| Statement | 1 | 2 | 3 | 4 | 5 | Total | Mean | Rank |
| A firm should set a target dividend payout ratio and periodically adjust its current payout toward the target | 10 | 28 | 105 | 220 | 50 | 413 | 3.33 | 9 |
| A company should develop its dividend policy in the light of shareholders’ needs in order to maximize company’s market value | 5 | 40 | 72 | 240 | 75 | 432 | 3.48 | 7 |
| A firm should change dividends based on sustainable shifts in earnings | 0 | 20 | 60 | 336 | 50 | 466 | 3.76 | 3 |
| The market places greater value on stable dividend than stable payout ratio | 0 | 30 | 75 | 280 | 70 | 455 | 3.67 | 4 |
| A firm’s new capital investments generally affect its dividend policy | 10 | 28 | 60 | 320 | 0 | 418 | 3.37 | 8 |
| Dividends can mitigate a low earnings overinvestment problem | 0 | 30 | 87 | 300 | 25 | 442 | 3.56 | 5 |
| A firm sets its dividend decision considering regulatory requirements | 0 | 18 | 45 | 360 | 50 | 473 | 3.81 | 2 |
| A firm sets its dividend decision considering long term financing | 0 | 30 | 42 | 180 | 250 | 502 | 4.05 | 1 |
| A firm should set its dividend decision considering the reduction of tax impact | 4 | 30 | 75 | 280 | 50 | 439 | 3.54 | 6 |