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Life-Cycle Theory of Corporate Dividend Policy in Jordan
Fawzi A,AL SAWALQA 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.6
The study examines the effect of book value per share, retained earnings per share, asset turnover ratio, and age on dividend per share of non-financial Jordanian listed companies for the period from 2015 to 2019. The research hypotheses were formulated and evaluated based on the related dividend policy theories, in addition to prior empirical findings. Based on cross-section time-series data, a panel data model with 110-firm-year observations was developed. Both Random Effect Model (REM) and REM with Robust Standard Errors were employed to test the study hypotheses. Consistent with the life-cycle theory argument of dividend policy, the results of REM with Robust Standard Errors show that book value per share and retained earnings per share have a positive and significant relationship with dividend per share, while the relationship between asset turnover ratio and dividend per share is insignificant. With respect to the firm age, the results show an insignificant relationship with dividend per share. The findings of the current study show that both assets and stockholders’ equity of balance sheet are critical items in explaining the dividend policy of Jordanian non-financial firms. Thus, policy-makers, investors, financial analysts, and researchers are invited to employ and consider the current study model in any possible relevant contexts.
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