FACTORS INFLUENCING DIVIDEND PAYOUT POLICY: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS OF THE ZAGREB STOCK EXCHANGE
نویسندگان
چکیده
This paper aims to assess the impact of financial factors on dividend payout ratio, and purpose is research affecting in less developed markets compare them with results previous studies. We use global platform Screener.co, statements available Zagreb Stock Exchange collect data. Our sample consists companies listed that paid dividends at least once last three years. In model applied, we covered five years (dividends from 2017 2021, based fundamentals preceding 2016 2020) using hierarchical linear regression analysis four explanatory variables: return equity, assets, leverage, free cash flow revenue. First, found high fluctuations ratio equity variability. Secondly, no statistically significant causality between variables. The suggest other long-term non-financial factors, such as investors’ expectations, history paying dividends, large reserves backed by retained earnings, may have a decisive rather than recent factors.
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ژورنال
عنوان ژورنال: Zbornik radova Ekonomskog fakulteta u Rijeci : ?asopis za ekonomsku teoriju i praksu
سال: 2022
ISSN: ['1846-7520', '1331-8004']
DOI: https://doi.org/10.18045/zbefri.2022.2.441