ความสัมพันธ์ระหว่างความคาดหวังเงินปันผลของนักลงทุนและการตัดสินใจจ่ายเงินปันผลในอนาคตของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

This research examines the relationship between investor expectations of dividends and the decision to pay dividends in the future for listed firms in the Stock Exchange of Thailand. It uses the dividend premium as a measure of investor dividend expectations, following the catering theory of dividends proposed by Baker and Wurgler (2004a). In this research the dividend premium is measured by the difference between the average market to book ratio of companies that pay dividends and companies that do not pay dividends. The likelihood of firms paying dividends is calculated based on the research conducted by Fama and French (2001). By correlating these two variables, it was found that satisfaction with dividend payment is significant in changing the trend of the company's future dividend payment. This finding suggests that the higher Dividend Premium is a result of investors' desire to earn dividends. Investor demand can encourage a company to increase its dividend payout ratio and make it less likely to reduce or omit dividends when investor demand for dividends is high, which is reflected by the higher dividend premium.