Hypothesis

Result

H1: There is a significant positive relationship between payout policy and profita-bility.

Supported

H2: There is a significant negative relationship between investment opportunity and dividend payout policy.

Supported

H3: There is a significant positive relationship between cash flow and dividend payout policy.

Partially Supported

H4: There is a significant negative relationship between leverage and dividend payout policy.

Supported

H5: There is a significant positive relationship between liquidity and dividend payout policy

Rejected

H6: There is a significant positive relationship between firm size and dividend payout policy

Rejected

H7a: There is a significant negative relationship between institutional ownership and dividend payout policy

Rejected

H7b: There is a significant positive relationship between managerial ownership and dividend payout policy

Supported

H7c: There is a significant negative relationship between free float ownership and dividend payout policy.

Rejected