DIVIDEND POLICY ATTRIBUTES AND ITS IMPACT ON FIRM PROFITABILITY
Keywords:Dividend Policy, Firm Profitability, Firm Size
The objective of the study was to analyze the impact of dividend policy on firm profitability. Dividend paying firms from three industrial sectors namely cement, automobile and sugar were selected for the period 2010-2020. Out of the total 74 dividend paying firms in these three industrial sectors only 33 were selected for which data was available for the entire study period. Fixed effects model is used to measure the impact of dividend policy from firm profitability. Findings of the study revealed that both attributes of dividend policy namely DPR and DY has a significant positive impact on all three proxies of firm profitability (ROA, ROE, EPS) except for DPR impact on EPS in Model III where the impact is also positive but insignificant.
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