Author Objectives Methods Variables Findings Remarks

and Date
Haque, To solicit Questionnaire Demographic The results show Investors
Fuad, and information s Variables and that overall, preferences are
Mahamud from the investor investors prefer compatible and
(2017) shareholders characteristics capital gain over consistent with
on their cash dividend traditional
dividend theories
preference
style

Rahman To test the Practical survey Independent The result of the Listed firms
(2015) behavior of on the Variables: investigation towards
Bangladeshi perception of Cash dividend reveals that the dividend
listed firms managers bird-in-hand payment
towards theory and the policy using
dividend relevant value different
payout policy theory were dividend
using mostly theories
different supported
dividend
theories

Miko & To examine Employed Dependable There is a Management

Kamardin the impact of pooled panel Variable: positive ownership has a
(2015) ownership data analysis Earnings per association negative
structure on Share (EPS) between association with
dividend dividend pay-out firms’ dividend
policy of and institutional pay-out
eight ownership as
conglomerate well as block-
firms holders
consisting of ownership
80 firm-
observations
in Nigeria

Mohammad To full and partial Dependent found that full institutional

at el (2013) investigate adjusted model Variable: adjusted model ownership
the effect of on a regression Operation was more contributes
ownership equation Profit superior to the positively to
structure on partial adjusted shareholders
dividend model since full wealth
policy of adjusted model
companies in could explain
 Jordan, 61.57% of the
variation in
dividend as
against 20.65%
variation in
dividend which
was attributed
to partial
adjusted model.

Ullah, Fida, to investigate multiple Independent there is a institutional and

& Khan, the regression variable: negative foreign share
(2012) relationship analysis Property association ownership has a
between Dividend between positive
ownership dividend payout relationship
variables and and managerial with dividend
dividend ownership payout for the
payout of period under
these firms consideration.
under study

Mahmoud To determine Tobit model The result of insider

(2013) the and/or both Tobit and ownership and
relationship censored OLS indicates family
between the regression that ownership ownership have
variables model dispersion a negative
under proxied by impact on
investigation natural log of dividend paid
the number of while
stockholders has institutional
no association ownership has a
with dividend positive and
policy in Jordan significant
impact on
dividend policy.

Odia and To determine panel OLS Dependent Their result From the result
Ogiedu the regression variable: shows that they concluded
(2013) relationship analysis Growth in Sales insider and that insiders
between (GRO) institutional and institutional
payout, ownership has a ownership may
agency positive but not completely
conflict and insignificant mitigate the
corporate impact on agency conflict
associated with
governance dividend payout effective
dividend payout
policy