n Journal of Strategic Studies : A Journal of the Southern Bureau of Strategic Studies Trust - Determinants of dividend payout policy of non-financial firms in Zimbabwe

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This study investigates the determinants of dividend policy of non-financial firms listed on the Zimbabwean Stock Exchange over the period 2001-2006. Specifically it examines the link between firm performance and the decision to pay dividends. Using a panel data methodology we have found evidence of firm size, growth opportunities and solvency to have a significant positive effect on dividend policy. Moreover the empirical results support the arguments of the agency theory of dividends payments since a negative and significant relationship was found between largest investor and the payout ratio. The policy implication arising from this study is that firms must strive to improve their performance and growth so that they will pay dividends to investors.


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