+234 813 0686 500
+234 809 3423 853
info@grossarchive.com

Comparative Analysis of the Determinants of Dividend In Oil and Gas Sector of Pakistan

  • Type:Project
  • Pages:77
  • Format:Microsoft Word
(Business Administration and Management Project Topics & Materials)

Dividend policy is an important aspect of the organization’s corporate policies about which many researchers argued. It has become one of the most debatable topic for researchers due to the vagueness of its theories on the significance of dividend policy while indicating firm’s value. In this competitive environment the challenge to financial experts is to develop a dividend policy aiming at maximizing shareholder’s wealth by efficient utility of investment. So, there is a need to find out the determinants of dividend payout policy that ultimately affect the firm’s performance. These include firm size, debt, profitability, liquidity and sales. The main purpose of this research is to explore the dividend policy determinants of concerned firms by using a conceptual model that may help in increasing firms’ performance and shareholders’ interest. The firms of oil and gas field of Pakistan were selected as sample for this research and to analyze the determinants of dividend payout requires practical efforts. For this purpose, various types of statistical techniques have been used namely descriptive statistics, correlation and regression analysis. Entire sample was analyzed on yearly basis for more comprehensive understanding from 2011 to 2018. The findings of the study indicated that there is no single best dividend policy that fits on all firms both at micro and macro level. Due to the differences in the conditions that correspond to firm-specific (financial policies, production processes, management style, Human Resource Management etc.) as well as industry-specific (social, cultural, political, technical, economic environment etc.) every firm decides its own dividend policy that tends to the potential long term success of the business. In this scenario, a unique dividend policy doesn't seem a good fit for all the firms. Keywords: Determinants, Dividend, Dividend Policy, Oil and Gas Sector, Sales, Assets Turnover, Debts



 

Table of Contents 

CHAPTER – 1 .............................................................................................................. 1 

1.1  Introduction/Background: ................................................................................ 1 

1.2  Problem Statement ............................................................................................. 4 

1.3  Research Questions ............................................................................................ 5 

1.4  Objectives of the Study ...................................................................................... 6 

1.4.1  Primary Objective ....................................................................................... 6 

1.4.2  Secondary Objectives.................................................................................. 6 

1.5  Significance of the Study.................................................................................... 6 

1.6   Scope of Research: ............................................................................................. 7 

Chapter 2 ...................................................................................................................... 8 

Literature Review ........................................................................................................ 8 

2.1  Introduction ........................................................................................................ 8 

2.2   Dividend .............................................................................................................. 8 

2.3  Dividend Policy ................................................................................................... 9 

2.4  History ............................................................................................................... 11 

2.5  Theories of Dividend ........................................................................................ 11 

2.5.1 Dividend Relevance Theories ........................................................................ 12 

2.5.1.1 Signaling Theory .......................................................................................... 12 

2.5.1.2 Agency Theory.............................................................................................. 14 

2.5.1.3 Bird-in-Hand Theory ................................................................................... 14 

2.5.2 Dividends Irrelevance Theory ...................................................................... 16 

2.6  Determinants of Dividends .............................................................................. 17 

2.6.1  Profitability ................................................................................................ 17 

2.6.2  Debt ............................................................................................................ 19 

2.6.3  Sales ............................................................................................................ 20 

2.6.4  Assets .......................................................................................................... 20 

2.6.5  Liquidity..................................................................................................... 20 

2.7  Others Researchers’ View ............................................................................... 21 

2.8  Oil and Gas Sector of Pakistan ....................................................................... 30 

2.9  Conclusion ......................................................................................................... 31 

Chapter 3 .................................................................................................................... 33 

Research Methodology and Design .......................................................................... 33 

3.1  Introduction ...................................................................................................... 33 

3.2  Dimensions of the Study .................................................................................. 33 

3.3  Purpose of the Study and Sample Selection ................................................... 33 

3.4  Sources of Data Collection ............................................................................... 34 

3.5  Data Analysis Assumptions ............................................................................. 34 

3.6  Sampling ............................................................................................................ 35 

3.7  Dependent and Independent Variables .......................................................... 36 

3.7.1  Dependent Variables ................................................................................. 36 

3.7.2  Independent Variables.............................................................................. 36 

3.8  Hypothesis of the study .................................................................................... 36 

3.9  Conceptual framework .................................................................................... 37 

3.10  Research Design ............................................................................................ 37 

3.10.1  A Logical Approach from Means to an End .......................................... 37 

Chapter 4 .................................................................................................................... 39 

Empirical Analysis ..................................................................................................... 39 

4.1  Introduction ...................................................................................................... 39 

4.2  Descriptive Statistics ........................................................................................ 39 

4.2.1 Bar Charts ...................................................................................................... 41 

4.3  Correlation Analysis ........................................................................................ 47 

4.4  Regression Analysis .......................................................................................... 49 

Chapter-5 .................................................................................................................... 53 

Findings, Conclusion and Recommendations.......................................................... 53 

5.1  Findings ............................................................................................................. 53 

5.1.1  Assets .......................................................................................................... 54 

5.1.2  Liabilities ................................................................................................... 54 

5.1.3  Sales Revenue ............................................................................................ 55 

5.1.4  Earnings Before Tax ................................................................................. 56 

5.2  Conclusion ......................................................................................................... 58 

5.3  Recommendations for Further Studies .......................................................... 59 

References .................................................................................................................... 62 

 

 

 

 

 





















Comparative Analysis of the Determinants of Dividend In Oil and Gas Sector of Pakistan

Share This

Details

Type Project
Department Business Administration and Management
Project ID BAM2760
Price ₦3,000 ($9)
No of Pages 77 Pages
Format Microsoft Word

500
Leave a comment...

    Details

    Type Project
    Department Business Administration and Management
    Project ID BAM2760
    Price ₦3,000 ($9)
    No of Pages 77 Pages
    Format Microsoft Word

    Related Works

    INTRODUCTION Nowadays purchasing trends are changing from small retail stores to mega store and departmental stores, the buyers are moving to mega stores and undergo different experience and stop depending on old traditional small retail stores.While on the one other hand these mega stores adopt various strategies to offer different experience to... Continue Reading
    ABSTRACT In this study we investigated the determinants of dividend cut of selected non-financial companies in Nigeria. To carry out this study a more recent data for the period 2012 – 2014 was reviewed and a model with the necessary variables constructed. For seeking out the dividend cut relationship... Continue Reading
    DETERMINANTS OF DIVIDEND POLICY IN NIGERIA (A case Study of Manufacturing Firms)                                                                 Abstract This study seeks to examine determinants of dividend policy in Nigeria. The determinants of dividend policy studied are firm size, firm’s performance and... Continue Reading
    PARATIVE ANALYSIS OF VALUE ADDED TAX REVENUE AMONG DIFFERENT SECTOR IN NIGERIA CASE STUDY OF FEDERAL INLAND REVENUE LAGOS STATE ABSTRACT The research provides a conceptual and analytical study in comparative analysis of value added tax Revenue among different sector in Nigeria; focusing on the care study of federal Inland Revenue Lagos state. The... Continue Reading
    ABSTRACT This study is motivated by a desire to examine dividend policy and market value of companies in the health sector of Nigeria. In light of the empirical review and other discussions, a number of questions arose as to whether cash dividend, share dividend, earnings per share... Continue Reading
    ABSTRACT The purpose of this study is to evaluate the impact of accounting standards on small scale firms, and how statement of account standard can be reflected in the operations of such firms and their financial reporting. Date was collected through... Continue Reading
    ABSTRACT This study is motivated by a desire to examine dividend policy and market value of companies in the alternate securities market sector of Nigeria. In light of the empirical review and other discussions, a number of questions arose as to... Continue Reading
    DETERMINANTS OF CORPORATE TAX AGGRESSIVENESS IN NIGERIA MANUFACTURING SECTOR ABSTRACT The broad objective of this research paper was to investigate the determinants of corporate tax aggressiveness in Nigeria manufacturing sectors. The specific objectives were: to investigate if there is any significant relationship between tax aggressiveness and... Continue Reading
    ABSTRACT   The study examines the macroeconomic determinants of agricultural sector growth in Nigeria which is based on the empirical evidence of the short-run and long-run interrelationships among capital expenditure on agriculture, inflation rate, exchange rate, interest rate and credit availability to the sector using agricultural GDP as... Continue Reading
    ABSTRACT This study examined the determinants of customer brand switching behavior in the banking sector in Benin City. The study specifically determine the rate of brand switching behaviour among bank customers in Benin City; establish the reasons for brand... Continue Reading