Determinants of Dividend Policy: The Case of the Casablanca Stock Exchange

This article investigates the determinants of dividend policy on Casablanca stock exchange. The variables tested were based main theories policy, and fixed effect model was used to test panel data over a period 16 years from 2003 2018. eight independent profitability, firm size, retained earnings, age, leverage, growth opportunities, price earnings (P/E) dummy variable introduced for financial companies. To corroborate results, two proxies dependent variable: yield payout ratio. results led identification three significant which are opportunities size. negative correlation between size age with is explained by signaling theory. On other hand, payments predicted different theories, such as agency theory, flexibility theory life cycle study provides insights investors, analysts researchers into exchange firms’ characteristic variables.