Publication Type:

Journal Article


Academy of Accounting and Financial Studies Journal , Volume 21, Issue 2, p.1-12 (2017)


Dividend payout ratio; Firm fundamentals; Panel autoregressive distributed lag analysis


Corporate dividend policy has been an area of concern in financial literature for quite a long time. Substantial research has
been carried out on dividend policy leading to the emergence of various theories. Majority of this research has been carried
out with respect to developed countries. There are only a limited number of empirical investigations on the dividend policy of
companies in emerging economies such as India. Identifying and understanding the key factors that motivate the managers
to distribute dividends is important for investors. The study analyses the determinants of dividend policy of manufacturing
companies in India using panel data. Financial leverage, profitability, and firm size determine the dividend policy of the firm.
Growth of the firm has an effect on dividend policy in the short run. To best of the knowledge, no study has done on this topic
using Panel ARDL in Indian context.

Cite this Research Publication

Dr. P. Balasubramanian, Kannadhasan, M., Aramvalarthan, S., and Gopika, A., “Determinants of Dividend Policy of Indian Manufacturing Companies: Panel Autoregressive Distributed Lag Analysis”, Academy of Accounting and Financial Studies Journal , vol. 21, no. 2, pp. 1-12, 2017.