Sr. No.

Title of the Study Country

Article 1
The Impact of Ownership Structure on Dividend
Policy Pakistan

Article 2

Determinents of Dividend Payout Ratio Pakistan

Article 3
Determinants of Dividend Payout: An Empirical
Study of Pharmaceutical Companies of Pakistan
Stock Exchange Pakistan

Article 4
Factors affecting Dividend Payout in Pakistan’s
Textile Industry Pakistan

Article 5

The determinants of dividend policy in Pakistan Pakistan

Effect of family control on corporate dividend

Article 6 policy of firms in Pakistan Pakistan
 Fact-data sheet of determinents of dividend policy of firms in Pakistan

Authors Year Sample

sample of seventy firms from Karachi Stock

Hamid Ullah,Asma Fida and Shafiullah Khan May-12 Exchange KSE-100 index

Thirty one companies of cement sector these

companies are listed on KSE (Karachi stock
Rehab khan,Jamshad Khurshid Mee and Faisal exchange) in Pakistan and Ten (10) companies
Aftab May-17 out of 31 companies as sample

use a sample of 5153 firm-year dividend

announcements by listed Chinese companies
Farman Ali Khan and Nawaz Ahmad 2017 from 2003 to 2007

sample of 159 textile firms listed at Karachi

Fatima Sadik Mar-17 Stock Exchange for the period of 2009 and 2013.

For sample , 320 non financial listed firms

slected that are listed on the Karachi Stock
Ahmed, Hafeez and Javid, Attiya Yasmin 2008 Exchange (KSE) .

we select 54 family and 49 nonfamily firms from

the 103 remaining firms. These sample firms are
Imran Yousaf, Shoaib Ali and Arshad Hassan Apr-19 chosen from 19 nonfinancial sectors in Pakistan
of firms in Pakistan

Dependent Variable Independent Variables

Managerial share ownership, institutional

corporate dividend policy ownership, foreign ownership, leverage

corporate profitability, Debt to equity, Tax, Sales

Dividend payout growth, and Cash flow

taxation, risk, firm size and leverage insignificantly

influence dividend payout decisions of
Dividend Payout pharmaceutical companies of PSX

Dividend pay-out policy size of the firm, profitability, liquidity and leverage

ownership concentration, profitability, liquidity,

Dividend Pay-out Policy size, leverage and investment opportunities

Dividend policy Family control, size, and tangibility

 Research Methodology

This study use different Models like Specification of

Econometric Models, Correlation and Stepwise Multiple
Regression Models.

This study use Leaast Squares method and panel

regression analysis.

Bivariate Correlation,Breusch-Pagan Test and Panel

Least Square Regression.

Arthor have applied Logit estimation on the data and

carried out Wald Test to test the overall significance of
the model.

Arthor is applying GMM, pooled time series cross

section data with common effect model (POOL), fixed
effect model (FEM) and random effect model (REM).

Correlation Matrix , GMM model for panel data

estimation and panel data framework helps us analyze the
effect of family ownership on corporate strategic
financial policies of firms.

Results
The empirical results of 1st 2 models suggested that
negative relationship between the dividend payout ratio
and the managerial share ownership while third model
shows positive relationship .
The results shows that profitability, cash flows and taxes
have positive and significant relationship with dividend
payout ratio while sales growth, debt to equity, and
earnings per share have negative relation with dividend
payout ratio.
liquidity, growth opportunities & profitability are the
key determinants of dividend payout which cause
31.90% variation in dividend payout. Other variables
including taxation risk, firm size, and leverage are
insignificant.
The results shows that existing literature: Size,
Liquidity and Profitability affect the dividend payout
positively while Leverage will have a negative effect on
it.
The results show that the firms having high profitability
with stable earnings can afford larger free cash flows
thus pay out larger dividends.. The market liquidity of
the firms has a positive influence which confirms that
firms with higher market liquidity pay more dividends.
family firms pay fewer dividends in Pakistan.The
multivariate analysis shows that family firms pay lower
dividends than nonfamily firms. Besides, firm size
inversely affects the dividend policy, whereas tangibility
positively affects it.
Justification/Theory Support or
Contradiction
Mehrani, Moradi and Eskandar (2011) found the
evidence in support of negative association
between the managerial ownership and dividend
payment policy.
Amidu and Abor (2006), Collins et al. (1996),
Lloyd et al. (1985) and Rozeff(1982), all detect
negative relation
among dividend payout and sales growth and
positive link with taxes and profitability.
Numerous researchers believe that perfect capital
market does not exist and various real world
factors influence company’s dividend payout
policy (Mehta, 2012, Nuhu, 2014, Maladjian &
Khoury, 2014, Rafique, 2012, Gill, Biger &
Tibrewala, 2010).
On the contrary, another study was found that
suggested a negative relationship between the two,
albeit the results were not significant (Marfo-
Yiadom & Agyei, 2011)
These results indicate that the leverage and sales
growth are not the determinant of dividend payout
policies in listed firms of KSE. Baker et al. (2007)
find the same relationship however, Belans et al.
(2007), Avizan et al. (2006) find in contrast a
significant relationship
Contrariwise, evidence also suggests that family
firms pay higher dividends to overcome agency
conflicts (Lukas, 2010) and Baron and Kenny
(1986).
 Conclusion

Therefore, increases in the managerial share ownership will

reduced this problem and thus dividend payments will be reduced
with the increases in the managerial share ownership.

If profitability with positive relation will attract towards

investment in that particular company. Taxes and Cash flow also
have a positive as well as significant relationship with dividend
payout ratio. But Debt to equity and sales growth has an
insignificant relation with dividend payout ratio.

liquidity, growth opportunities & profitability which are the key

determinants of dividend payout of pharmaceutical companies of
PSX.Other independent variables including taxation, risk, firm
size, and leverage are insignificant.

Both Size and Profitability positively affect the dividend payout

in both years. Testing the model for overall significance for both
years reveals that it is significant. Potential investors should
focus on the profitability and size of a textile firm before buying
the shares.

ownership structure,market liquidity and profitability have

positive relation with dividend payout ratio because firms having
high profitability with stable earnings can afford larger free cash
flows thus pay out larger dividends

We found that the mean value of the family firm’s dividends is

lower than that of nonfamily firms. Thus, family firms pay lesser
amounts of dividends to shareholders.The univariate analysis
reported a significant difference between family and nonfamily
firms regarding firm characteristics such as dividends, size,
profitability, growth, leverage, and tangibility.