Factors Influencing the Dividend Payout Rate of Civil Servant Savings Cooperatives
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Abstract
This study aimed to investigate the factors that influence dividend payout ratios in civil servant savings cooperatives in Thailand. The research focused on six financial indicators, including return on assets ratio (ROA), return on equity ratio (ROE), debt-to-equity ratio (DER), current ratio (CR), net profit margin (NPM), and historical dividend payout ratio (HDPR). Annual financial data were collected from 26 cooperatives over a ten-year period from 2014 to 2023. Descriptive statistics were used to summarize the characteristics of key variables, including the mean, maximum, minimum, and standard deviation. Panel data regression analysis, specifically Fixed Effect Model was applied to examine the relationships between financial indicators and dividend payout ratios. The results showed that the debt-to-equity ratio (DER) had a statistically significant negative effect on the current dividend payout ratio, while the historical dividend payout ratio (HDPR) had a statistically significant positive effect, both at the 0.01 significant level. Other indicators, including ROA, ROE, CR, and NPM, did not show statistically significant effects on the dividend payout ratio.
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References
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