Review of Professional Management

Determinants of Dividend Payout: A Panel Data Analysis of BSE 200 Companies

Jagdeep Kaur¹

First Published 30 Jun 2025. https://doi.org/10.1177/09728686251339944

Article Information

Volume 23, Issue 1 June 2025

Corresponding Author:

Jagdeep Kaur, Guru Nanak Dev University, Amritsar, Punjab 143001, India.
Email: jkaur.deep1989@gmail.com

¹Guru Nanak Dev University, Amritsar, Punjab, India

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed.

Abstract

This study analyses various factors that affect firms’ dividend payout decisions. It investigates the impact of six firm characteristics: price-earnings ratio, firm age, firm size, growth, firm liquidity and firm leverage on dividend payout. Panel data have been obtained from 151 BSE companies for 2015–2024. A fixed-effect regression model has been used for the study. The results reveal that leverage and growth have a positive significant impact, whereas firm age has a negative significant effect on the dividend payout decisions of the firm. This study is useful for management as well as shareholders in making strategic as well as investment decisions for the firm and also provides financial dynamics regarding the appropriate dividend policy of the firm.

Dividend payout, firm age, fixed effect regression, growth, leverage

Keywords

Dividend payout, firm age, fixed effect regression, growth, leverage

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