上市公司股利政策的影响因素.pdfVIP

African Journal of Accounting, Economics, Finance and Banking Research Vol. 9. No. 9. 2013 Dennis M. Bulla AN EMPIRICAL ANALYSIS OF SELECTED FACTORS AFFECTING DIVIDEND POLICY OF LISTED FIRMS AT THE NAIROBI SECURITIES EXCHANGE (2000-2010) Dennis M. Bulla1 Masinde Muliro University of Science Technology, Kenya Email: dennisbulla@ ABSTRACT This paper presents the results of the analysis of factors influencing dividend policy of publicly listed companies at the Nairobi Securities Exchange. The study objective was to examine how firms’ dividend decisions are influenced by current earnings, dividend yield and firm size. It analysed empirical panel data of annual earnings per share, dividend yield, sales and dividend per share of 40 listed companies over a period of ten years (2000-2010) with 432 observations. This empirical analysis of data tested the validity of an extended lintners dividend model using data from the Nairobi Stock Exchange. Regression results indicated that the three explanatory variables predicted 17% of the variation in dividend payout. Accounting earnings was the single most significant variable explaining about 87% of the changes in the dividend decisions of firms listed at the Securities exchange. Earnings were also significantly positively associated with dividend payout of companies involved in the study. The other two variables (dividend yield and size of firm) contributed marginally -less than 1%). However, dividend yield was negatively related to payout although this was insignificant. Firm size was positively s