文章基本信息

标题：Determinants of Dividend Payout Policy: A Case of Pakistan Engineering Sector
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作者：Kashif Imran
期刊名称：The Romanian Economic Journal
印刷版ISSN：1454-4296
出版年度：2011
卷号：41
出版社：Editura ASE
摘要：The return on investment can be divided in capital gain and dividend payouts. It is a difficult task for management to allocate a sufficient amount in both segments, especially to prevent from agency problems. The firms pay dividends only when enough amounts have after meeting their requirements and short term needs. The purpose of the present study is to empirically investigate the factors determine the dividend payout decisions in the case of Pakistan¡¯s engineering sector by using the data of thirty-six firms listed on Karachi Stock Exchange from the period 1996 to 2008. By employing various panel data techniques like fixed and random effects, the results suggest that the previous dividend per share, earnings per share, profitability, cash flow, sales growth, and size of the firm are the most critical factors determining dividend policy in the engineering sector of Pakistan.
关键词：dividend payouts, agency problem, engineering sector