Corporate and Governance Factors Influencing Dividend Payouts of Listed Companies in the Thai Stock Exchange of Thailand

Abstract

This research aims to study dividend returns paid by listed companies in the Stock Exchange of Thailand and analyze corporate characteristic factors that influence dividend payments. The study used data from 223 companies listed in Thailand, employing descriptive statistics and regression model analysis. Variables analyzed include corporate governance scores (CG), return on equity (ROE), debt to equity ratio (D/E), total assets, net profit, price to earnings ratio (P/E), and market capitalization. The research findings show that the average dividend payout ratio of companies in the sample was 0.38 times with relatively high dispersion (standard deviation = 0.544), indicating that companies have significantly different dividend policies. The factors significantly influencing dividend payouts include corporate governance scores, debt to equity ratio, price to earnings ratio, and market capitalization. Corporate governance scores, price to earnings ratio, and market capitalization showed positive relationships with dividend payout ratios, while the debt to equity ratio showed a negative relationship. These findings can serve as guidelines for investors interested in high-dividend yielding securities. Investors should consider selecting companies with high corporate governance scores, low debt to equity ratios, high price to earnings ratios, and high market capitalization.