Elucidation of Dividend Payout Determinants on Manufacturing Companies: A Systematic Review
Idris Ali Yimer1, Dhiraj Sharma2
1Idris Ali Yimer, Department of Commerce, Punjabi University, Patiala, (Punjab) India.
2Dr. Dhiraj Sharma, School of Management Studies, Punjabi University, Patiala, (Punjab) India.
Manuscript received on 17 May 2024 | Revised Manuscript received on 13 August 2024 | Manuscript Accepted on 15 August 2024 | Manuscript published on 30 August 2024 | PP: 14-18 | Volume-10 Issue-12, August 2024 | Retrieval Number: 100.1/ijmh.J171710100624 | DOI: 10.35940/ijmh.J1717.10120824
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Controversy issues in dividend policy have not been solved so far in modern corporate finance. Dividend payout is a puzzle in the contemporary financing system, as it was a traditional puzzle. Besides, conflict of interest between shareholders and managers of the corporation leads to a dramatic approach in the recent business environment. The main objective of this review was to identify and elucidate dividend payout determinants in manufacturing companies. Manufacturing is an industry that often uses manual labour or machinery to create goods from raw materials. Manufacturing industries include metal, automotive, electronics, textile, chemical, food and beverage, and so on sectors. This review carried out from 2004 to 2022 published studies in indexed journals. The review has assessed 62 journals with different databases through a vigilant review process concretely. The journals have been selected and systematically elucidated as relevant to the subject matter. The review depicts that dividend payout determinants differ from company to company. This shows that the dividend issue is still a puzzle in contemporary corporate finance.
Keywords: Dividend Payout, Determinants, Manufacturing, Firm-Specific, Macro-Economics
Scope of the Article: Social Science