Determinants of Dividend Payment: Evidence from the Stock Exchange of Thailand
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Published:
Apr 24, 2019
Keywords:
Dividend Yield Dividend Payouts Stock Exchange of Thailand
Main Article Content
Abstract
The present study was to verify the determinants of dividend payment in listed firms in the Stock Exchange of Thailand (SET). The 17-year panel data were from the year 2000 to 2016. There were 493 of Thai listed companies revealing a total of 6,126 firm-year observations. The dividend payment was measured by dividend yield and dividend payouts using multiple regressions analysis. The Panel OLS results found that firm profitability, firm size, cash flow from operation, dividend payment and dividend yield had a positively significant effect to future dividend yield. However, financial leverage, and market value to book value had a negatively significant effect to future dividend yield. For the determinants of dividend payouts, firm profitability, firm size, and dividend payment revealed positively significant effect to future dividend payouts, but financial leverage had a negatively significant effect to future dividend payouts.
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How to Cite
[Napaporn Likitwongkajon] น. ล. (2019). Determinants of Dividend Payment: Evidence from the Stock Exchange of Thailand. Journal of Business, Innovation and Sustainability (JBIS), 14(1), 122–135. retrieved from https://so02.tci-thaijo.org/index.php/BECJournal/article/view/122231
Section
บทความวิจัย (Research article)
References
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13. Kouki, M. and Guizani, M. (2009). Ownership structure and dividend policy: Evidence from the Tunisian stock market. European Journal of Scientific Research, 25(1), 42-53.
14. Labhane, N. B. and Mahakud, J. (2016). Determinants of dividend policy of Indian companies: A panel data analysis. Paradigm, 20(1), 36-55.
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20. Soondur, S. A. K, Maunick, D. and Sewak, S. (lecturer). (January21-23,2016). Determinants of the dividend policy of companies listed on the stock exchange of Mauritius. In The Fifth Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences (AP16Mauritius Conference) (pp.1-18). Ebene-Mauritius.
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23. Wechwiriyakul, N. (2008). A study on factors affecting the dividend payment of agricultural and food industry companies listed on the stock exchange of Thailand. Master Independent study, M.B.A., University of the Thai Chamber of Commerce, Bangkok
24. Yusof, Y. and Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88-99.
25. Yusuf, A. and Muhammed, N. (2015). Determinant of dividend payout in Nigerian banking industry. Scholars Bulletin, 1(9), 253-259.
2. Ahmed, H. and Javid, A. Y. (2009). Dynamics and determinants of dividend policy in Pakistan: Evidence from Karachi stock exchange non-financial listed. Journal of Independent Studies and Research (MSSE), 7(1), 1-30.
3. Al-Malkawi, H. N. (2007). Determinants of corporate dividend policy in Jordan: An application of the tobit model. Journal of Economic and Administrative Sciences, 23(2), 44-70.
4. Amidu, M. and Abor, J. (2006). Determinants of dividend payout ratios in Ghana. Journal of Risk Finance, 7(2), 136-145.
5. Badu, E. A. (2013). Determinants of dividend payout policy of listed financial institutions in Ghana. Research Journal of Finance and Accounting, 4(7), 185-191.
6. Baltagi, B. H. (2005). Econometric analysis of panel data (3nded.). Chichester: John Wiley and Sons.
7. Bulla, D., Namusonge, G. S. and Kanali, C. L. (2017). Key determinants of dividend payout among listed companies. IOSR Journal of Business and Management (IOSR-JBM), 19(7), 1-6.
8. Bushra, A. and Mirza, N. (2015). The determinants of corporate dividend policy in Pakistan. The Lahore Journal of Economics, 20(2), 77-98.
9. Chansarn, T. (2017). Earnings management and debt of food and beverage companies listed in the stock exchange of Thailand. Journal of Business, Economics and Communications, 12(2), 51-65.
10. Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
11. Kathuo, S. M. and Kimoro, J. N. (2017). Determinants of dividend policy decisions of the listed banks in Kenya. International Journal of Management and Business Studies (IJMBS), 7(2), 16-20.
12. King’wara, R. (2015). Determinants of dividend payout ratios in Kenya. Research Journal of Finance and Accounting, 6(1), 48-52.
13. Kouki, M. and Guizani, M. (2009). Ownership structure and dividend policy: Evidence from the Tunisian stock market. European Journal of Scientific Research, 25(1), 42-53.
14. Labhane, N. B. and Mahakud, J. (2016). Determinants of dividend policy of Indian companies: A panel data analysis. Paradigm, 20(1), 36-55.
15. Liu, S. and Hu, Y. (2005). Empirical analysis of cash dividend payment in Chinese listed. Nature and Science, 3(1), 65-70.
16. Olowe, R. A. and Moyosore, S. L. (lecturer). (August 4-5, 2014). Determinants of dividend payout in the Nigerian banking industry. In The 9th Annual London Business Research Conference2014 (pp.1-23). London: Imperial College.
17. Patra, T., Poshakwale, S. and Yong, K. O. (2012). Determinants of corporate dividend policy in Greece. Applied Financial Economics, 22(13), 1079-1087.
18. Ranti, U. O. (2013). Determinants of dividend policy: A study of selected listed firms in Nigeria. Change and Leadership, 17(1), 107-119.
19. Savarojkitthachow, T. (2015). Determinant of dividend policy: Evidence from SET high dividend companies in Thailand. Independent study, M.S., Bangkok University, Bangkok.
20. Soondur, S. A. K, Maunick, D. and Sewak, S. (lecturer). (January21-23,2016). Determinants of the dividend policy of companies listed on the stock exchange of Mauritius. In The Fifth Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences (AP16Mauritius Conference) (pp.1-18). Ebene-Mauritius.
21. Thanatawee, Y. (2011). Life-cycle theory and free cash flow hypothesis: Evidence from dividend policy in Thailand. International Journal of Financial Research, 2(2), 52-60.
22. Vithessonthi, C. (2016). Capital investment, internationalization and firm performance: Evidence from Southeast Asian countries. Research in International Business and Finance, 38(1), 393-403.
23. Wechwiriyakul, N. (2008). A study on factors affecting the dividend payment of agricultural and food industry companies listed on the stock exchange of Thailand. Master Independent study, M.B.A., University of the Thai Chamber of Commerce, Bangkok
24. Yusof, Y. and Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88-99.
25. Yusuf, A. and Muhammed, N. (2015). Determinant of dividend payout in Nigerian banking industry. Scholars Bulletin, 1(9), 253-259.