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首页> 外文期刊>International Journal of Accounting, Finance and Risk Management >Influence of Financial Performance and Financial Leverage on Dividend Payout
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Influence of Financial Performance and Financial Leverage on Dividend Payout

机译：财务绩效和财务杠杆对股息付款的影响

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This study explored the influence of financial performance and financial leverage on Deposit-Taking Saccos in Kenya. The study was motivated by inconsistency in the ability of Saccos to live up to their promise of paying dividends to members consistently. Many of them pay dividends from unforeseen profits and/or while highly leveraged. These unhealthy dividend practices leave Saccos unable to pay dividends in the long term sustainably, besides exposing them to insolvency. Existing studies on the factors of dividend payout in Kenya were mainly used unidimensional variables and/or were limited in sectoral scope. The present study targeted all registered DTSSaccos in Kenya (n=179) over an eight-year period (2012-2019). Panel data modelling was used, which was a departure in methodology from previous studies. The effects of financial performance, financial leverage. Descriptive results showed that financial performance measured by ROE for for DT-saccos was below industry standards at 3%. During the panel period, Saccos failed to improve their ability to generate resources from equity yet, they sustained a high dividend payout. To maintain their dividend payout, the DT-saccos borrowed funds to pay dividends Financial leverage measured by Debt ratio had an inverse, significant effect on dividend payout. Between 2012-2019, the debt ratio of DT saccos averaged 195%, and this ratio was much higher than the comparable ratio for the banking industry, which was just 20% between 2012-2019. The findings deepen our understanding of the interplay of factors influencing dividend payout in DT-Saccos in Kenya. Small saccos have higher dividend payout compared to large ones. Indeed, small saccos use dividends as a business strategy to retain and attract new members, thereby augment their capital.
机译：本研究探讨了金融绩效和金融杠杆对肯尼亚存款Saccos的影响。这项研究受到Saccos努力持续向成员支付股息的承诺的不一致的动机。其中许多人从不可预见的利润和/或高度杠杆缴纳的股息。这些不健康的股息实践请留下Saccos无法在长期可持续地支付股息，除了将其暴露于破产之外。关于肯尼亚股息支付因素的现有研究主要是使用单向变量和/或在部门范围内有限。本研究针对八年期间的肯尼亚（N = 179）的所有注册的DTSSACCO（2012-2019）。使用面板数据建模，这是从以前研究的方法偏离。财务绩效，财务杠杆的影响。描述性结果表明，通过ROE用于DT-SACCOS测量的财务性能低于行业标准3％。在面板期间，SACCOS未能提高他们从股权生成资源的能力，他们持续了高度股息。为了维持其股息支付，DT-SACCOS借入资金支付股息的股息金融杠杆率为债务率较为反比，对股息支付有重大影响。 2012 - 2019年间，DT Saccos的债务比率平均为195％，该比例远高于银行业的可比比率，而2012-2019之间仅为20％。该研究结果深化了我们对影响肯尼亚DT-SACCOS中股息支付的因素的相互作用的理解。与大型人相比，Saccos具有更高的股息支付。实际上，小屠杀用股息作为留住和吸引新成员的经营战略，从而增加了他们的资本。

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