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Determinants of dividends among Indian firms: An empirical study

Cogent economics & finance, 2018-01, Vol.6 (1), p.1-18 [Peer Reviewed Journal]

2018 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license 2018 ;2018 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license. This work is licensed under the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2332-2039 ;EISSN: 2332-2039 ;DOI: 10.1080/23322039.2018.1423895

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  • Title:
    Determinants of dividends among Indian firms: An empirical study
  • Author: Kumar, B. Rajesh ; Sujit, K.S
  • Vivian, Andrew
  • Subjects: agency cost ; Companies ; Dividend distributions ; Dividends ; Financial leverage ; intangibility ; Leverage ; PLS SEM ; R&D ; Regression analysis ; Research & development ; Transportation
  • Is Part Of: Cogent economics & finance, 2018-01, Vol.6 (1), p.1-18
  • Description: The study aims to understand the determinants of dividend trends of Indian firms. The study was based on a sample of 31,234 firms representing 15 different industry sectors. Construction materials, machinery and transportation equipment sectors were the most dividend intensive sectors in India. Partial least square structural equation modeling methodology (PLS SEM) was employed to ex- amine the determinants of the dividend intensity of Indian firms. Different schemes of path models were tested and the results show that the higher the financial lever- age, the lower is the propensity to pay dividends. Firms with high intangibles are expected to have higher agency costs. High growth firms have low dividend payout policies. Dividend intensity of firms is directly related to the size of firm. Higher the R&D intensity of the firms, greater is the dividend intensity of the firms. Firms with higher agency costs tend to have higher dividend intensity. Higher agency costs lead to lower cash flows for Indian firms. Firms with higher liquidity tend to pay more dividends. Profitable firms tend to have higher dividend intensity.
  • Publisher: Abingdon: Taylor & Francis
  • Language: English
  • Identifier: ISSN: 2332-2039
    EISSN: 2332-2039
    DOI: 10.1080/23322039.2018.1423895
  • Source: DAOJ: Directory of Open Access Journals
    Taylor & Francis (Open access)
    ROAD: Directory of Open Access Scholarly Resources
    ProQuest Central
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