ความสัมพันธ์ระหว่างการจ่ายเงินปันผลที่เพิ่มขึ้นอย่างมากกับอัตราส่วนหนี้สินของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The purpose of this study was to examine the relationship between the increase in dividend and the leverage of companies listed on The Stock Exchange of Thailand during 2004-2018, the objectives were 1) to study the factors influencing the target leverageof listed companies in The Stock Exchange of Thailand and2) to study the relationship between the largedividend increases asa signal that the firm will increase their leverage. Our results confirmed that the large dividend increase is a signal of an increase in the company's leverage and not related to the firm maturity. In other words, the change in dividend payouts is voluntary, and the dividend increase could be a signal of a change in investment policy in the future. In addition, this effect is larger on firms initiating dividends than dividend-increasing firms. The results assist investors and shareholders to understand signaling information about future financing and investment policies.