期刊名称：The International Journal of Applied Economics and Finance
印刷版ISSN：1991-0886
电子版ISSN：2077-2149
出版年度：2011
卷号：5
期号：3
页码：200-212
DOI：10.3923/ijaef.2011.200.212
出版社：Asian Network for Scientific Information
摘要：Empirical study on determinants of dividend policy has assumed a positive relation between profit and dividend pay-outs. This study has argued that, while firms whose profit rate has risen increases their dividend pay-outs, firms whose profit rate has fallen, have behaved asymmetrically in the sense that they tend have either reduced dividend pay-outs or maintained such pay-outs. The paper was based on firm level data collected from PROWESS for the period 2005-2006 to 2008-2009. Five sectors were studied-Software, Finance, Steel, Electrical Machinery and Drugs and Pharmaceuticals. Statistical tests indicated a significant difference in elasticity of dividend with respect to rate of profit between the two groups of firms, providing support to the hypothesis of asymmetric dividend policy. The study has concluded by re-examining Lintners dividend pay-out model; it has suggested that the Lintner model may have to be modified to incorporate this asymmetric behavior.
