| Statement | 1 | 2 | 3 | 4 | 5 | Total | Mean | Rank |
| Stability of earnings affects corporate dividend policy | 5 | 30 | 60 | 236 | 125 | 456 | 3.68 | 18 |
| Patterns of past earnings affects corporate dividend policy | 0 | 20 | 42 | 320 | 100 | 482 | 3.88 | 12.5 |
| Level of current earnings affects corporate dividend policy | 0 | 10 | 30 | 256 | 225 | 521 | 4.20 | 1 |
| Level of expected future earnings affects corporate dividend policy | 30 | 50 | 162 | 60 | 0 | 302 | 2.43 | 19 |
| Current degree of financial leverage affects corporate dividend policy | 0 | 10 | 15 | 300 | 195 | 520 | 4.19 | 2 |
| Availability of alternative sources of capital affects corporate dividend policy | 4 | 10 | 57 | 240 | 175 | 486 | 3.92 | 10 |
| Expected rate of return on the firm’s assets affects corporate dividend policy | 0 | 8 | 75 | 280 | 125 | 488 | 3.94 | 9 |
| Inflation affects corporate dividend policy | 0 | 30 | 57 | 220 | 175 | 482 | 3.88 | 12.5 |
| Tax policy of the firm affects corporate dividend policy | 5 | 18 | 30 | 280 | 150 | 483 | 3.90 | 11 |
| Dividend reinvestment plan affects corporate dividend policy | 0 | 28 | 15 | 300 | 150 | 493 | 3.97 | 6.5 |
| Preference of investors affects corporate dividend policy | 0 | 20 | 72 | 260 | 125 | 477 | 3.85 | 14 |
| Capital market consideration affects corporate dividend policy | 0 | 10 | 42 | 240 | 220 | 512 | 4.13 | 3 |
| Considering the current income of the shareholders affects corporate dividend policy | 0 | 38 | 75 | 180 | 175 | 468 | 3.77 | 17 |
| Constraint of debt contracts on dividend affects corporate dividend policy | 0 | 18 | 60 | 180 | 250 | 508 | 4.10 | 4 |
| Preference to pay dividend instead of undertaking risky investment affects corporate dividend policy | 10 | 20 | 72 | 200 | 170 | 472 | 3.81 | 15 |
| Legal rules and constraints affects corporate dividend policy | 0 | 20 | 42 | 280 | 150 | 492 | 3.97 | 6.5 |
| Financing considerations such as the cost of external capital affects corporate dividend policy | 0 | 50 | 30 | 216 | 175 | 471 | 3.80 | 16 |
| Investment considerations such as the availability of profitable investment opportunities affects corporate dividend policy | 0 | 10 | 45 | 336 | 100 | 491 | 3.96 | 8 |
| Personal tax of the shareholders affects corporate dividend policy | 4 | 30 | 45 | 120 | 300 | 499 | 4.02 | 5 |