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Do firm-level variables impact dividend pay-out? Examining application of two-step system GMM panel model

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Názov: Do firm-level variables impact dividend pay-out? Examining application of two-step system GMM panel model
Autori: Suzan Dsouza, Hassan Nasseredine, Houshang Habibniya, Naliniprava Tripathy
Zdroj: Cogent Social Sciences, Vol 11, Iss 1 (2025)
Informácie o vydavateľovi: Taylor & Francis Group, 2025.
Rok vydania: 2025
Zbierka: LCC:Social Sciences
Predmety: Dividend per share, S&P 500, USA economy, system GMM model, profitability, size of the firm, Social Sciences
Popis: This study aims to investigate the impact of profitability, life cycle, liquidity, growth opportunities, leverage, size of the firm, age of the firm, and previous year’s dividend on the dividend decisions of the firms listed on the S&P 500. The two-step system GMM dynamic panel model has been applied to the data set over 11 years from 2010–2021 to ascertain the influencing of variables on the dividend decisions of the firms. The study results indicate a positive and significant effect of the dividend per share of the previous year along with the firm’s profitability, and size on the dividend per share of the firm. It indicates good corporate governance practices that surge the shareholder value. The analysis findings may have several implications for investors, corporate decision-makers, portfolio managers, and policymakers who need to understand the complex factors that influence dividend payout policy. Corporate managers, policymakers, and regulators can lure significant conclusions from the study’s outcomes. The study reinforces the previous studies and sheds new insights on the impact of firm-level variables on dividend decisions of firms and helps the firms devise appropriate strategies to boost the firm’s growth, which is a value driver of financial development in the USA.
Druh dokumentu: article
Popis súboru: electronic resource
Jazyk: English
ISSN: 2331-1886
Relation: https://doaj.org/toc/2331-1886
DOI: 10.1080/23311886.2025.2472915
Prístupová URL adresa: https://doaj.org/article/519944a1d3cb4b14899fa1dbc632a30d
Prístupové číslo: edsdoj.519944a1d3cb4b14899fa1dbc632a30d
Databáza: Directory of Open Access Journals
Popis
Abstrakt:This study aims to investigate the impact of profitability, life cycle, liquidity, growth opportunities, leverage, size of the firm, age of the firm, and previous year’s dividend on the dividend decisions of the firms listed on the S&P 500. The two-step system GMM dynamic panel model has been applied to the data set over 11 years from 2010–2021 to ascertain the influencing of variables on the dividend decisions of the firms. The study results indicate a positive and significant effect of the dividend per share of the previous year along with the firm’s profitability, and size on the dividend per share of the firm. It indicates good corporate governance practices that surge the shareholder value. The analysis findings may have several implications for investors, corporate decision-makers, portfolio managers, and policymakers who need to understand the complex factors that influence dividend payout policy. Corporate managers, policymakers, and regulators can lure significant conclusions from the study’s outcomes. The study reinforces the previous studies and sheds new insights on the impact of firm-level variables on dividend decisions of firms and helps the firms devise appropriate strategies to boost the firm’s growth, which is a value driver of financial development in the USA.
ISSN:23311886
DOI:10.1080/23311886.2025.2472915