论文标题
一项关于股息政策决定因素及其对财务绩效影响的研究：印度上市公司的面板数据分析
A study on Determinants of Dividend Policy and its Impact on Financial Performances: A Panel Data Analysis for Indian Listed Firms
论文作者
论文摘要
确定股息和保留收益的正确组合及其对盈利能力的影响一直是财务管理文献中引起争议的主题。本文试图通过研究股息支付政策与2009 - 2018年国家证券交易所上市的60家公司的财务绩效之间的关系来为正在进行的辩论做出贡献。资产回报率（ROA）是因变量，盈利能力的替代品，而股息支付比率则是股息政策代理的，并且是唯一的解释变量。控制变量包括公司规模，资产有形和杠杆作用。回归结果表明，股息支付政策（DPO）与公司绩效（ROA）之间存在积极而显着的关系。建议公司应努力制定一项强大的股息支付政策，以鼓励对赋予净现值积极的项目的投资。
Determination of the correct mix of dividend and retained earnings and its effect on profitability has been a subject of controversy in financial management literature. This paper seeks to contribute to the ongoing debate by examining the relationship between dividend payout policy and the financial performance of 60 firms listed on the National Stock Exchange between 2009-2018. The Return on Assets (ROA) served as a surrogate for the dependent variable, profitability, while the Dividend Pay-out ratio proxied for dividend policy and was the only explanatory variable. Control variables include firm size, asset tangibility, and leverage. Regression result reveals a positive and significant relationship between dividend payout policy (DPO) and firm performance (ROA). It is recommended that companies should endeavor to put in place a robust dividend payout policy that would encourage investment in projects that give positive Net Present Value.
