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Determinants of Dividend Policy: A Sectoral Analysis from Pakistan

The present study is an endeavour to evaluate the determinants of dividend policy. The study has been conducted on non-financial sector of Pakistan. There are five important determinants identified in this study i.e. profitability, size, tax, investment opportunities and life cycle stage of firm. A sample of 174 non-financial firms listed on Karachi Stock Exchange for the period of 2005 to 2010 has been chosen for this study. The researcher has analyzed the relationships of variables firstly for overall non-financial sector and further for sub sectors of non-financial sector. Over all sector analysis has been performed through panel data analysis. Further to check sectoral differences, sector wise regression analysis has been performed. The results have identified profitability, tax, size and investment opportunities as most influential determinants of dividend policy. However, there is a lack of stable dividend policy in the market.