Journal of International Business and Economy

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An Empirical Analysis of Determinants of Dividend Policy of Indian Real Estate Sector
Rakesh Kumar Sharma
Volume 20, Number 1, Spring 2019 (pp. 116 ~ 149)

This paper studies the determinants of dividend policy by analyzing the 125 real estate companies in India. To find out what determines dividend policy, ten firm-level explanatory variables are selected and regressed against the dividend policy measure dividend payout ratio. This study employs three measures of panel data analysis to discover the important determinants of the dividend payout ratio. Empirical findings indicate that firm risk as measured through  price-earnings ratio  (P/E  Ratio),  previous  dividend,  investment opportunities, and profitability have positive associated with a dividend payout ratio of selected real estate firms. On the other hand, the size of the firm, leverage, and liquidity significantly affect dividend payout ratios, and these variables have a negative relationship with a dividend payout ratio of the selected  real  estate  firms. The  present  study shall  be  useful  to  different stakeholders of real estate companies.

Key Words: Dividend Policy, Dividend Payout Ratio, Retention Ratio, Price Earnings Ratio, Debt-Equity Ratio, Returns on Equity, Quick Ratio

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Integrating Strategy and Culture: The Culture of Dedication in Samsung Electronics and Apple Inc.
Pulum Kim
Volume 20, Number 1, Spring 2019 (pp. 88 ~ 115)