







































 

 

 
1 

© 2023 Conscientia Beam. All Rights Reserved. 

Determinants of the dividend payout policy of multinational companies in Bangladesh: 
Evidence from Dhaka stock exchange  

  

 

 Tarik Hossain1+ 

 Md. Miraz Khalifa2 

 Raju Ahmmed3 

 

1,2,3Department of Accounting and Information Systems, Comilla University, 
Bangladesh. 
1Email: online.tarik@yahoo.com  
2Email: mdkhmiraz@gmail.com  
3Email: rajuahmmed642@gmail.com  

 
 

(+ Corresponding author) 

 ABSTRACT 
 
Article History 
Received: 29 November 2022 
Revised: 4 July 2023 
Accepted: 10 August 2023 
Published: 30 August 2023 
 

Keywords 
Bangladesh 
Capital adequacy ratio 
Corporate tax ratio 
Determinants 
Dhaka stock exchange 
Dividend payout policy 
Multinational national companies. 

 
This study tries to establish the important factors influencing the dividend payout 
policy of the Multinational Companies (MNCs) in Bangladesh in order to assist 
investors in making the best possible investment decisions.  Data for this study was 
collected from several MNCs listed on the DSE from 2015 to 2021. The relationship 
between the dependent variable, Dividend Payout Ratio (DPR) and selected 
independent variables such as Return on Equity (ROE), Liquidity Ratio (LEQR), 
Leverage Ratio (LEVR), Firm Size (FS), Dividend Payout Ratio of Previous Year 
(PDPR), Corporate Tax Ratio (CTR) and Capital Adequacy Ratio (CAR) is evaluated 
using Pearson's correlation and Ordinary Least Squares (OLS) regression models for 
data analysis and hypothesis testing. The regression analysis results showed a mixed 
result.  The ROE and CTR are significantly related to DPR. Higher ROE and CTR 
emphasis a higher dividend for stock holders. The FS is significantly negatively related 
to DPR. Due to the costs associated with paying for the profits of substantial assets, 
large firms pay lower dividends.  Other variables such as LEQR, LEVR, PDPR, CTR 
and CAR have no significant impact on the DPR. The investors and the concerned 
authorities can consider ROE, CTR and FS to forecast the future dividend for the 
MNCs in Bangladesh.  
 

Contribution/Originality: This research is important in finding out the crucial factors influencing the dividend 

payout policy of Multinational National Companies (MNCs) in Bangladesh. This research is one of the 

fundamentals in Bangladesh where additionally CTR and CAR are used as independent variables.  

 

1. INTRODUCTION 

A dividend is a distribution of profits by a company to its shareholders for their investment. It is the proportion 

of gain provided by the company as the return on investment to the owners of their shareholdings.  

The company's dividend payout strategy is influenced by different micro- and macro-economic factors in 

addition to commercial success. Companies provide dividends considering the present financial conditions and long-

term strategic plans. Investors invest their funds to get a return as a dividend or capital gain (Tarik  Hossain, 2013; 

Hossain, Nesa, Dowla, & Akter, 2021). Here dividend is a very integral factor to consider in making investment 

decisions. Due to uncertain situations, sometimes companies fail to provide handsome dividends to investors. Al-

Malkawi, Rafferty, and Pillai (2010) argued that dividends are not only the return on investment but also the 

symbol of performance. Potential investors always want to ensure that they will get a handsome and stable return 

from their investment (Hossain, 2020b; Hossain, Chowdhury, & Begum, 2014). There are many theories developed 

Financial Risk and Management Reviews 
2023 Vol. 9, No. 1, pp. 1-10 
ISSN(e): 2411-6408 
ISSN(p): 2412-3404 
DOI: 10.18488/89.v9i1.3454 
© 2023 Conscientia Beam. All Rights Reserved. 

 
 
 

 
 
 

 

 
 
 
 

https://orcid.org/0000-0002-5426-5130
https://orcid.org/0009-0003-3960-2789
https://orcid.org/0009-0008-6976-737X
mailto:online.tarik@yahoo.com
mailto:mdkhmiraz@gmail.com
mailto:rajuahmmed642@gmail.com
https://www.doi.org/10.18488/89.v9i1.3454


Financial Risk and Management Reviews, 2023, 9(1): 1-10 

 

 
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© 2023 Conscientia Beam. All Rights Reserved. 

by different researchers about dividend distribution policy.  Most of the theories tried to find out the basis for 

predicting the dividend of the company. However, no theory can precisely predict the company's future payout.  

Zameer, Rasool, Iqbal, and Arshad (2013) concluded that DPR defers among the countries due to varying rules, 

regulations, tax policies and  different capital markets and institutions. Dividend payout decision is the managerial 

decision of distributing to the owners and retaining for expanding business and reinvestment of profit. The choice 

to pay out dividends is a difficult and crucial one (Abor & Bokpin, 2010) because of the intense competition 

worldwide that makes it impossible to make large profits (Faruky, Uddin, & Hossain, 2011).  Businesses require 

substantial funding for growth and development   in addition to satisfying investors with a sufficient payout. The 

distribution of dividends and reinvestment are inversely related to each other and collectively significantly influence 

organizational success. The company should make dividend payout decisions carefully to maximize shareholder 

wealth. The DPP of companies operating in emerging economies is reasonably different from developed (Glen & 

Singh, 2004) and underdeveloped countries. It also differs from country to country (Frankfurter & Wood Jr, 2002), 

economy to economy (Aivazian, Booth, & Cleary, 2003) and from time to time (Sarig, 2004). The types of businesses 

and corporate formations also affect the DPP. Numerous studies have been done about the factors that determine 

the DPP both nationally and internationally for various kinds of companies.  Many researchers used determinants 

such as profitability, liquidity, leverage, corporate tax policy, firm size, capital adequacy   and the   dividend payout 

ratio of the previous year. In Bangladesh, the majority of research focuses on local businesses. Research on 

manufacturing businesses listed on the DSE was carried out by Islam and Adnan (2019). Recently, there has not 

been a DPP study on MNCs in Bangladesh that focuses on DSE.  This study will enrich the DPP literature and 

facilitate investors and concerned stakeholders in making perfect decisions. 

MNCs play a vital role in economic development worldwide. Investors like to invest in MNCs to get higher 

returns and minimize risk. The dividend is an essential way of getting a return on investment in the capital market. 

Many factors influence the dividend policy of MNCs such as ROE, LEQR, LEVR, CTR, CAR, FS, and PDPR. In 

Bangladesh, very few studies have analyzed the factors influencing the DPP of the MNCs. This study will add value 

to the existing literature. The potential investors will be able to know the probable upcoming dividend for their 

decision-making.  The MNCs will also be able to realize the expectations of their owners. This research aims to 

analyze the impact of different variables on the DPR to find out the potential influence of the   DPR on the MNCs 

in Bangladesh.  

 

1.1. Objectives of the Study  

The aim of this study is to establish the aspects influencing the DPP of MNCs in Bangladesh. The specific 

objectives for this study are as follows:  

i.   To establish the potential aspects of DPP for MNCs in Bangladesh.  

ii. To find out the impact of different determinants on the DPR. 

 

2. LITERATURE REVIEW 

Several studies focus on the many determinants of dividend payout policy worldwide. However, no specific 

determinants are found for the companies to determine future dividends. The dividend of the company largely 

depends on the present conditions of the company and its future plans. Al-Kuwari (2009) found that profitability has 

a significant affirmative influence and the leverage ratio has a significant negative impact on the DPR. Al-Shubiri 

(2011) in Jordan concluded that leverage is negatively affected and profitability is positively affected by the DPR. 

Ahmed and Muktadir-Al-Mukit (2014) found corporate tax and profitability. The current ratio is one of   the vital 

determinants of DPR.  

 

 



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© 2023 Conscientia Beam. All Rights Reserved. 

2.1. Profitability 

Profitability is the ability of a company to earn profit by employing its capital (Hossain, 2022). It is a sign of 

successfully operating the business and properly using the assets. Many researchers argue that profitability is the 

vital determinant of DPR (Alfisah & Kurniaty, 2019; Baker & Jabbouri, 2016; Fama & French, 2001; Fitri, Hosen, & 

Muhari, 2016). It indicates the ability of the company to pay dividends to its shareholders. When the company 

cannot generate more profit, it will be very difficult to pay more dividends. In dividend signaling theory, Miller and 

Modigliani (1961) found an affirmative association between profitability and DPR and also concluded that dividend 

payout represents a sign of a firm’s financial condition and future prospects. It also ensures the wealth maximization 

of the firm. According to Anil and Kapoor (2008), profitability is the most important sign of DPR. Adaoglu (2000) 

researched emerging markets and argued that the main determinants of cash dividends are current-year earnings 

and emerging market firms follow unstable dividend payout policies which is also supported by Mahira (2012) and 

Islam and Adnan (2019). Le, Nguyen, and Tran (2019); Al-Kuwari (2009); Naceur, Goaied, and Belanes (2006); 

Patra, Poshakwale, and Ow-Yong (2012); Amidu and Abor (2006) and Jabbouri (2016) found a significant 

affirmative connection between profitability and DPP. Ritha and Koestiyanto (2013) argued that profitability has a 

negative influence on the DPR. The   profitability of a firm can be measured by its   return on equity (ROE).  

  

2.2. Liquidity 

The liquidity of a company indicates its ability to pay current and short-term debt obligations (Hossain, 2020a). 

Standard liquidity is very important for successfully operating a business. High liquidity increases the cost while 

low liquidity increases the risk. Sometimes companies reduce the dividend to ensure the payment of current debt 

obligations (Le et al., 2019) as the cash dividend decreases the cash of the firm. Companies mainly consider liquidity 

positions when making dividend decisions (Alshammari, 2012; Deshmukh, Goel, & Howe, 2013; Islam & Adnan, 

2019; Khan & Ahmad, 2017). Okpara and Godwin (2010) also found a significant optimistic relationship between 

liquidity and DPP.  

 

2.3. Leverage 

Leverage is the ratio between the debt and equity of a firm. The leverage ratio focuses on financing and other 

external sources. More leveraged firms mean more financed from debts and less leveraged firms means more 

financed from equity. Diverse opinions were found about the influence of leverage on the DPR. Gugler and 

Yurtoglu (2003) found an opposite relationship between financial leverage and DPP which is also supported by Al-

Kuwari (2009) and Alzomaia (2013). Ritha & Koestiyanto 2013)argue that there is a positive relationship between 

leverage and DPR. Le et al. (2019) suggested reducing the leverage ratio. 

 

2.4. Corporate Tax 

Corporate tax is the income tax imposed on the company on the basis of corporate income for a period of time. 

It is a compulsory payment for the company and no direct benefits are received from providing corporate tax. After 

deducting corporate tax, net income can be distributed to shareholders as a dividend. Higher-income generates 

higher taxes and also pursues higher dividends. Ahmed and Muktadir-Al-Mukit (2014) concluded in DSE that 

corporate tax is a strong determinant of DPR. Amidu and Abor (2006) and Rehman and Takumi (2012) also 

concluded that there is  a positive relationship between corporate tax and the DPR.  

 

2.5. Capital Adequacy Ratio (CAR) 

Capital adequacy is the availability of capital to smoothly operate the business. The capital adequacy ratio can 

be measured by dividing the total assets by the total equity of a firm. More CAR means a higher proportion of 



Financial Risk and Management Reviews, 2023, 9(1): 1-10 

 

 
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© 2023 Conscientia Beam. All Rights Reserved. 

capital financed by owners. Rahma and Syarif (2020) found an affirmative influence of CAR on the DPR. Yesyurun 

(2021) found in Indonesia that CAR has a noteworthy impact on the DPR.  

 

2.6. Firm Size 

Firm size represents the volume of a company in terms of specific factors such as total assets and total sales. 

There are various findings about the relationship between DPP and business size. The life-cycle theory developed 

by DeAngelo, DeAngelo, and Stulz (2006) concluded that firm size and DPP are positively related. Fama and 

French (2001) also concluded that small firms pay little or no dividend. Le et al. (2019) found an insignificant 

relationship between firm size and DPP decisions. Hoque, Hossain, and Saha (2022) argued that FS significantly 

affected the financial performance of the companies.  

 

2.7. Dividend Payout Ratio of the Previous Year 

The previous year’s dividend payout ratio is very important for determining the future dividend. Sometimes 

companies try to maintain the consistency of DPR annually. Owners expect a higher dividend compared to previous 

years (Hossain, 2021). According to research on the Jakarta Islamic Index by Fitri et al. (2016), the DPR from the 

prior year had an   influence on the DPP decision. Islam and Adnan (2019) studied manufacturing companies listed 

in the  DSE of Bangladesh and argued that most of the firms follow the preceding years’ pattern of dividend 

payment for dividend decision-making. Imran (2011) also found that the dividend of the previous year positively 

influences the DPR of the company.  

 

2.8. Conceptual Scheme 

The conceptual framework which focuses on the interactions between independent, control and dependent 

variables, is shown below. 

 
Figure 1. Conceptual framework. 

 

Figure 1 illustrates the relationship among the dependent variable DPR, the independent variables ROE, 

LEQR, LEVR, CTR and   CAR and the control variables FS and PDPR.  

 

3. RESEARCH METHODOLOGY 

3.1. Research Instruments 

The variables of this research have been adopted from several research articles in the literature review. Return 

on Equity (ROE) is adopted by Le et al. (2019) as a proxy for a firm’s profitability measures. The variable Liquidity 

(Leq) has been taken from Okpara and Godwin (2010); Leverage (Lev) from Alzomaia (2013); Firm Size (FS) from 

Fama and French (2001); Dividend Payout Ratio of Previous Year (PDPR) from Fitri et al. (2016); Corporate Tax 

Ratio (CTR) from Rehman and Takumi (2012) and Capital Adequacy Ratio (CAR) from Yesyurun (2021). The 



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dependent variable is used as the Dividend Payout Ratio (DPR) in this research to justify the Dividend Payout 

Policy (DPP).  

 

3.2. Sample, Population  and Data Collection 

In Bangladesh, fifteen MNCs listed in the DSE are working. Eleven MNCs are chosen at random to gather data 

from 2015 to 2021. This study examines the effects of the independent variables on the dependent variable using a 

total of 77 data entries. 

3.3. Data Analysis Procedures and Hypotheses 

The statistical software SPSS 16 has been used to process and analyze the collected data. The descriptive 

statistics are presented and explain the variables. The OLS regression is conducted to test the impact of the 

independent variables on the dependent variable DPR.  

The study will test the following hypotheses: 

i.  H01: Profitability is positively related to the DPR.  

ii. H02: Liquidity is positively related to the DPR. 

iii. H03: Leverage is negatively related to the DPR. 

iv. H04: The corporate tax ratio is positively related to the DPR. 

v. H05: The   capital adequacy ratio is positively related to the DPR. 

vi. H06: Firm size is positively related to DPR. 

vii. H07: The DPR of the previous year is positively related to the DPR. 

 

3.4. Model Specification 

The DPR is a function of five independent and two control variables such as ROE, LEQR, LEVR, CTE, CAR, 

FS and PDPR. The model is specified as  

Model: DPRit= β0+ β1ROEit + β2LEQRit + β3LEVRit + β4CTRit + β5CARit + β6FSit + β7PDPRit + ε it 

 

3.5. Data and Variables 

The variables and measurement scales are presented below:  

In Table 1, all the variables (dependent, independent and control) are used in this study with abbreviations and 

measurement scales.  

 

Table 1. List of variables. 

Variable Abbreviation Measurement 

Dividend payout ratio DPR Total common dividend (Cash)/net income after tax and 
depreciation 

Return on equity ROE Net income divided by shareholder's equity 
Liquidity LEQR Current ratio (Current assets/current liabilities) 
Leverage LEVR Financial leverage ratio (Book value of debt/total assets) 
Corporate tax ratio CTR Corporate tax/Profit before tax  
Capital adequacy ratio CAR Equity capital / Total assets  
Firm size FS Firm size (Natural logarithm of total assets) 
Dividend payout ratio of the 
previous year 

PDPR Previous year dividend payout ratio.  

 

 

4. EMPIRICAL RESULTS AND DISCUSSIONS 

4.1. Descriptive Statistics 

The descriptive statistics are presented in Table 2. 

 



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Table 2. Descriptive statistics. 

Variables Mean Std. deviation Variance Skewness Kurtosis 

DPR 0.5946 0.33060 0.109 -0.349 1.166 

ROE 34.6886 40.2788 1622.377 1.973 5.184 

LEQR 1.3232 0.69710 0.486 0.487 0.255 

LEVR 0.5613 0.15863 0.025 -0.133 -0.939 

CTR 0.1625 1.4793 2.188 -8.242 71.261 

CAR 0.4413 0.1599 0.026 0.111 -0.995 

FS 10.2604 0.4998 0.250 0.283 -1.215 

PDPR 0.5840 0.3506 0.123 -0.302 0.772 
 

 

For the variable DPR, the mean, standard deviation, variance, skewness and kurtosis are 0.5946, 0.3306, 

0.1090, -0.3490, and 1.166, respectively. The mean, standard deviation, variance, skewness and kurtosis for ROE are 

34.6886, 40.27875, 1622.377, 1.973, and 5. 184,  respectively. The average LEQ ratio is 1.3232 with standard 

deviation, variance, skewness, and kurtosis as follows 0.6971, 0.486, 0.487, and 0.255, respectively. The average 

LEV ratio is 0.5613 with standard deviation, variance, skewness and kurtosis as follows: 0.15863, 0.025, -0.133, and 

-0.939, respectively. The mean value of the CT ratio is 0.1625 with standard deviation, variance, skewness, and 

kurtosis as follows: 1.47924, 2.188, -8.242, and 71.261respectively. The average CA ratio is 0.4413 with standard 

deviation, variance, skewness, and kurtosis as follows: 0.15981, 0.026, 0.111, and -0.995, respectively. The mean 

value of the  FS is 10.2604 with standard deviation, variance, skewness, and kurtosis as follows: 0.49978, 0.250, 

0.283, and -1.215, respectively. The average PDPR is 0.5840 with standard deviation, variance, skewness, and 

kurtosis as follows: 0.35053, 0.123, -0.302, and 0.772, respectively. 

 

4.2. Correlations Analysis 

The correlation results of the variables are displayed in Table 3. Here the dependent variable DPR is positively 

correlated with ROE, LEQR, LEVR, CTR and PDPR and negatively related to CAR and FS.  

 

Table 3. Correlations results. 

Variables DPR ROE LEQ LEV CTR CAR FS PDPR 

DPR 
Sig. (2-tailed) 

1        

ROE 
Sig. (2-tailed) 

0.334** 1       

0.004        

LEQR 
Sig. (2-tailed) 

0.075 -0.257* 1      

0.524 0.024       

LEVR 
Sig. (2-tailed) 

0.054 0.344** -0.745** 1     

0.646 0.002 0.000      

CTR 
Sig. (2-tailed) 

0.361** 0.146 0.094 -0.206 1    

0.002 0.206 0.415 0.073     

CAR 
Sig. (2-tailed) 

-0.055 -0.353** 0.749** -0.992** 0.227* 1   

0.642 0.002 0.000 0.000 0.047    

FS 
Sig. (2-tailed) 

-0.270* 0.010 -0.616** 0.410** -0.103 -0.420** 1  

0.020 0.930 0.000 0.000 0.374 0.000   

PDPR 
Sig. (2-tailed) 

0.098 0.220 0.014 0.159 -0.210 -0.160 -0.231 1 

0.445 0.078 0.914 0.206 0.093 0.204 0.064  
 

Note: **. Significant at 1%. 
 *. Significant at 5%. 

 



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The values that are one percent significant are indicated by ‘**’ and the values that are 5% significant are 

indicated by ‘**’. The relationship of DPR with ROE, CTR, and FS is two-tailed significant while the relationships 

with LEQR, LEVR, CAR, and PDPR are insignificant.  The correlation of ROE with CAR, FS and   PDPR is 

positive and LEQR and CTR are negative. The relationship between ROE with LEQR, LEVR and CAR is 

significant. The correlations of LEQR with LEVR, and FS are negative and with CTR, CAR and PDPR are positive 

whereas the relationship of LEQR with LEVR, CAR and FS is two-tailed significant. The association of LEVR with 

FS and PDPR is affirmative and with CTR and CAR is negative while the association with CAR and FS is two-

tailed significant. The correlation of CTR with CAR is two-tailed and significantly positive and the relationship   

with FS and PDPR is negative and insignificant. The correlation of CAR with FS and PDPR is negative and the 

relationship with FS is significant. The correlation of FS with PDPR is negative and not significant. 

 

Table 4. Model summary. 

R R square 
Adjusted R 

square 
Std. error of 
the estimate 

Change statistics Durbin-
Watson R square change F change Sig. F change 

0.549a 0.302 0.213 0.293 0.302 3.396 0.004 1.708 
Note: a. Predictors: (Constant), PDPR, LEQR, CTR, ROE, FS, LEVR, CAR. 
 Dependent Variable: DPR. 

 

 

4.3. Regression analysis 

Table 4 represents the model summary of regression analysis for the dependent variable DPR and the 

independent variables PDPR, LEQR, CTR, ROE, FS, LEVR and CAR. The F-value is 3.396 which is significant at 

the 1% significance level and the Durbin-Watson value is 1.708. In this study, regression analysis can be conducted 

for the dependent variable DPR. The R, R2 and   adjusted R2, R2 change values are 0.549, 0.302, 0.213, and 0.302 

respectively.  

Table 5 represents the coefficients of regression for the dependent variable DPR. The standardized beta 

coefficient of ROE is 0.216. This value is significant at the 10 percent confidential level. At a 10% significance level, 

the ROE of the MNCs positively influences the DPR. So H01 is accepted. The profitability of the MNCs positively 

impacts the dividend payout policy. The independent variable LEQR has 0.136 standardized beta coefficients but is 

insignificant. The H02 is rejected due to an insignificant confidential interval level. Liquidity does not influence the 

DPR of MNCs in Bangladesh. The independent variable LEVR has -0.441 standardized beta coefficients but is not 

significant. 

 

Table 5. Regression coefficients. 

Model 

Unstandardized coefficients Standardized coefficients 

T Sig. B Std. error Beta 

 (Constant) 3.359 2.233 3.359 1.504 0.138 

ROE 0.002 0.001 0.216 1.668 0.100 

LEQR 0.065 0.094 0.136 0.683 0.497 

LEVR -0.919 1.858 -0.441 -0.495 0.623 

CTR 0.082 0.028 0.365 2.901 0.005 

CAR -1.463 1.884 -0.707 -0.777 0.441 

FS -0.173 0.100 -0.261 -1.724 0.090 

PDPR 0.021 0.119 0.022 0.174 0.862 
 

Note: Dependent variable: DPR. 

 

The H03 is also rejected because of the insignificant confidential interval level. The leverage ratio of the MNCs 

negatively affects the DPR  but the interference is insignificant.  The standardized beta coefficient of CTR is 0.365. 

This value is significant at a 5% confidential level. At a 5% significance level, the CTR of the MNCs positively 



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influences the DPR. Thus, H04 is accepted. The corporate tax ratio of the MNCs positively impacts the dividend 

payout policy.  The independent variable CAR has -0.707 standardized beta coefficients and the p-value is 0.441 

which is insignificant. The H05 is rejected due to the insignificant confidential interval level and the negative 

impact of CAR on the DPR. The standardized beta coefficient of FS is -0.261 with a p-value of 0.090. At a 10% 

significance level, the FS of the MNCs negatively influences the DPR. The H06 is rejected because of the negative 

impact of FS on the DPR. The firm size of the MNCs significantly negatively affects the dividend payout policy. 

The standardized beta coefficient of PDPR is -0.022 with a p-value of 0.862. This value is insignificant. Thus, H07 is 

rejected because of an insignificant confidential interval. The previous year's dividend payout ratio does not 

influence the DPR of the MNCs in Bangladesh.  

  

5. CONCLUSION  

The MNCs operating in Bangladesh are very important for the country as well as investors. The multinational 

company has become large and strong due to its huge opportunities for capital, skills and markets. MNCs are taken 

into consideration by potential investors in order to make profitable investments.  Investors can invest in MNCs by 

considering the following influential factors in dividend payout policy. First, the ROE is positively significant for 

DPR. The ROE represents the profitability of the firm. More ROE indicates more profitability which means more 

dividends. Secondly, the CTR significantly influences the DPR of MNCs. Higher taxes paid by the MNCs pay for 

higher dividends. Third, the FS is negatively related to the DPR which represents that the smaller firm pays more 

dividends and vice versa. Fourth, the liquidity ratio, leverage ratio, capital adequacy ratio, and previous year 

dividends cannot significantly influence the DPP of the MNCs. Further research should be conducted to provide 

insights into the important aspects of DPP for multinational corporations operating in Bangladesh.   

 

Funding: This research is supported by Comilla University, Bangladesh (Grant number: 
Co.U/Reg./Research Related Project-485/2013/17895(41)). 
Institutional Review Board Statement: Not applicable. 
Transparency: The authors state that the manuscript is honest, truthful, and transparent, that no key 
aspects of the investigation have been omitted, and that any differences from the study as planned have been 
clarified. This study followed all writing ethics. 
Competing Interests: The authors declare that they have no competing interests. 
Authors’ Contributions: The conception, design, analysis and interpretation of the results, T.H.;collected 
the data, M.M.K. and R.A. All authors have read and agreed to the published version of the manuscript. 

  

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