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This research was to determine and analyze the effect of profitability performance to audit committee on Stated-owned enterprises (BUMN) listed on the stock exchange Indonesia. To determine and analyze the effect of audit committee, public owner, number of commissioner, independence commissioner, debt equity ratio, dividend payout ratio and return on equity simultaneously to stock return on Stated-owned enterprises (BUMN) listed on the stock exchange Indonesia. Population in this research is 13 (thirteen) State-owned enterprises (BUMN) listed on the stock exchange Indonesia. The method used in this research is a descriptive survey method and explanatory with regression data panel to determine and analyze hypothesis the influence the independent variable to dependent variable. Based on the research results, these following research findings, are treired Audit Committee have a significant positive effect on profitability performance, The public owner influence significant negative on profitability performance. The number of board of commissioner influence the profitability performance as a positive effect but not significant. Independence commissioner influence negative profitability performance and significant. Debt to equity ratio (DER) influence performance as a negative but not significant. Dividend payout ratio (DPR) influence profitability performance as a negative but not significant. Variable corporate governance consist of audit committee, public owner, the number of commissioner, and independence commissioner, variable od Fund Company's decision proximate with debt to equity ratio (DER), and dividend policy proximate with dividend payout ratio (DPR) simultaneously profitability performance positively and significant. The GCG implementation through independence commissioner, audit committee, fund policy and profitability performance significantly influence the stock return.

We compare the dividend policies of publicly and privately held firms in order to help identify the forces shaping corporate dividends, and shed light on the behavior of privately held companies. We show that private firms smooth dividends significantly less than their public counterparts, suggesting that the scrutiny of public capital markets plays a central role in the propensity of firms to smooth dividends over time. Public firms pay relatively higher dividends that tend to be more sensitive to changes in investment opportunities than otherwise similar private firms. Ultimately, ownership structure and incentives play key roles in shaping dividend policies.

We document the cross-sectional properties of corporate dividend-smoothing policies and relate them to extant theories. We find that younger, smaller firms, firms with low dividend yields and more volatile earnings and returns, and firms with fewer and more disperse analyst forecasts smooth less. Firms that are cash cows, with low growth prospects, weaker governance, and greater institutional holdings, smooth more. We also document that dividend smoothing has steadily increased over the past 80 years, even before firms began using share repurchases in the mid-1980s. Taken together, our results suggest that dividend smoothing is most common among firms that are not financially constrained, face low levels of asymmetric information, and are most susceptible to agency conflicts. These findings provide challenges and guidance for the developing theoretical literature.

We investigate the empirical implications of using various measures of payout yield rather than dividend yield for asset pricing models. We find statistically and economically significant predictability in the time series when payout (dividends plus repurchases) and net payout (dividends plus repurchases minus issuances) yields are used instead of the dividend yield. Similarly, we find that payout (net payout) yields contains information about the cross section of expected stock returns exceeding that of dividend yields, and that the high minus low payout yield portfolio is a priced factor.

Type of the article: Research Article AbstractIn emerging markets, understanding the dynamics of share price volatility is essential for corporate financial management and investor decision-making. The industrial sector often experiences price movements that may be influenced by companies’ financial policies. This research investigates the impact of dividend policy on share price volatility, with a focus on the moderating role of the debt ratio. The research draws on a balanced panel dataset of 64 Jordanian industrial firms listed on the Amman Stock Exchange during the period 2015–2023.Using panel regression models, the findings reveal a statistically significant negative association between both dividend yield and payout ratio with share price volatility. Specifically, a 1% increase in dividend yield is associated with a 0.42% reduction in volatility (p < 0.01), while a 1-point increase in the payout ratio reduces volatility by approximately 0.31% (p < 0.05). In addition, the debt ratio significantly moderates these relationships, which reduces the stabilizing impact of dividends in highly leveraged firms. The high interaction term between dividend yield and debt ratio was confirmed by the positive interaction term between dividend yield and debt ratio. These findings highlight the importance of balanced dividend and leverage strategies in reducing stock market risk, which may improve market stability. Acknowledgment(s)This research was funded through the annual funding track by the Deanship of Scientific Research, from the vice presidency for graduate studies and scientific research, King Faisal University, Saudi Arabia [Grant No. KFU253003].

This article investigates the link between environmental, social, and governance performance (ESG) and dividend policy, as well as how likely the corporate life cycle might moderate this association. Using cross‐country data from 2010 to 2020, the findings of this study reveal that ESG has a favorable influence on corporate dividend payments as measured by dividend payout ratio, dividend yield, and dichotomous variable. This conclusion holds true when the three ESG pillars are examined independently on dividend policy measurements. Furthermore, this analysis reveals that the firm's life cycle stage moderates the association between ESG and corporate dividend policy, exhibiting a negative moderating impact. This study specifically reveals that the relationship between ESG and dividends is stronger for firms in the early stages of their life cycle than for those in the mature stages. This relationship applies to firms operating in developed economies compared to developing economies. The study findings particularly highlight the dynamic nature of the link between ESG and dividends, underlining that this relationship is dependent on the stage of a company's life cycle. Understanding this relationship may assist stakeholders, such as investors and management, in making educated decisions about dividend expectations and sustainable practices depending on the life cycle of a firm.

This goal of this study is to investigate how dividend announcements affect the stock price of the company on the cum and ex-dividend dates. This study also explores the possibility of dividend policy reduce the effect of dividend announcements on stock prices on the cum and ex-dividend dates. The researcher used the unit analysis of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period of 2013 - 2018. The 2019 - 2021 period is not observed due to the present of Covid Pandemic. The findings are that the dividend announcements at cum and ex-dividend dates have positive impact on stock prices. Dividend policy weakens the impact of dividend announcements on stock prices at cum and ex-dividend dates. The dividend announcement at cum and ex-dividend dates varies across companies. This study does not use the event study method. This study has a significant implication, not only for business officials and policy makers but also for investors who directly decide how to plan their portfolio in the future as consideration in making investment decisions.  There is no research in Indonesia that moderates dividend policy for the effect of dividend announcements on the cum and ex-dividend dates on stock prices, so a descriptive study is required to fill this gap.

The study analyzed how share prices react to dividend policies of non-financial firms in Nigeria. Data were collected from a sample of 31 non-financial firms using an ex post facto research design from 2013 to 2019, resulting in 217 firm-specific observations. Descriptive statistics, diagnostic tests, and inferential statistics were used as statistical tools of analysis. Results revealed that dividend per share positively and significantly affects share prices of sampled firms. This finding affirms Gordon’s bird in hand theory that share prices are affected by dividend. Dividend payout ratio, dividend yield, firm, size and firm age do not have significant effect on share prices of sampled firms. Consequently, the study recommends that firms should ensure that a good dividend policy is implemented and that dividend per share policies are maintained, as this has been empirically demonstrated to influence share prices.

This investigation delves into the intricate connection between dividend policy and cash holdings, while considering the joint influence of the Environmental, Social, and Governance (ESG) ratings. Our aim was to acquire a profound comprehension of how ESG impacts cash-dividends link. The analysis encompasses cross-country data spanning from 2010 to 2020. The conclusions drawn from this study align with the notion that cash holdings and dividend policy share a positive correlation. Furthermore, this study shows a significant moderation of the relationship between cash holdings and dividend policies by ESG. In companies that adopt moderate ESG practices, there exists a noteworthy positive correlation between cash holdings and dividends. However, for companies that embrace comprehensive ESG processes, the opposite holds true. This study elucidates the impact of a company’s ESG policies on its dividend payout and cash reserves. Moreover, it furnishes invaluable insights that empower management and investors to make well-informed decisions and prospects, while duly considering the influence of ESG activities.

Miller and Modigliani (1961) show that in perfect and complete financial markets a firm's value is unaffected by its dividend policy. Much of the more recent research has demonstrated that dividend policy becomes important in the presence of taxation, asymmetric information, incomplete contracts, institutional constraints, and transaction costs. By examining the effects of dividend policies on 475 British firms existing between 1895 and 1905, and consequently operating in an environment of very low taxation with an absence of institutional constraints, we find strong support for asymmetric information theories of dividend policy, and little support for agency models.