Lease, R.C., John, K., Kalay, A., Loewenstein, U. and Sarig, O.D. (2000) Dividend Policy: Its Impact on Firm Value. Harvard Business School Press, Boston.

has been cited by the following article:

• TITLE: Dividend Payout Ratio and Firm’s Profitability. Evidence from Pakistan

  AUTHORS: Mudassar Hasan, Muhammad Ishfaq Ahmad, Muhammad Yasir Rafiq, Ramiz Ur Rehman

  KEYWORDS: Dividend Payout, Earning Per Share, Return on Assets

  JOURNAL NAME: Theoretical Economics Letters, Vol.5 No.3, June 29, 2015

  ABSTRACT: This paper investigates the relationship between dividend payout ratio and profitability of a firm. For this, two main sectors of Pakistan are selected, energy and textile. The study covers a time span of 1996-2008. Firm performance is measured by earning per share (EPS) and return on assets (ROA). The results of logarithmic regression show that no matter what industry is, there is a negative impact of dividend payout ratio on next year earnings of a firm.