Abstract
Purpose- Motive and cause of this study is pursuing to examine the determinants of dividend payout ratios of KSE listed companies in Pakistan. Design- This study used the data of ten sectors of cement industry and these companies are listed in Karachi stock exchange, and data is drives by 2003-2012, enlarge the current research on dividend payout policy. Panel regression model used to estimate the results. Corporate profitability has always been considered as a leading independent variable of dividend payout ratio. Findings- There are multitudinal factors other than corporate profitability that influence dividend decisions of the firm like taxes, cash flow and debt to equity, sales growth. This research analyzes that profitability, tax, and cash flow have a significant relation with dividend payout ratio. And debt to equity and sales growth has insignificant relationship with dividend payout ratio. Research Limitations- This research failed to collect the data of different sectors listed on KSE except Cement industry. And collect the data of only one sector (cement). There are other determinants exist that have a huge effect on payout ratio, than these which are included in the research.
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