration and payout policy: evidence from Indian Regular payers." Investment Management and Financial Innovations 18, no. 1 (2021): 139–50. http://dx.doi.org/10.21511/imfi.18(1).2021.12.

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This study attempts to examine the role of managers in the associated agency theory on dividend policy decisions for firms that do not skip dividend payments. This research sample considered the firms that are listed on the Bombay Stock Exchange (BSE) and pay regular dividends on an annual basis from the financial year 2011 to 2020. Panel data econometric tools and robustness tests were carried out for model validation.The study results show that there is a higher positive relationship between change in payout ratio and managerial remuneration. Similarly, there is a large positive significance

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Yang, Chau-Chen, Chung-Jiun Lin, and Yi-Chen Lu. "Investment Strategy, Dividend Policy and Financial Constraints of the Firm." Review of Pacific Basin Financial Markets and Policies 03, no. 02 (2000): 235–67. http://dx.doi.org/10.1142/s0219091500000121.

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In the real world where the capital market is considered imperfect, firms are facing financing constraints due to the presence of asymmetric information and agency problems. Fazzari, Hubbar, and Petersen (FHP) (1988) propose the use of investment-cash flow sensitivity to investigate whether the firm has financing constraints. They find that the effect of cash flow on investment is larger for the low-pay-out firms. Later research such as Devereux and Schiantarelli (1989), Hoshi, Kashyap and Scharfstein (1991) and Kaplan and Zingales (1997) also followed FHP's method to do more research on finan

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Setiawan, Doddy, and Lian Kee Phua. "Corporate governance and dividend policy in Indonesia." Business Strategy Series 14, no. 5/6 (2013): 135–43. http://dx.doi.org/10.1108/bss-01-2013-0003.

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Purpose – This study aims at examining the impact of corporate governance on dividend policy among Indonesian companies. There are two theories of the effect of corporate governance on dividend policy: substitution and outcome theory. Substitution theory argue that corporate governance have negative effect on dividend policy, while outcome theory argue that corporate governance have positive effect on dividend policy. Therefore, this study investigates the effect of corporate governance on dividend policy in Indonesia. This study aims at examining the impact of corporate governance on dividend

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NAMAAFU WAFULA, SARAH, and JULIUS BICHANGA MIROGA. "Dividend Policy and Share Price Volatility of Listed Construction Firms at the Nairobi Securities Exchange, Kenya." International Journal of Research and Review 11, no. 10 (2024): 325–40. http://dx.doi.org/10.52403/ijrr.20241030.

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The inherent volatility in all stock market scares low risk takers from the financial market and is capable of deterring investments. One of the factors that drives investors’ reactions to stock pricing is the dividend policy. This study examined the influence of dividend policy on the volatility of stock prices of construction firms listed at the Nairobi Securities Exchange for the period spanning five (5) years from 2019 to 2023. The study was dealt with on the following objectives; to examine the influence of dividend pay-out on share price volatility of listed construction firms at the NSE

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Sasu, Daniel Ofori, Saint Kuttu, Elikplimi Komla Agbloyor, and Joshua Yindenaba Abor. "Board dynamics, dividend pay-out policy and banking efficiency in an emerging market context." International Journal of Business and Emerging Markets 15, no. 1 (2023): 80. http://dx.doi.org/10.1504/ijbem.2023.128170.

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Abor, Joshua Yindenaba, Eli Agbloyor, Saint Kuttu, and Daniel Ofori Sasu. "Board Dynamics, Dividend Pay-out Policy and Banking Efficiency in an Emerging Market Context." International Journal of Business and Emerging Markets 15, no. 1 (2023): 1. http://dx.doi.org/10.1504/ijbem.2023.10052264.

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Ferri, Giovanni, and Li-Gang Liu. "Honor Thy Creditors Beforan Thy Shareholders: Are the Profits of Chinese State-Owned Enterprises Real?" Asian Economic Papers 9, no. 3 (2010): 50–71. http://dx.doi.org/10.1162/asep_a_00025.

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Chinese state-owned enterprises (SOEs) have become quite profitable recently. As the largest shareholder, the state has not asked SOEs to pay dividends in the past. Therefore, some have suggested that the state should ask SOEs to pay dividends. Indeed, the Chinese government has adopted this policy advice and started to demand back dividend payments starting from 2008. Although we do not question the soundness of the dividend policy, the point we raise is whether those profits are real if all costs owed by SOEs are properly accounted for. Among others, we are interested in investigating whethe

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Ahmad, Gatot Nazir. "Does corporate governance affect dividend policy: Evidence from ASEAN emerging market." Risk Governance and Control: Financial Markets and Institutions 5, no. 1 (2015): 88–94. http://dx.doi.org/10.22495/rgcv5i1c1art2.

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This research-work uses a survey which comes from three different countries in ASEAN region i.e Indonesian, Thailand and Malaysian. This work integrate whole data from above all countries to examine whether firms that do corporate governance practising will pay higher dividends. This study has two issues: how regulation of stock exchange affects good corporate governance and how corporate governance affects value of the firm. Using OLS regression, our finding shows that good corporate governance practices has positive sign to dividend payout. Our finding may contribute to corporate governance

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Lingesiya Kengatharan and Jeyan Suganya Dimon Ford. "Dividend Policy and Share Price Volatility: Evidence from Listed Non-Financial Firms in Sri Lanka." International Journal of Business and Society 22, no. 1 (2021): 227–39. http://dx.doi.org/10.33736/ijbs.3172.2021.

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The prime objective of this research is to investigate the impact of dividend policy on share price volatility in Colombo Stock Exchange (CSE). A sample of 81 listed non -financial firms from CSE in Sri Lanka is examined using panel data analysis for a five years period from 2013 to 2017. Dividend policy of the firms has been measured by dividend pay-out, dividend yield and dividend per share and which are explanatory variables of the study after controlling for firm size and financial leverage. According to the random effect regression analysis, only 25% of the movements in share prices are e

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Tahir, Hussain, Ridzuan Masri, and Md Mahfuzur Rahman. "Impact of board attributes on the firm dividend payout policy: evidence from Malaysia." Corporate Governance: The International Journal of Business in Society 20, no. 5 (2020): 919–37. http://dx.doi.org/10.1108/cg-03-2020-0091.

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Purpose This paper aims to examine the extent to which corporate board attributes influence dividend payout policies. Design/methodology/approach A total number of 2,842 firm’s year-observations of Malaysian non-financial firms representing from various industries. The firms were scrutinized over a period of 14 financial years covering from 2005 to 2018. The data was in a panel form given the cross-sectional and time-series nature. The fixed effect is used as the main technique for analysis. The OLS and random effects techniques are used for robustness for this study. Findings The results reve

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Kumaraswamy, Sumathi, Bora Aktan, and Zainab Hafedh Al Halwachi. "Why do financial services companies pay dividend? Evidence from Qatar Stock Exchange." Investment Management and Financial Innovations 14, no. 3 (2017): 389–403. http://dx.doi.org/10.21511/imfi.14(3-2).2017.09.

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This study identifies the dividend policy determinants of banks and other financial institutions listed on Qatar Stock Exchange (QSE) for a period from 2009 to 2015 through studying the impact on eight factors on banks’ dividends per share. Three models were adopted to investigate the determinants of the dividend policy and the factors that affect a bank’s decision to pay out dividends. The findings indicate that the previous year’s dividends per share, earnings per share, cash flow per share, firm size and return on average equity are positively related to the current year’s dividends per sha

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Roman, Naseem Abu. "The Effect of Dividend Policy on the Market Value of the Jordanian Commercial and Islamic Banks Listed on the Amman Stock Exchange." Modern Applied Science 13, no. 8 (2019): 40. http://dx.doi.org/10.5539/mas.v13n8p40.

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This study aims at examining the effect of Dividend Policy on the market value of Jordanian commercial and Islamic banks. The study population consists of all Jordanian banks listed on the Amman Stock Exchange during the period from 2008 &ndash; 2018. Data were collected from the annual reports of the sample banks. After the data collection, they were analyzed using descriptive analysis, correlation analysis, and multiple regression analysis.  The results showed a statistically significant impact of dividend policy, this result indicates that there is an impact of the dividend

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Sapruwan, Muhammad, Maria Ulfa, Siti Halimah Tusa Dyah, and Sunita Dasman. "The Influence of Profitability, Liquidity, Leverage and Company Size on Dividend Policy." Growth: Journal Management and Business 1, no. 01 (2023): 33–41. http://dx.doi.org/10.59422/growth.v1i01.167.

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Several food and beverage companies experienced a decrease and increase in the nominal dividend distribution to investors. This research aims to analyze the influence of profitability, liquidity, leverage and company size on dividend policy in food and beverage sub-sector companies listed on the IDX for the 2018-2021 period. The method used is panel data regression analysis obtained from Ordinary Least Square estimation using a fixed effect modelling approach. Profitability is measured by Return on assets (ROA), liquidity by Current Ratio (CR), leverage by Debt-to-Equity Ratio (DER), company s

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Mahenthiran, Sakthi, David Cademartori, and Tom Gjerde. "Mandatory Dividend Policy, Growth, Liquidity and Corporate Governance: Evidence from Chile." Review of Pacific Basin Financial Markets and Policies 23, no. 03 (2020): 2050025. http://dx.doi.org/10.1142/s0219091520500253.

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Chilean publicly listed companies are required by law to pay out a minimum 30% of distributable earnings after taxes as dividends on common stock. The study extends Lintner’s [Lintner, J (1956). Distribution of incomes of corporations among dividend retained earnings and taxes. American Economic Review, 46, 97–113.] model of dividend smoothing and Banerjee [Banerjee, S, VA Gatchev and PA Spindt (2007). Stock market liquidity and firm dividend policy. Journal of Financial and Quantitative Analysis, 42(2), 369–398.] logistic model of the likelihood of a firm paying a dividend to investigate the

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Falavigna, Greta, and Roberto Ippoliti. "Financial Constraints and the Sustainability of Dividend Payout Policy." Sustainability 13, no. 11 (2021): 6334. http://dx.doi.org/10.3390/su13116334.

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This article investigates the relation between dividend payout policy and financial constraints, focusing on the Italian SMEs between 2015 and 2019 and adopting credit ratings as a measure of access to external financial resources. According to our findings, there is a positive relation between firm solvency and the payment of dividends, suggesting that, when companies’ financial constraints are higher, we can expect lower odds that they will pay out dividends. Nevertheless, there is also evidence that younger SMEs are interested in signaling their expected profitability to attract future inve

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Komrattanapanya, Pornumpai, and Phassawan Suntraruk. "Factors Influencing Dividend Payout in Thailand: A Tobit Regression Analysis." International Journal of Accounting and Financial Reporting 3, no. 2 (2014): 255. http://dx.doi.org/10.5296/ijafr.v3i2.4443.

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The aim of this paper is to determine the factors that influence the dividend payout of all firms listed in the Stock Exchange of Thailand (SET) during year 2006 to 2010. Using the TOBIT regression analysis, results reveal that financial leverage, investment opportunities, and sales growth negatively affected the dividend payout; on the other hand, size of firm is positively affected dividend payout. Moreover, evidence shows that firms in property and construction sector are more likely to pay dividend than others. Additionally, profitable small and large firms tend to pay dividend; meanwhile,

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Tham, Jesslyn, Siti Dini, and Anggono Anggono. "PENGARUH PROFITABILITAS, LEVERAGE, DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN DIVIDEN DENGAN LIKUIDITAS SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN MANUFAKTUR DI BEI PERIODE 2020-2022." Journal of Economic, Bussines and Accounting (COSTING) 7, no. 5 (2024): 5395–403. https://doi.org/10.31539/costing.v7i6.12894.

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Setiap perusahaan membutuhkan modal untuk menjalankan kegiatan operasional perusahaannya. Modal tersebut berasal dari dalam perusahaan (internal financing), yaitu modal setoran pemilik dan juga yang berasal dari luar perusahaan (external financing), yaitu pinjaman. Perusahaan juga memerlukan modal lain yang didapatkan dengan cara mengeluarkan sahamnya. Penelitian ini bertujuan untuk mengetahui Pengaruh Profitabilitas, Leverage, dan Kepemilikan Manajerial terhadap Kebijakan Dividen dengan Likuiditas sebagai Variabel Moderasi pada Perusahaan Manufaktur di BEI periode 2020-2022. Populasi peneliti

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