摘要：Therationale of the study was to identify the factors which effect dividend payoutpolicy of the firm and whether that policy is stable depending upon last year’sdividend and current earnings or not. This study was conducted on Karachi StockExchange listed companies and found that leverage and tangibility weresignificant however other variables have consistent relationship with dividendpayout policy as found in literature. It was also found that firms do notfollow stable dividend policy however there was strong significant relationshipbetween dividend payout with last year’s dividend.
