A Systematic Literature Review on Dividend Policy: Theories, Determinants, and Firm Outcomes
DOI:
https://doi.org/10.37296/esci.v5i2.261Keywords:
Dividend policy, ESG performance, Firm outcomes, Theoretical frameworks, Systematic literature reviewAbstract
This study conducted a qualitative systematic literature review (SLR) to critically evaluate recent research on dividend policy, focusing on publications from 2021 to 2025. Using the PRISMA guidelines, the review identified and organized literature into three key categories: theoretical foundations, determinants of dividend decisions, and the outcomes of dividend policy on firm performance. The study highlighted the use of major theories such as Agency Theory, the Cost of Equity Hypothesis, and Signaling Theory, which continue to shape the understanding of dividend behavior. It also examined various internal factors—such as profitability, liquidity, and corporate governance—and external influences, including macroeconomic conditions and Environmental, Social, and Governance (ESG) performance, as significant determinants of dividend decisions. The review found that dividend policies have a notable impact on firm profitability, market valuation, and investor perception, especially in periods of uncertainty. Additionally, the study recognized a growing interest in how ESG considerations influence payout strategies. Future research directions include exploring the integration of ESG metrics into dividend models, examining the role of economic cycles and financial crises (e.g., COVID-19), and assessing the implications of technological advancements and digital finance on dividend strategies and broader corporate governance frameworks.
References
Aguiar-Díaz, I., Díaz-Díaz, N. L., & Ruiz-Mallorquí, M. V. (2024). Multiple directorships and dividends in Spanish-listed firms. Borsa Istanbul Review, 24(4), 663–673. https://doi.org/10.1016/j.bir.2024.04.002
Akhmadi, A., & Januarsi, Y. (2021). Profitability and firm value: Does dividend policy matter for Indonesian sustainable and responsible investment (SRI)-KEHATI listed firms? Economies, 9(4). https://doi.org/10.3390/economies9040163
Akindayomi, A., & Amin, M. R. (2022). Does business strategy affect dividend payout policies? Journal of Business Research, 151, 531–550. https://doi.org/10.1016/j.jbusres.2022.07.028
Akolor, M., & Gujral, T. (2024). ANALYZING THE DYNAMICS OF FIRM SIZE AND INVESTMENT ON DIVIDEND POLICY OF QUOTED FIRMS IN GHANA. Financial and Credit Activity: Problems of Theory and Practice, 5(58), 199–206. https://doi.org/10.55643/fcaptp.5.58.2024.4497
Akpadaka, O. S., Farouk, M. A., Dang, D. Y., & Fodio, M. I. (2024). Does Profitability Moderate the Relationship Between the Leverage and Dividend Policy of Manufacturing Firms in Nigeria and South Africa? Journal of Risk and Financial Management, 17(12). https://doi.org/10.3390/jrfm17120563
Al-Bataineh, O., Iqbal, A., & King, T. (2024). Managerial Social Capital and Dividends: Evidence from the UK. Journal of Risk and Financial Management, 17(12). https://doi.org/10.3390/jrfm17120560
Al-Hiyari, A., Kolsi, M. C., Lutfi, A., Shakkour, A. S., & aljumah, A. I. (2024). Information asymmetry and dividend payout in an emerging market: Does corporate governance quality matter? Journal of Open Innovation: Technology, Market, and Complexity, 10(1). https://doi.org/10.1016/j.joitmc.2023.100188
Ali, H. (2022). Corporate dividend policy in the time of COVID-19: Evidence from the G-12 countries. Finance Research Letters, 46. https://doi.org/10.1016/j.frl.2021.102493
Ali, N., Rehman, M. Z. U., Ashraf, B. N., & Shear, F. (2022). Corporate Dividend Policies during the COVID-19 Pandemic. Economies, 10(11). https://doi.org/10.3390/economies10110263
Al-Mohareb, M. (2025). The Impact of Cyber Governance Quality on Dividend Policy in Mitigating Cybersecurity Breaches. Risks, 13(2). https://doi.org/10.3390/risks13020034
Al-Omari, R., Oroud, Y., Makhlouf, M. H., Alshehadeh, A. R., & Al-Khawaja, H. A. (2024). The impact of profitability and asset management on firm value and the moderating role of dividend policy: Evidence from Jordan. Asian Economic and Financial Review, 14(1), 1–11. https://doi.org/10.55493/5002.v14i1.4937
Alshubiri, F. (2021). Portfolio Returns of Islamic Indices and Stock Prices in GCC Countries: Empirical Evidence From the ARDL Model. SAGE Open, 11(2). https://doi.org/10.1177/21582440211018460
Alslaibi, N. A. (2024). Cracking the code: Unveiling dividend policy factors in Palestine’s stock exchange (PEX). Edelweiss Applied Science and Technology, 8(5), 2363–2376. https://doi.org/10.55214/25768484.v8i5.2004
Amimakmur, S. A., Rahayu, S. M., Damayanti, C. R., & Hutahayan, B. (2024). A Systematic Literature Review: Determinant of Company Value in Financial Companies. WSEAS Transactions on Business and Economics, 21, 475–487. https://doi.org/10.37394/23207.2024.21.40
Amimakmur, S. A., Saifi, M., Damayanti, C. R., & Hutahayan, B. (2024). Exploring the Nexus of Dividend Policy, Third-Party Funds, Financial Performance, and Company Value: The Role of IT Innovation as a Moderator. Journal of Risk and Financial Management, 17(5). https://doi.org/10.3390/jrfm17050210
Arhinful, R., Mensah, L., Amin, H. I. M., & Obeng, H. A. (2024). The influence of cost of debt, cost of equity and weighted average cost of capital on dividend policy decision: evidence from non-financial companies listed on the Frankfurt Stock Exchange. Future Business Journal, 10(1), 99. https://doi.org/10.1186/s43093-024-00384-8
Avci, S. B. (2024). Attracting institutional investments to emerging markets: The case of Turkiye. International Journal of Finance and Economics, 29(4), 4902–4931. https://doi.org/10.1002/ijfe.2909
Azeem, M., Ahmad, N., Majid, S., Ur Rehman, J., & Nafees, B. (2023). Corporate governance, financial constraints, and dividend policy: Evidence from Pakistan. Cogent Economics and Finance, 11(2). https://doi.org/10.1080/23322039.2023.2243709
Barros, V., Verga Matos, P., Miranda Sarmento, J., & Rino Vieira, P. (2023). High-tech firms: Dividend policy in a context of sustainability and technological change. Technological Forecasting and Social Change, 190. https://doi.org/10.1016/j.techfore.2023.122434
Basse, T., Klein, T., Vigne, S. A., & Wegener, C. (2021). U.S. stock prices and the dot.com-bubble: Can dividend policy rescue the efficient market hypothesis? Journal of Corporate Finance, 67. https://doi.org/10.1016/j.jcorpfin.2021.101892
Basse, T., Schwarzbach, C., & Graf von der Schulenburg, J.-M. (2023). Dividend policy issues in the European pharmaceutical industry: new empirical evidence. European Journal of Health Economics, 24(5), 803–816. https://doi.org/10.1007/s10198-022-01510-5
Bayat, A., & Goergen, M. (2025). CEO political ideology and payout policy. Journal of Banking and Finance, 172. https://doi.org/10.1016/j.jbankfin.2024.107375
Bayat, A., Goergen, M., Koutroumpis, P., & Wei, X. (2025). The impact of CEO political ideology on labor cost reductions and payout decisions during the COVID-19 pandemic. Journal of Corporate Finance, 90. https://doi.org/10.1016/j.jcorpfin.2024.102692
Belous, M. (2023). Dividend Policy of Russian Companies: Cancel Culture Effect. Journal of Corporate Finance Research, 17(4), 114–131. https://doi.org/10.17323/j.jcfr.2073-0438.17.4.2023.114-131
Bessler, W., Gonenc, H., & Tinoco, M. H. (2023). Information asymmetry, agency costs, and payout policies: An international analysis of IFRS adoption and the global financial crisis. Economic Systems, 47(4). https://doi.org/10.1016/j.ecosys.2023.101129
Boo, H.-L., & Chan, T.-H. (2022). DIVIDEND PAYOUT POLICY AND GLOBAL FINANCIAL CRISIS: A STUDY ON ASIAN NON-FINANCIAL LISTED COMPANIES. Asian Economic and Financial Review, 12(10), 848–863. https://doi.org/10.55493/5002.v12i10.4624
Bossman, A., Agyei, S. K., Asiamah, O., Agyei, E. A., Arhin, E. Y., & Marfo-Yiadom, E. (2022). Dividend policy and performance of listed firms on Ghana stock exchange. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2127220
Bostan, I., Pirtea, M.-G., Boțoc, C., & Mihancea, E.-A. (2023). The Analysis of Non-Linear Dividend Hypothesis: International Evidence. Emerging Markets Finance and Trade, 59(9), 2882–2893. https://doi.org/10.1080/1540496X.2023.2202795
Boumlik, Z., Oulhadj, B., & Colot, O. (2023). The Effect of the COVID-19 Pandemic on Corporate Dividend Policy of Moroccan Listed Firms. Journal of Risk and Financial Management, 16(8). https://doi.org/10.3390/jrfm16080350
Bravo, F., Setijaningsih, H. T., & Widuri, R. (2023). Dividend Policy in Indonesian Manufacturing Companies: Profitability, Liquidity, and Growth with Independent Commissioners as Moderators during Covid-19. Journal of System and Management Sciences, 13(3), 337–351. https://doi.org/10.33168/JSMS.2023.0323
Brusov, P., & Filatova, T. (2022). Influence of Method and Frequency of Profit Tax Payments on Company Financial Indicators. Mathematics, 10(14). https://doi.org/10.3390/math10142479
Brusov, P., Filatova, T., & Orekhova, N. (2022). Capital Structure: Modigliani–Miller Theory (pp. 9–32). https://doi.org/10.1007/978-3-030-93893-2_2
Butt, U., & Chamberlain, T. W. (2023). Blockholdings, Dividend Policy, Stock Returns and Return Volatility: Evidence from the UAE. International Journal of Financial Studies, 11(4). https://doi.org/10.3390/ijfs11040122
Cao, Z., Chen, S. X., Harakeh, M., & Lee, E. (2022). Do non-financial factors influence corporate dividend policies? Evidence from business strategy. International Review of Financial Analysis, 82, 102211. https://doi.org/10.1016/j.irfa.2022.102211
Chigbu, U. E., Atiku, S. O., & Du Plessis, C. C. (2023). The Science of Literature Reviews: Searching, Identifying, Selecting, and Synthesising. Publications, 11(1), 2. https://doi.org/10.3390/publications11010002
Chintrakarn, P., Chatjuthamard, P., Jiraporn, P., & Kyaw, K. (2025). Dividend policy and the takeover market: Half a century of evidence. Research in International Business and Finance, 75. https://doi.org/10.1016/j.ribaf.2025.102774
Choi, S. B., & Sauka, K. (2024). Dynamics of Dividend Payout in Korean Corporations: A Comprehensive Panel Analysis Across Economic Cycles. Journal of Risk and Financial Management, 17(12). https://doi.org/10.3390/jrfm17120564
Cumming, D. J., Javakhadze, D., & Rajkovic, T. (2024). Unlocking Dividends: The impact of managerial social capital on international corporate payouts. Journal of International Financial Markets, Institutions and Money, 95. https://doi.org/10.1016/j.intfin.2024.102025
Dang, H. N., & Vu, V. T. T. (2021). Factors affecting earnings persistence: Research in emerging markets. Contaduría y Administración, 67(1), 315. https://doi.org/10.22201/fca.24488410e.2022.3150
Das Mohapatra, D., & Panda, P. (2022). Impact of corporate governance on dividend policy: A systematic literature review of last two decades. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2114308
Dewasiri, N. J., Baker, H. K., Banda, Y. K. W., & Rathnasiri, M. S. H. (2022). The Dividend Decision Model: A Possible Solution for the Dividend Puzzle (pp. 249–267). https://doi.org/10.1108/S2754-586520220000001013
Dewri, L. V, Islam, R., & Rahman, F.-T.-J. M. M. (2021). Measuring firms’ intrinsic values in an emerging economy: Evidence from Bangladesh. Asian Economic and Financial Review, 11(6), 429–445. https://doi.org/10.18488/JOURNAL.AEFR.2021.116.429.445
Diedrich, R., Dierkes, S., & Gröger, H.-C. (2022). A note on the cost of capital with fixed payout ratios. Review of Quantitative Finance and Accounting, 59(4), 1559–1575. https://doi.org/10.1007/s11156-022-01085-5
Dissanayake, D. M. K. T., & Dissabandara, D. B. P. H. (2021). THE IMPACT OF BOARD OF DIRECTORS’ CHARACTERISTICS ON DIVIDEND POLICY: EVIDENCE FROM A DEVELOPING COUNTRY. Corporate Governance and Sustainability Review, 5(2), 44–56. https://doi.org/10.22495/cgsrv5i2p4
Ebrahim, R. (2023). Does stock liquidity determine dividend policy? New evidence from an emerging market. Asian Economic and Financial Review, 13(9), 610–620. https://doi.org/10.55493/5002.v13i9.4823
Ed-Dafali, S., Patel, R., & Iqbal, N. (2023). A bibliometric review of dividend policy literature. Research in International Business and Finance, 65, 101987. https://doi.org/10.1016/j.ribaf.2023.101987
Eldomiaty, T., Azzam, I., Afifi, K. T. H., & Rashwan, M. H. (2024). An Alignment of Financial Signaling and Stock Return Synchronicity. Journal of Risk and Financial Management, 17(4). https://doi.org/10.3390/jrfm17040162
Esqueda, O., & O’Connor, T. (2024). The cost of equity to earnings yield differential and dividend policy. Managerial Finance, 50(2), 451–471. https://doi.org/10.1108/MF-01-2023-0063
Ferrari, G., Schuhmann, P., & Zhu, S. (2022). Optimal dividends under Markov-modulated bankruptcy level. Insurance: Mathematics and Economics, 106, 146–172. https://doi.org/10.1016/j.insmatheco.2022.06.005
Fidiana, F., Yani, P., & Suryaningrum, D. H. (2023). Corporate going-concern report in early pandemic situation: Evidence from Indonesia. Heliyon, 9(4). https://doi.org/10.1016/j.heliyon.2023.e15138
Gyapong, E., Ahmed, A., Ntim, C. G., & Nadeem, M. (2021). Board gender diversity and dividend policy in Australian listed firms: the effect of ownership concentration. Asia Pacific Journal of Management, 38(2), 603–643. https://doi.org/10.1007/s10490-019-09672-2
Halaoua, S., & Boukattaya, S. (2023). Does gender diversity in the audit committee influence corporate dividend policy? Evidence from French listed firms. Green Finance, 5(3), 373–391. https://doi.org/10.3934/GF.2023015
Handoyo, S., & Kusumaningrum, I. T. (2022). Does corporate governance and other factors influence earnings management? a study on indonesia s banking sector. Humanities and Social Sciences Letters, 10(1), 11–26. https://doi.org/10.18488/73.v10i1.2227
Hartono, P. G., Robiyanto, R., Tinungki, G. M., Frensidy, B., Raya, M. Y., & Hidarto, A. (2024). Revisiting Dividend Policy and Stock Market Reaction of Indonesian Manufacturing Enterprises amidst the COVID-19 Crisis: A Series of Robustness Checks. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 32(1). https://doi.org/10.46585/sp32011773
Hasan, F., & Al-Najjar, B. (2024). Exploring the connections: Dividend announcements, stock market returns, and major sporting events. Review of Quantitative Finance and Accounting, 63(3), 889–923. https://doi.org/10.1007/s11156-024-01277-1
Hidayat, W., & Ratnawati, T. (2024). The Effect of Good Corporate Governance on Asset Growth, Debt Growth, Equity Growth, and Ownership. International Journal of Social Science Humanity & Management Research, 3(06). https://doi.org/10.58806/ijsshmr.2024.v3i6n04
Hong Khanh Ngoc, L., & Dung, T. V. (2024). A comparative empirical analysis of Miller and Modigliani’s Dividend Irrelevance Theory in Vietnam and Singapore. VNU University of Economics and Business, 4(2). https://doi.org/10.57110/vnu-jeb.v4i2.272
Hoque, A., Islam, M. R., & Hossain, S. (2024). Navigating Dividend Decisions: The Impact of Outsider CEOs in Imputation Tax Environments. Risks, 12(11). https://doi.org/10.3390/risks12110182
Hossain, A., Benkraiem, R., & Krishnamurti, C. (2025). Political sentiment and corporate payouts. International Review of Financial Analysis, 102. https://doi.org/10.1016/j.irfa.2025.104078
Hussain, A., & Akbar, M. (2022). Dividend policy and earnings management: Do agency problem and financing constraints matter? Borsa Istanbul Review, 22(5), 839–853. https://doi.org/10.1016/j.bir.2022.05.003
Jamadar, Y., Tabash, M. I., Hossain, M. I., & Shahriar, M. S. (2024). BOARD OVERSIGHT AND DIVIDEND POLICIES IN MALAYSIAN SHARIAH-COMPLIANT COMPANIES. Journal of Islamic Monetary Economics and Finance, 10(2), 357–378. https://doi.org/10.21098/jimf.v10i2.2066
Jiang, J. (2023). A SYNTHESIZED DISTRIBUTION MODEL: ASYMMETRIC INFORMATION, AGENCY PROBLEM, AND INTERTEMPORAL OPTIMIZATION. Corporate Governance and Organizational Behavior Review, 7(4), 152–160. https://doi.org/10.22495/cgobrv7i4p13
Kasahara, A., & Orihara, M. (2022). Family firms’ dividend policies: Evidence from a Japanese tax reform. Finance Research Letters, 45. https://doi.org/10.1016/j.frl.2021.102199
Kautsar, A., Nihaya, I. U., & Indarwati, T. A. (2023). Dividend Policy in Indonesia Agriculture Firms: Modmed Profitability and Liquidity. International Journal of Sustainable Development and Planning, 18(4), 1245–1253. https://doi.org/10.18280/ijsdp.180429
Khalaf, B. A., Awad, A. B., & Ahmed, S. S. (2023). THE IMPACT OF DIVIDEND POLICY ON SHARE PRICE VOLATILITY: EVIDENCE FROM LISTED COMPANIES IN GULF COOPERATION COUNCIL COUNTRIES. Corporate and Business Strategy Review, 4(2 Special Issue), 289–295. https://doi.org/10.22495/cbsrv4i2siart8
Khan, A., Yilmaz, M. K., & Aksoy, M. (2024). Does board demographic diversity affect the dividend payout policy in Turkey? EuroMed Journal of Business, 19(2), 276–297. https://doi.org/10.1108/EMJB-01-2022-0019
Khan, B., Zhao, Q., Iqbal, A., Ullah, I., & Aziz, S. (2022). Internal Dynamics of Dividend Policy in East-Asia: A Comparative Study of Japan and South Korea. SAGE Open, 12(2). https://doi.org/10.1177/21582440221095499
Kheirandish, M., & Khyareh, M. M. (2022). THE RELATIONSHIP BETWEEN CASH DIVIDEND AND EARNINGS GROWTH OF LISTED COMPANIES IN TEHRAN STOCK EXCHANGE. Janus.Net, 13(1), 204–218. https://doi.org/10.26619/1647-7251.13.1.13
Kilincarslan, E. (2021). The influence of board independence on dividend policy in controlling agency problems in family firms. International Journal of Accounting and Information Management, 29(4), 552–582. https://doi.org/10.1108/IJAIM-03-2021-0056
Krieger, K., & Mauck, N. (2024). Sustainability and Dividends: Complements or Substitutes? Sustainability (Switzerland), 16(14). https://doi.org/10.3390/su16146233
Krištofík, P., Medzihorský, J., & Musa, H. (2022). Capital Structure and Its Determinants—A Comparison of European Top-Rated CSR and Other Companies. Journal of Risk and Financial Management, 15(8), 325. https://doi.org/10.3390/jrfm15080325
Kustono, A. S. (2021). Corporate Social Responsibility as a Strategic Instrument to Reduce Investor Sentiment. Quality - Access to Success, 22(185), 17–25. https://doi.org/10.47750/QAS/22.185.03
Laing, B. H., Haw, C. T., & Ali, R. (2021). Dividend payout policy and global financial crisis: A study on Malaysian non-financial listed companies. Asian Journal of Business and Accounting, 14(1), 145–170. https://doi.org/10.22452/ajba.vol14no1.6
Laksana, R. D., Shaferi, I., & Naznii, H. (2024). THE IMPACT OF INDEPENDENT DIRECTORS AND FAMILY CONTROL ON THE DIVIDEND POLICY AND CAPITAL STRUCTURE: A FAMILY BUSINESS STRATEGY. Corporate and Business Strategy Review, 5(3), 168–175. https://doi.org/10.22495/cbsrv5i3art16
Lee, J. H., & Seo, S. W. (2023). Foreign Investors and the Peer Effects to Payout Policies. Economics, 17(1). https://doi.org/10.1515/econ-2022-0041
Liao, W.-J., Lin, Y.-E., Li, X.-Z., & Chih, H.-H. (2022). The Effects of Behavioral Foundations and Business Strategy on Corporate Dividend Policy. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.849238
Li, M., & Roberts, H. (2023). Zero leverage and dividend policy. Finance Research Letters, 58. https://doi.org/10.1016/j.frl.2023.104430
Linh, N. V, Hung, D. N., & Van, V. T. T. (2024). Factors Affecting the Dividend Policy of Vietnamese Enterprises in the Context of the Covid-19 Pandemic. Quality - Access to Success, 25(200), 128–135. https://doi.org/10.47750/QAS/25.200.13
Li, Y., Liao, M., & Liu, Y. (2023). How does green credit policy affect polluting firms’ dividend policy? The China experience. International Review of Financial Analysis, 88. https://doi.org/10.1016/j.irfa.2023.102631
Lotto, J. (2021). Does earnings distribution policy influence corporate stock price instability? Empirical evidence from Tanzanian listed industrial firms. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1953737
Louziri, R., & Oubal, K. (2022). Determinants of Dividend Policy: The Case of the Casablanca Stock Exchange. Journal of Risk and Financial Management, 15(12). https://doi.org/10.3390/jrfm15120548
Louziri, R., & Oubal, K. (2025). Characteristics of the Chairman of the Board of Directors and Their Impact on Dividend Payments in the Moroccan Stock Exchange. Journal of Risk and Financial Management, 18(2). https://doi.org/10.3390/jrfm18020070
Mahirun, M. (2023). Determinants of LQ45 Stock Return in Indonesia. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 31(2). https://doi.org/10.46585/sp31021693
Mahirun, M., Jannati, A., Kushermanto, A., & Prasetiani, T. R. (2023). Impact of dividend policy on stock prices. Acta Logistica, 10(2), 199–208. https://doi.org/10.22306/al.v10i2.375
Makhija, H., Raghukumari, P. S., & Sharma, D. (2025). Exploring the Nexus between Company ESG Performance and Dividend Policy: An Aggregate, Disaggregate, and Industry-Wide Panel Analysis. Australasian Accounting, Business and Finance Journal, 19(1), 45–63. https://doi.org/10.14453/aabfj.v19i1.04
Manurung, A. H., Machdar, N. M., Foeh, J. E. H. J., & Sinaga, J. (2024). Dividend Policy as a Moderating of the Effect of Dividend Announcement on Stock Price in Indonesian Firms. International Journal of Economics and Financial Issues, 14(4), 96–105. https://doi.org/10.32479/ijefi.16465
Maqbool, Z., Abid, A., & Bhutta, A. I. (2022). Effect of corporate social responsibility performance on dividend pay-out: Role of corporate governance quality. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.883952
Mary, H., & Hady, H. (2024). Determinants of Financial Performance: A Study on Food and Beverage Companies in Indonesia. Journal of Logistics, Informatics and Service Science, 11(11), 535–546. https://doi.org/10.33168/JLISS.2024.1129
Matuszewska-Pierzynka, A., Mrzygłód, U., & Pieloch-Babiarz, A. (2023). ESG performance and dividend stability of the world’s largest enterprises. Journal of Entrepreneurship, Management and Innovation, 19(4), 184–217. https://doi.org/10.7341/20231946
Mulamula, H. G., Zakaria, Z., & Mohamad, Z. Z. (2023). Tax Planning, Firm Performance and the Moderated role of Dividend Policy: Evidence from East African Countries. WSEAS Transactions on Business and Economics, 20, 1783–1801. https://doi.org/10.37394/23207.2023.20.157
Murtadho, M., Ratnawati, T., & Pristiana, U. (2024). DIVIDEND POLICY TO IMPROVE FIRM VALUE, FINANCIAL SUSTAINABILITY MODERATING VARIABLE. Financial and Credit Activity: Problems of Theory and Practice, 6(59), 283–292. https://doi.org/10.55643/fcaptp.6.59.2024.4591
Nadar, D. S., & Deb, S. G. (2025). Firm performance and dividend risk: testing the moderating role of corporate governance. Managerial Finance. https://doi.org/10.1108/MF-10-2024-0803
Nawaz, T., Haniffa, R., & Hudaib, M. (2023). From boots to suits: do military directors protect shareholders’ wealth? Review of Quantitative Finance and Accounting, 61(4), 1479–1511. https://doi.org/10.1007/s11156-023-01198-5
Nguyen Trong, N., & Nguyen, C. T. (2021). Firm performance: the moderation impact of debt and dividend policies on overinvestment. Journal of Asian Business and Economic Studies, 28(1), 47–63. https://doi.org/10.1108/JABES-12-2019-0128
Nianty, D. A., Mus, A. R., Sinring, B., & Dewi, R. (2023). The Effect of Investment Decisions, Capital Structure, and Dividend Policy on Financial Performance and Company Value in Banking Companies Listed on the Indonesia Stock Exchange for the 2019-2021 Period. Revista de Gestão Social e Ambiental, 17(6), e03599. https://doi.org/10.24857/rgsa.v17n6-005
Njoku, O. E., & Lee, Y. (2024). Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market. International Journal of Financial Studies, 12(1). https://doi.org/10.3390/ijfs12010022
Njoku, O. E., & Lee, Y. (2025a). Debt Capital and Dividend Policy as Complementary Indicators of Firm Valuation. International Journal of Financial Studies, 13(1). https://doi.org/10.3390/ijfs13010018
Njoku, O. E., & Lee, Y. (2025b). Financial Strategies Driving Market Performance During Recession in Nigerian Manufacturing Firms. Journal of Risk and Financial Management, 18(2). https://doi.org/10.3390/jrfm18020081
Njoku, O. E., Lee, Y., & Koo, J.-H. (2024). THE EFFECTS OF AGENCY PROBLEMS AND DIVIDEND POLICY ON THE ASYMMETRIC BEHAVIOUR OF SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: DOES OWNERSHIP STRUCTURE MATTER? Asian Academy of Management Journal of Accounting and Finance, 20(2), 29–84. https://doi.org/10.21315/aamjaf2024.20.2.2
Nuansari, S. D., Tandelilin, E., Setiyono, B., & Junarsin, E. (2023). Catering incentives, sentiment investor, and dividend policy in six ASEAN countries. Cogent Business and Management, 10(3). https://doi.org/10.1080/23311975.2023.2278243
Nugroho, M., Agustono, D. O. S., & Rahmiyati, N. (2025). Eksplorasi Nilai Perusahaan dengan Earnings Management: Green Investment, Risiko Financial, dan Ekonomi Makro. Thalibul Ilmi Publishing & Education.
O’Dea, R. E., Lagisz, M., Jennions, M. D., Koricheva, J., Noble, D. W. A., Parker, T. H., Gurevitch, J., Page, M. J., Stewart, G., Moher, D., & Nakagawa, S. (2021). Preferred reporting items for systematic reviews and meta‐analyses in ecology and evolutionary biology: a PRISMA extension. Biological Reviews, 96(5), 1695–1722. https://doi.org/10.1111/brv.12721
Oh, H., & Park, S. (2021a). Corporate Sustainable Management, Dividend Policy and Chaebol. Sustainability, 13(13), 7495. https://doi.org/10.3390/su13137495
Oh, H., & Park, S. (2021b). Corporate sustainable management, dividend policy, and chaebol. Sustainability (Switzerland), 13(13). https://doi.org/10.3390/su13137495
Oktari, V., & Dianawati, W. (2023). Dividend policy, CEO Narcissism, and its influence on companies in Indonesia: A Behavioral Theory of the Firm approach. Cogent Economics and Finance, 11(2). https://doi.org/10.1080/23322039.2023.2276560
Ontorael, R., Saifi, M., Firdausi Nuzula, N., & Zahroh, Z. A. (2024). FIRM SIZE MODERATING EFFECT ON FINANCIAL PERFORMANCE AND DIVIDEND POLICY FROM INDONESIA. Revista de Gestao Social e Ambiental, 18(4). https://doi.org/10.24857/rgsa.v18n4-109
Owusu-Ansah, A., Addico, N. L., & Amewu, G. (2023). The application of financing and dividend decision techniques in practice among Ghanaian chief financial officers (CFOs). Cogent Business and Management, 10(1). https://doi.org/10.1080/23311975.2023.2171982
Phuong, T. T., Hoang, L. D., Tuan, T. M., & Van, T. M. (2023). MINORITY SHAREHOLDER PROTECTION AND DIVIDEND POLICY: EVIDENCE FROM THE MATERIAL INDUSTRY. Journal of Governance and Regulation, 12(3), 163–170. https://doi.org/10.22495/jgrv12i3art17
Prayanthi, I., Rantung, D. I., & Oroh, N. S. (2024). The Effect of Contributed Capital Mix on Dividend Policy: Testing Life Cycle Theory in The Covid-19 Pandemic Era. Revista de Gestão Social e Ambiental, 18(6), e05352. https://doi.org/10.24857/rgsa.v18n6-021
Prša, D., Šestanović, A., & Ramljak, I. (2022). FACTORS INFLUENCING DIVIDEND PAYOUT POLICY: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS OF THE ZAGREB STOCK EXCHANGE. Zbornik Radova Ekonomskog Fakulteta u Rijeci: Časopis Za Ekonomsku Teoriju i Praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business, 40(2), 441–457. https://doi.org/10.18045/zbefri.2022.2.441
Ramli, N. A., Rahim, N., Mat Nor, F., & Marzuki, A. (2022). The mediating effects of sustainable growth rate: evidence from the perspective of Shariah-compliant companies. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2078131
Ratnawati, T., & Hidayat, W. (2024). Firm Value is Mediation Good Corporate Governance and Ownership to Asset Growth in Corporation Listed on Bursa Efek Indonesia. International Journal of Social Science Humanity & Management Research, 3(05). https://doi.org/10.58806/ijsshmr.2024.v3i5n13
Risfandy, T., Radika, T., & Wardhana, L. I. (2021). Women in a dual board system and dividend policy. Buletin Ekonomi Moneter Dan Perbankan, 24, 129–150. https://doi.org/10.21098/BEMP.V24I0.1465
Rojo-Suárez, J., Alonso-Conde, A. B., & Gonzalez-Ruiz, J. D. (2024). Does sustainability improve financial performance? An analysis of Latin American oil and gas firms. Resources Policy, 88. https://doi.org/10.1016/j.resourpol.2023.104484
Rosiana, R., & Wong, W. K. (2025). Dividend Dynamics: Exploring Liquidity’s Moderating Role in Indonesia’s Energy-Listed Companies. International Journal of Economics and Financial Issues, 15(1), 218–226. https://doi.org/10.32479/ijefi.17605
Sami, M., & Abdallah, W. (2021). Assessing the impact of dividend policy on the sustainability of distressed firms. Journal of Modelling in Management, 16(3), 987–1001. https://doi.org/10.1108/JM2-06-2020-0160
Santosa, P. B., Pangestuti, I. R. D., Wahyudi, S., & Muharam, H. (2023). Dividend policy in Indonesian banking sector during COVID-19 pandemic period. Cogent Social Sciences, 9(2). https://doi.org/10.1080/23311886.2023.2272657
Sbai, H., Ed-Dafali, S., Meghouar, H., & Mohiuddin, M. (2024). Ownership Structure and Bank Dividend Policies: New Empirical Evidence from the Dual Banking Systems of MENA Countries. International Journal of Financial Studies, 12(3). https://doi.org/10.3390/ijfs12030063
Shamsabadi, H. A., Tebourbi, I., Nourani, M., & Min, B. S. (2021). Corporate Governance and Dividend Reinvestment Plans: Insights from Imputation Tax in Australia. Finance Research Letters, 41. https://doi.org/10.1016/j.frl.2020.101810
Shapovalova, S. (2023). Determinants of Dividend Payments of Russian Companies. Journal of Corporate Finance Research, 17(1), 54–63. https://doi.org/10.17323/j.jcfr.2073-0438.17.1.2023.54-63
Sierpińska-Sawicz, A. (2016). Comparing dividend puzzle solutions by Polish, Canadian, Norwegian and American executives. Contemporary Economics, 10(3Special Issue), 249–258. https://doi.org/10.5709/ce.1897-9254.213
Silalahi, A. S., Fachrudin, K. A., Sianipar, A. S., & Effendi, K. A. (2021). Analysis of the bank specific factors, macroeconomics and oil price on dividend policy. International Journal of Energy Economics and Policy, 11(2), 165–171. https://doi.org/10.32479/ijeep.10676
Silpachai, K., Siengthai, S., & Levermore, R. (2024). Corporate governance, information asymmetry and firm performance: evidence from Thailand. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2379583
Sinnadurai, P., Subramaniam, R., & Devi, S. (2021). The influence of government shareholding on dividend policy in Malaysia. International Journal of Financial Studies, 9(3). https://doi.org/10.3390/ijfs9030049
Stereńczak, S., & Kubiak, J. (2022). Dividend policy and stock liquidity: Lessons from Central and Eastern Europe. Research in International Business and Finance, 62. https://doi.org/10.1016/j.ribaf.2022.101727
Sulistyowati, T., & Husda, N. E. (2023a). A Global Outlook on Sustainable Plant Acquisition: A Review of Scholarly Works. International Journal of Multidisciplinary Approach Research and Science, 1(03), 536–548. https://doi.org/10.59653/ijmars.v1i03.286
Sulistyowati, T., & Husda, N. E. (2023b). THE TRUST FACTOR: A COMPREHENSIVE REVIEW OF ANTECEDENTS AND THEIR ROLE IN SHAPING ONLINE PURCHASE INTENTIONS. Jurnal Ekonomi Dan Bisnis Airlangga, 33(2), 229–244. https://doi.org/10.20473/jeba.V33I22023.229-244
Sulistyowati, T., & Sukati, I. (2024). Exploring Antecedents: Key Factors Shaping Global Entrepreneurial Intention. Indonesian Journal of Business and Entrepreneurship, 10(3), 556–567. https://doi.org/https://doi.org/10.17358/ijbe.10.3.556
Tan, Y., Wang, X., & Fu, X. (2024). Venture Capital and Dividend Policy. International Journal of Financial Studies, 12(1). https://doi.org/10.3390/ijfs12010027
Tayachi, T., Hunjra, A. I., Jones, K., Mehmood, R., & Al-Faryan, M. A. S. (2023). How does ownership structure affect the financing and dividend decisions of firm? Journal of Financial Reporting and Accounting, 21(3), 729–746. https://doi.org/10.1108/JFRA-09-2021-0291
Tekin, H., & Polat, A. Y. (2021). Do market differences matter on dividend policy? Borsa Istanbul Review, 21(2), 197–208. https://doi.org/10.1016/j.bir.2020.10.009
Tembo, M., & Chipeta, C. (2024). Institutional determinants of dividend policy of African listed firms. Investment Analysts Journal, 53(3), 286–303. https://doi.org/10.1080/10293523.2024.2406635
Theiri, S., Ben Hamad, S., & Ben Amor, M. (2023). Dividend policy and crisis: Exploring the interplay between performance and financial constraints in the French context. Heliyon, 9(10). https://doi.org/10.1016/j.heliyon.2023.e20586
Tinungki, G. M., Hartono, P. G., Frensidy, B., Sunusi, N., Robiyanto, R., & Dorkas Rambu Atahau, A. (2025). Revisiting dividend policy in Indonesian green investment firms and associated market reaction: an in-depth analysis over crises period. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2467229
Tinungki, G. M., Hartono, P., Robiyanto, R., Hartono, A., Jakaria, J., & Simanjuntak, L. (2022). The COVID-19 Pandemic Impact on Corporate Dividend Policy of Sustainable and Responsible Investment in Indonesia: Static and Dynamic Panel Data Model Comparison. Sustainability (Switzerland), 14(10), 6152. https://doi.org/10.3390/su14106152
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches. Economies, 10(1). https://doi.org/10.3390/economies10010011
Tong, S., Murtagh, J., & Proctor, R. (2022). Do ADR Firms Have Different Dividend Policies Than U.S. Firms? A Comparative Study. International Journal of Financial Studies, 10(1). https://doi.org/10.3390/ijfs10010014
Tran, Q. T. (2024). Dividend Policy Theories and Empirical Evidence. In Dividend Policy (pp. 29–41). Emerald Publishing Limited. https://doi.org/10.1108/978-1-83797-987-520241005
Tran, T. N., Duong, D. V, Thi, T. H. N., Thi, N. L. D., Truong, D. D., Nguyen, V. H., & Thi, T. T. P. (2025). FACTORS AFFECTING DIVIDEND POLICY OF LISTED MANUFACTURING ENTERPRISES: A GOVERNANCE CONTEXT. Journal of Governance and Regulation, 14(2), 38–48. https://doi.org/10.22495/jgrv14i2art4
Tran, D. V. (2022). HOW DO DEPOSITORS RESPOND TO BANK DIVIDEND POLICY? EVIDENCE FROM MARKET DISCIPLINE, GLOBAL FINANCIAL CRISIS AND COVID-19 PANDEMIC. Asian Academy of Management Journal of Accounting and Finance, 18(2), 21–39. https://doi.org/10.21315/aamjaf2022.18.2.2
Trinh, V. Q., Elnahass, M., & Salama, A. (2021). Board busyness and new insights into alternative bank dividends models. Review of Quantitative Finance and Accounting, 56(4), 1289–1328. https://doi.org/10.1007/s11156-020-00924-7
Ulum, A. S., Adriyana, R., Mahmudah, D. A., & Mahirun, M. (2022). DIVIDEND POLICY AS A SUPPLY OF COMPANY FINANCIAL FLOWS IN THE PERSPECTIVE OF INFORMATION ASYMMETRY AND OWNERSHIP STRUCTURE. Acta Logistica, 9(3), 337–343. https://doi.org/10.22306/al.v9i3.319
Unnithan Kumar, S., Turnbull, J., Hartman Davies, O., Hodgetts, T., & Cushman, S. A. (2022). Moving beyond landscape resistance: considerations for the future of connectivity modelling and conservation science. Landscape Ecology, 37(10), 2465–2480. https://doi.org/10.1007/s10980-022-01504-x
Usman, B., Lestari, H. S., Syofyan, S., & Esya, L. (2024). Exploring the relationship between dividend policy, the COVID-19 crisis, and stock market reaction: empirical insights from Indonesian real estate and property firms. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2302204
Wirama, D. G., Krisnadewi, K. A., Artini, L. G. S., & Ardiana, P. A. (2024). Dividend policy and residual dividend theory: evidence from Indonesia. Asian Journal of Accounting Research, 9(3), 201–216. https://doi.org/10.1108/AJAR-10-2023-0347
Yaseen, H. (2021). Does social progress explain the dividend payout decision? Prague Economic Papers, 30(1), 90–114. https://doi.org/10.18267/j.pep.758
Yilmaz, M. K., Aksoy, M., & Khan, A. (2024). Moderating role of corporate governance and ownership structure on the relationship of corporate sustainability performance and dividend policy. Journal of Sustainable Finance and Investment, 14(4), 988–1017. https://doi.org/10.1080/20430795.2022.2100311
Yousef, I., Tanna, S., & Patra, S. (2021). Testing dividend life-cycle theory in the Islamic and conventional banking sectors of GCC countries. Journal of Islamic Accounting and Business Research, 12(2), 276–300. https://doi.org/10.1108/JIABR-04-2020-0115
Yustisia, N., & Riwayati, H. E. (2024). Examining the Mediating Role of Dividend Policy in the Relationship between Earnings Per Share and StockPrices: Evidence from Indonesian Category 4 Commercial Banks. Journal of Logistics, Informatics and Service Science, 11(10), 53–64. https://doi.org/10.33168/JLISS.2024.1004
Zelalem, B. A., & Abebe, A. A. (2022). Balance sheet and income statement effect on dividend policy of private commercial banks in Ethiopia. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2035917
Zhao, Y., & Ng, S. H. (2021). Dividend payout policies in the pre and post split share structure reform in China. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1923620
