Determinants of Dividend Policy of the Listed Companies in the Automotive, Food and Beverage and Telecommunication Sectors in the Stock Exchange of Thailand
Determinants of Dividend Policy of the Listed Companies in the Automotive, Food and Beverage and Telecommunication Sectors in the Stock Exchange of Thailand
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2018-05-25
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eng
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International Conference on Entrepreneurship and Sustainability in the Digital Era ICESDE 2018 Assumption University of Thailand May 25, 2018
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Abstract
This research compared the determinants of dividend policy among listed companies in Automotive,
Food and Beverage and Telecommunication sectors in the Stock Exchange of Thailand )SET .(It studied
the relationship among Return on Equity )ROE(, Net Income, Return on Asset )ROA(, Stock Price, Debt
to Equity Ratio) D/E(, Operating Cash Flow, Return on Investment )ROI(, Price per Book Value) P/BV(,
Earning per Share )EPS(, Sales on Dividend per Share. The statistical analysis was performed using fixed
effect panel data regression model on 59 listed companies from three sectors during 2011-2015. The
results showed that determinants of dividend vary among the three sectors. Return on Assets )ROA)
showed positive and statistically significant realtionship with dividend policy in Automotive and Food
and Beverage sectors, while Price to Book Value influenced the dividend policy in Automotive and
Telecommunication sectors. Return on Equity (ROE), Return on Investment (ROI) have been shown to
influence the dividend policy in Food and Beverage and Telecommunication sectors. Industry specific
factors include Net Income and Price for Automotive sector, Earning per Share for Food and Beverage
and Operating Cash Flow for Telecommunication sector. The study contributed to better understanding
of key determinants of dividend policy in three key sectors of the Stock Exchange of Thailand. Crosssectional
analysis could be conducted whether there existed sector specific factors influencing the
dividend policy, and whether the results were consistent across other emerging markets.
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