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Asia Pacific Journal of Research in Business Management
Year : 2011, Volume : 2, Issue : 6
First page : ( 102) Last page : ( 134)
Online ISSN : 2229–4104.

Dividend Policy of Indian Corporate Firms: An Analysis

Dr. Bhayani Sanjay J.*

*Department of Business Management, Saurashtra University, Rajkot-360005 (Guj)

Online published on 7 January, 2012.


In the present paper an attempt has been made to study dividend policy of 1428 listed manufacturing companies of India for the period of 1997–2008. Dividend trends indicate that the number of firms paying dividend during the study period has shown down trend till 2002 and has risen subsequently and decreased again in 2008. Average DPS on the other hand has shown a declined till 1999, and has shown growth from 2002 to 2008. Average percentage DPR showed a more fluctuating pattern throughout the period of study. The results of Linter's model to test for dividend stability of firms in India show that Indian firm relies both on past dividend and current earnings in deciding the current period's payment of dividends.



Dividend Policy, Indian Corporate, Linter Model, Panel Data.


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