Determinants of Dividend Payout: A Panel Data Analysis of BSE 200 Companies

This study analyses various factors that affect firms’ dividend payout decisions. It investigates the impact of six firm characteristics: price-earnings ratio, firm age, firm size, growth, firm liquidity and firm leverage on dividend payout. Panel data have been obtained from 151 BSE companies for 2015–2024. A fixed-effect regression model has been used for the study. The results reveal that leverage and growth have a positive significant impact, whereas firm age has a negative significant effect on the dividend payout decisions of the firm. This study is useful for management as well as shareholders in making strategic as well as investment decisions for the firm and also provides financial dynamics regarding the appropriate dividend policy of the firm.