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首页> 外文期刊>Research Journal of Finance and Accounting >Factors Influencing Corporate Dividend Payout Decisions of Financial and Non-Financial Firms
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Factors Influencing Corporate Dividend Payout Decisions of Financial and Non-Financial Firms

机译：金融和非金融公司的公司股利支付决定的影响因素

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摘要

We examine the determinants of dividend policy of firms listed on Karachi stock Exchange and are part of KSE-100 index. Using panel data of 100 financial and non-financial firms over the period 2007 to 2009 we have found that liquidity, leverage, earning per share, and size are positively related to dividend, whereas growth and profitability are found to be insignificant determinant of dividend policy. The results from probit model estimation reveal that earning per share, company profitability, and size increase the probability of companies to pay dividend, whereas growth opportunities decrease the probability of paying dividends. Data is compiled in two different forms, as per the requirement of the two models used in this study. On the first set of data, panel OLS Regression is used. All financial factors, as independent variables, are calculated in terms of percentage except for the sales which is in log form. Whereas dependent variable Dit is also used in percentage of dividend paid per share. Secondly, data set is constructed so as to apply probit model where we categorize firms among dividend-paying and non-dividend-paying, and all independent variables are taken as three years averages.
机译：我们研究了在卡拉奇证券交易所上市的公司的股利政策的决定因素，它们是KSE-100指数的一部分。使用2007年至2009年期间100家金融和非金融公司的面板数据，我们发现流动性，杠杆率，每股收益和规模与股息呈正相关，而增长和盈利能力却是决定股息政策的重要因素。概率模型估计的结果表明，每股收益，公司盈利能力和规模会增加公司支付股息的可能性，而增长机会会减少支付股息的可能性。根据本研究中使用的两个模型的要求，数据以两种不同的形式进行编译。在第一组数据上，使用面板OLS回归。所有财务因素（作为自变量）均以百分比形式计算，但以对数形式的销售额除外。而因变量Dit也用于支付的每股股息百分比。其次，构建数据集以应用概率模型，在该模型中我们将公司分为股息支付和非股息支付，所有自变量均取三年的平均值。

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