Determinants of dividend yield

A comparative analysis of long-run and short-run influences in Asean leading countries

Bibliographic Data

ID22189403
AuthorsPavinee Manowan (Chulalongkorn University), Wachira Boonyanet (Chulalongkorn University), Kittisak Jangphanish (Rajamangala University of Technology Rattanakosin)
Year2025
Volume9
Issue1
Pages10711
Publication date2025-01-22
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJournal of Infrastructure Policy and Development (JOURNAL)
Journal identifiersISSN: 2572-7923 • E-ISSN: 2572-7931
PublisherEnPress Publisher (PUBLISHER)
DOI10.24294/jipd10711
OpenAlexW4406715537
LanguageEN
References cited5

This paper investigates the elements affecting dividend yield in developing Southeast Asian countries—more specifically, Thailand, Malaysia, and Singapore. Examined here are the roles of financial information including debt to equity ratio, free cashflows, property, plant, and equipment (PPE) and total sales with controlling factors of size, institutional ownership, and firm age using both short-run and long-run analytical frameworks including the Error Correction Model and Engle and Granger’s approach. The results reveal different trends in the three nations. Higher debt and free cashflows lower dividend yield in Thailand; institutional shareholders benefit from maintaining greater dividend payouts. Aging companies in Malaysia are more likely to pay more dividends while rising revenues are linked to smaller short-term payouts. Leveraged and asset-heavy companies are more likely to keep paying dividends in Singapore. These discoveries have important ramifications for investors and business management trying to maximize dividend policies and improve shareholder value in developing economies

Cointegration · Dividend · Econometrics · Economics · Macroeconomics · Monetary economics · Short run · Corporate Finance and Governance · Firm Innovation and Growth · Working Capital and Financial Performance · Finance

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Open DOIOpen Access