ผลกระทบของขนาดบริษัท การเติบโตของบริษัท และภาระผูกพันทางการเงิน ของบริษัทที่ส่งผลต่อการจ่ายเงินปันผล โดยมีความสามารถในการทำกำไร ของบริษัทเป็นตัวแปรกำกับ

Prapaporn Kitdamrongtam

Authors

Prapaporn Kitdamrongtam Faculty of Business Administration, Meajo University

Keywords:

Dividend payout, Firm size, Firm growth, Financial Leverage, Profitability

Abstract

This study aims to examine (1) the effects of firm size, firm growth, and financial leverage on dividend payout, and (2) the moderating effect of profitability on the relationship between firm size, firm growth, financial leverage, and dividend payout. The sample consists of 486 firms listed on the Stock Exchange of Thailand during 2022–2024, yielding a total of 1,458 firm-year observations. The data were analyzed using multiple regression analysis based on the Fixed Effects Model (FEM).

The empirical results reveal that firm size and firm growth have a significant negative effect on dividend payout, while financial leverage has a significant positive effect on dividend payout. Furthermore, the findings indicate that profitability significantly moderates the relationship between firm growth and dividend payout. However, profitability does not moderate the relationships between firm size and dividend payout, nor between financial leverage and dividend payout.

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