การศึกษาปัจจัยที่ส่งผลต่ออัตราการจ่ายเงินปันผล ยกบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย / วิทย์ เฉลิมกลิ่น=The study of determinants of dividend payout of listed company in Stock Exchange of Thailand / Wit Chalermglin
The purpose of this study is to examine the effects of profitability, liquidity, firm size, financial leverage(debt ratio) and growth opportunity on Thailand SET100 firm’s dividend policy. This study also analysts how the behavior of Thailand listed firm’s dividend payout ratio can be explained by dividend theory. And find out the common characteristic of high dividend payout firm. The dividend payout and the predictor variables used in this study are ten year data for the period 2001 to 2010 of SET100 firms (excluding financial sectors) at Sep 31, 2011. From the study, we may conclude that liquidity, firm size and financial leverage are important factors that may influence companies to pay low or high dividend. The results indicated that the liquidity and firm size are significantly positively related to the firm’s dividend payout ratio but the financial leverage is significantly inverse. Their relationship shows the willingness of the firms to pay higher dividend when they are stable, liquid and low debt. Collectively, the findings from this study provide much support for the transaction cost and pecking order hypotheses.