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15 

 

 

                 FINANCE AND BANKING 

                                                                 IJFB VOL 11 NO 1 (2022) P-ISSN 2574-6081 E-ISSN 2574-609X 
                                                  

    Available online at https://www.cribfb.com 

                                                                                                                                       Journal homepage: https://www.cribfb.com/journal/index.php/ijfb 
                                                                                                                                                                                               Published by CRIBFB, USA 

DIVIDEND POLICY: A BIBLIOMETRIC ANALYSIS          

 Divya Saini (a)1  Priti Sharma (b) 
 

(a) Research Scholar, Department of Commerce, MDU Rohtak, India; E-mail: divyasaini759@gmail.com 
(b) Assistant Professor, Department of Commerce, MDU Rohtak, India; E-mail: pritisrm04@gmail.com 

 

 
A R T I C L E I N F O 

 
 

Article History: 
 

Received: 22nd June 2022  

Accepted: 23rd October 2022 

      Online Publication: 5th November 2022 

 
Keywords: 

Bibliometric Analysis, Dividend 

Payouts, Dividend Policy, Lintner 

Model 

 
      JEL Classification Codes:  

 

      G3, G35 

 

 

 
A B S T R A C T 

 
The dividend is one of the controversial topics in Financial Management which mean earnings of 

management how much amount is distributed to the shareholders and what percentage is retained in the 

business. The main objective of the study is to provide a comprehensive overview of previous studies 

related to the topic of Dividend Policy in the context of statistical analysis of published 

articles/documents around the world. For this purpose, Bibliometric Analysis was conducted through 

the Bibliometrix library and the Biblio-Shiny platform of RStudio. The web of Science database was used 

for the collection of data on the topic of Dividend Policy. The search was made in the web of science 

database with the keywords “The dividend policy”, “Dividend payouts”, “Determinants” and “Lintner 
model” covering the period of 20 years from 2002 to 2022. The publications/documents/articles included 

in the study were written by 839 authors from all over the world. The Bibliometric Analysis of the 

collected data indicates that the Dividend Policy has a significant contribution to scientific production. 

In 2011, there was a great increment in the number of publications and since 2018 the publications are 

continuously increasing. USA, UK and China are the pre-eminent countries having significant 

contributions to research on Dividend Policy. 
 

© 2022 by the authors. Licensee CRIBFB, USA. This article is an open access article  distributed 
under the terms and conditions of the Creative Commons Attribution (CC BY) license 
(http://creativecommons.org/licenses/by/4.0/).  

                                                     

  

INTRODUCTION 

With the advancement of economic scenario, investment in different sectors of economy is rapidly increasing. Due to 

increase in investment, there is increase in return also. These returns are the earnings for the companies. These earnings can 

be utilized in different ways like retained in business for growth purpose or it may be distributed to the investors (Dong et 

al., 2005). The amount which is dispersed to the shareholders for their investment is known as Dividend. Joshua warner 

(2019) “A dividend is money that is regularly paid by a business to its shareholders using profits, cash reserves or even 

debt”. Dividend policy refers to the financial policies regarding payment of dividend. It refers to firm’s decision about its 

earnings, which mean how much of its earnings is distributed among equity shareholders & how much is retained in 

business. Dividend payouts decision is considered as an integral part of firm’s financial ecosystem (Mensa et al., 2014).  

Dividend decision is like a puzzle which remain unsolved as different researchers have different viewpoints 

regarding dividend policy. In words of Black (1976) “the harder we look at the dividend picture, the more it seems like a 

puzzle, with the pieces that just do not fit together”. Dividend is one of the controversial topics of study as different 

researchers have different point of view like: Dividend policy is affected by executive stock option holdings & stock options 

(De Cesari & Ozkan, 2015), growth opportunities (Flavin & O’Connor, 2017), creditor rights & culture (Byrne & O’Connor, 

2017), bank risk taking (Onali, 2014), new CEO compensation (Chen et al., 2019), restricted monetary policies (Pandey & 

Bhat, 2007), corporate social responsibilities (Cheung et al., 2018), leverage (Cooper & Lambertides, 2018), family control, 

tangibility& firm size (Yousaf et al., 2019), Institutional ownership & board composition (Abdelsalam et al., 2008), 

profitability (Renneboog & Trojanowski, 2007) and many more variables. Lintner (1956) proposed that dividend depends 

upon current earnings and lagged dividend of firms. Renneboog and Trojanowski (2011) reveals that dividend payout 

decisions of firms are affected by liquidity needs of directors. Michaely and Roberts (2011) in their study disclose that 

Ownership structure and incentives are the main factors that play an important role in determining dividend policy. Some 

of the firms those paying dividend, now they stop paying (Michaely & Moin, 2022). There are no appropriate sets of factors 

                                                      
1Corresponding author: ORCID ID: 0000-0002-9798-1436 

© 2022 by the authors. Hosting by CRIBFB. Peer review under responsibility of CRIBFB, USA.  
https://doi.org/10.46281/ijfb.v11i1.1820 

 

To cite this article: Saini, D., & Sharma, P. (2022). DIVIDEND POLICY: A BIBLIOMETRIC ANALYSIS. Indian Journal of Finance and Banking, 
11(1), 15-28. https://doi.org/10.46281/ijfb.v11i1.1820 

mailto:pritisrm04@gmail.com
http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
https://doi.org/10.46281/ijfb.v11i1.1820
https://orcid.org/0000-0002-9798-1436
https://orcid.org/0000-0002-0773-6673


Saini & Sharma, Indian Journal of Finance and Banking 11(1) (2022), 15-28 

  

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influencing dividend policy of all the firms because dividend policy is highly volatile to various factors like firm & market 

characteristics and alternative forms of dividend (Baker & Weigand, 2015). 

The main purpose of this study is to focus on following questions related with dividend policy over the year 2002-

2022. These are as under: 

 RQ 1 – what is the statistical result of the study in context of document type, document content, authors and author’s 

collaboration? 

 RQ 2 – what are the important keywords (Author keywords and Keywords plus) related with the study? and also 

to find out the co-occurrence between keywords. 

 RQ 3 –Which source is most significant in terms of publishing articles related with the study? 

 RQ 4 – Who are the main contributing Authors related with the study? 

 RQ 5 – Which country or Institution have highest contribution in the study? And also, to find out the Co-citation 

network of papers and sources related with Dividend Policy. 

 

MATERIALS AND METHODS 

Bibliometric Analysis of Study 

The word Bibliometric was first propounded by Otlet (1934) which means “the measurement of all aspects related to the 

publication and reading of books and documents”. It is a statistical method which is used for analysis of books, articles, 

documents and other publications on basis of scientific data. It is a quantitative method for describing, monitoring and 

evaluating the published research articles/documents. Various software available for Bibliometric Analysis but the present 

study is based on R software. It was carried out through Bibliometric library and Biblio-Shiny platform of RStudio. Biblio-

shiny is shiny application which gives a web-interface for the purpose of bibliometric analysis. It depicts comprehensive 

outlook of Dividend policy like authors, author’s collaborations, citation, co-citation, journal, affiliated institutions, top 

countries, keywords and co-occurrence of keywords etc.  

 

Data Collection 

The data for the study had been collected through web of science database as on January 28, 2022 covering a period of 20 

years from 2002 to 2022. In web of science database, the search was made through following words “Dividend Policy” or 

“Dividend Payouts” and “Determinants” and “Lintner Model”. This search gave a core collection of 2435 results, then after 

certain refinement on basis of publication years, web of science categories, document types, language etc., it was reduced 

to 1004 results. On basis of important keywords, a total of 415 articles which were written by 839 authors, was selected for 

Bibliometric Analysis performed through Bibliometric library and Biblio-Shiny platform of RStudio. Figure 1 describe the 

workflow of study as firstly the main keywords were identified for search in web of science database and 415 articles were 

selected after certain refinements. After that collected data were analyze through bibliometrix library and biblio-shiny 

platform of R studio. 

 

         
 

Figure 1. Workflow of study 

 

RESULTS AND DISCUSSIONS 

Statistical Results 

Table 1 elucidate the main information about the study that was analyze through R studio. This table is based on data 

extracted from web of science database, which is the most widely used, oldest and authoritative database for publications & 

citations. This study comprised a total of 415 documents, which consists of published articles, articles from book chapters, 

early access and proceeding papers. It covers a total timespan of 20 years from 2002 to 2022. The 415 documents in the 

study were published by 839 authors from different institutions and countries around the world with average citations 29.13 

per document and the authors collaboration index is 2.22. The documents used in this study includes a sum total of 8614 

references, 654 keywords plus and 888 author’s keywords. 

 

Table 1. Information about Study 

 
Description about Data Results 

Time Duration 2002-2022 

Sources  66 

Documents 415 

Average years from publication 7.82 

SEARCH CRITERIA

Keywords:

Dividend policy, Dividend payout, 
Determinants, Lintner model

DATA COLLECTION

Database: web of science.

A total of 415 documents selected 
after certain refinements.

DATA ANALYSIS AND
PRESENTATION OF

RESULTS

Software: R studio (Bibliometrix 
library and Biblio-shiny platform)

Descriptive analysis & presentation 
of results.



Saini & Sharma, Indian Journal of Finance and Banking 11(1) (2022), 15-28 

  

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Average Citations per Documents 29.13 

Average Citations per year & Documents 2.57 

References 8614 

DOCUMENT-TYPES   

article 395 

Articles from book chapter 1 

article; early access 9 

article; proceedings paper 10 

DOCUMENT-CONTENTS   

Keywords Plus 654 

Author's Keywords 888 

AUTHORS   

Authors 839 

Author Appearances 1023 

Authors of single-authored documents 65 

Authors of multi-authored documents 774 

AUTHORS COLLABORATION   

Single-authored documents 67 

Documents per Author 0.495 

Authors per Document 2.02 

Co-Authors per Documents 2.47 

Collaboration Index 2.22 

     Source: Authors source 

 

Keywords Evolution 

Keywords are the important words/main idea which gives vital information about the study. A keyword is word that gives 

information about the content present in a particular document. Two types of keywords are used the first one is Author 

keywords: it comprises of words selected by author which in their opinion best represent the content of document, the other 

is keyword plus: it comprises of frequently occurring words in title of the cited articles. Figure: 2 represent the word cloud 

of Author keywords. It is clearly visible from this figure that the word “Dividends”, “Payout policy”, “Corporate 

Governance”, “Dividend Payout” are the most highlighted. The author Ferris et al. (2009) in “Catering effects in corporate 

dividend policy: The international evidence” used dividend and catering as keywords. Andres et al. (2009) in their paper 

titled as “Dividend policy of German firms A panel data analysis of partial adjustment models” used dividend policy, payout 

policy, dividend smoothing, corporate governance as keywords. 

 
Figure 2. Word cloud of Author’s keywords 

 

Figure 3 shows the occurrence of most relevant keywords. It portrays the frequency of keywords like the word 

“policy” occurs 124 times, “earnings” occurs 100 times and the word “payout policy” occurs only 52 times. The article “The 

evolving relation between dividend and flexible payouts: A different evolution” written by Armitage, S. and Gallagher, R. 

(2021) used policy, disappearing dividend, earnings, cash, market, determinants as keywords. 

 



Saini & Sharma, Indian Journal of Finance and Banking 11(1) (2022), 15-28 

  

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Figure 3. Occurrence of most relevant keywords 

 

Figure 4 represent the co-occurrence between the keywords. Co-occurrence of keywords means the together 

occurring of keywords. Figure: 4 shows the clusters of different colors and the interconnection between them. In blue cluster 

payout policy, information investment, disappearing dividends, share repurchase etc. are the highlighted words and these 

are interrelated to each other.  

 
Figure 4. Co-occurrence network between keywords plus 

 

 
Figure 5. Word growth of keywords 

0 20 40 60 80 100 120 140

policy

ownership

disappearing dividends

performance

taxes

Frequency

K
ey

w
o

rd
s 

p
lu

s

Occurrences of most relevant keywords



Saini & Sharma, Indian Journal of Finance and Banking 11(1) (2022), 15-28 

  

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Figure 5 depicts the word growth of keywords. It is the graphical representation of keywords associated with 

dividend policy. These are Agency cost, corporate governance, determinants, disappearing dividend, earnings, information, 

investment, ownership, payout and policy. It shows growing tendency of these keywords over the time period from 2002 to 

2022. 

 
Figure 6. Dendrogram of keywords plus 

 

Figure 6 shows the Dendrogram of keywords plus. Dendrogram is like a tree plot consisting of hierarchical relation 

between different keywords. The analysis of dendrogram is based on the height at which the keywords are connected. The 

blue lines show the keywords related with dividend policy and the red lines shows the factors determining the dividend 

policy. The words at same height have similar significance. 

 

Source’s Significance 

In field of research, sources are the online platform where one can get access of articles, documents, books, journal etc. 

There are various journals available but the quality journals are those whose impact factor is higher. The impact factor of 

journal is measured with the help of h index which is based upon publications and citations of particular journal. 

Figure: 7 portrays the source significance on basis of number of publications and value of h index. It shows that 

the JOURNAL OF CORPORATE FINANCE has 58 highest number of publication and also the value of h index of this 

journal is highest. The most significant source for the study of Dividend Policy is “Journal of Corporate Finance” followed 

by “Managerial Finance”, “Journal of Business Finance & Accounting” and “Journal of Financial Economics” etc. 

  

 
Figure 7. Main Source/Journal (Top 20) 

0 10 20 30 40 50 60 70

JOURNAL OF CORPORATE FINANCE

JOURNAL OF BUSINESS FINANCE \& ACCOUNTING

JOURNAL OF BANKING \& FINANCE

PACIFIC-BASIN FINANCE JOURNAL

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS

INTERNATIONAL REVIEW OF ECONOMICS \& FINANCE

REVIEW OF FINANCIAL STUDIES

EUROPEAN FINANCIAL MANAGEMENT

JOURNAL OF FINANCE

MATHEMATICAL FINANCE

No. of Articles and h index

So
u

rc
es

  h index   Articles



Saini & Sharma, Indian Journal of Finance and Banking 11(1) (2022), 15-28 

  

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Figure 8 represent most local cited top 20 journals. The larger value of citations indicates the quality and impact 

of particular source. The Journal of Financial Economics has highest numbers of citations 2956 which is followed by Journal 

of Finance has 2622 numbers of citations. As shown in Figure: 7 “Journal of Corporate Finance” has highest value of h 

index and articles but its local citation is 613 only. 

 

 
Figure 8. Most Local Cited Sources (Top 20 sources) 

 

Top Authors 

Top Authors or the main authors who have highest contribution in study can be identified through number of publications, 

citation score, value of h index etc. The study includes a total of 415 documents written by 839 authors. Figure: 9 depicts 

the total citations of top 20 Authors. It depicts that MICHAELY R from Cornell University, Johnson school of management, 

USA has highest total citations 2023, BRAV A of Duke University, Fuqua School of Business, USA, GRAHAM JR of 

Duke University, Durham, USA & HARVEY CR have same number of citations 831. MICHAELY, R. also have highest 

number of publications and greater value of h index. 

 
Figure 9. Most cited Authors (Top 20) 

 

Figure 10 portrays relevance of top 20 authors by number of citations of their particular article. The citation score 

of any article represents its significance. Brave, A. et al. (2005) from Duke University of USA has highest number of 

29562622931849613519503390370311280254244224210178164153148114

0 500 1000 1500 2000 2500 3000 3500

J FINANC ECON

REV FINANC STUD

J FINANC QUANT ANAL

FINANC MANAGE

WORKING PAPER

ECONOMETRICA

J ACCOUNT RES

Number of local citations

So
u

rc
es

Most local cited sources

2023

831

831

831

723

723

657

657

548

524

470

429

348

327

327

327

327

235

235

227

0 500 1000 1500 2000 2500

MICHAELY R

BRAV A

GRAHAM JR

HARVEY CR

DEANGELO H

DEANGELO L

BAKER M

WURGLER J

STULZ RM

GRULLON G

SKINNER DJ

DENIS DJ

OSOBOV I

AHMED AS

BILLINGS BK

MORTON RM

STANFORD-HARRIS M

GRINSTEIN Y

BROCKMAN P

RENNEBOOG L

No. of Citations 

A
u

th
o

rs

Total citations



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citations 821 on their article titles as “Payout policy in the 21st century”. The second highest citation 548 is of DeAngelo et 

al. (2006) from university of southern California, USA in their document titled as “Dividend policy and the 

earned/contributed capital mix: a test of the life cycle theory”. There are many other authors who have splendid citation 

score like Baker and Wurgler (2004) in their article titled as “A catering theory of dividends”, Grullon and Michaely (2002) 

etc. 

 

 
Figure 10. Relevance of authors by number of citations and particular article (Top 20) 

 

 
Figure 11. Time evolution of Authors (Top 20) 

 

Figure 11 clearly shows the production of top 20 authors over the time period of 20 years from 2002 to 2022. The 

author Michaely, R. of Cornell university, Johnson School of Management, USA has greatest contribution in field of 

0 100 200 300 400 500 600 700 800 900

BRAV A, 2005, J FINANC ECON

DEANGELO H, 2006, J FINANC ECON

BAKER M, 2004, J FINANC

GRULLON G, 2002, J FINANC

DENIS DJ, 2008, J FINANC ECON

SKINNER DJ, 2008, J FINANC ECON

GRINSTEIN Y, 2005, J FINANC

VON EIJE H, 2008, J FINANC ECON

LEARY MT, 2011, REV FINANC STUD

CHAY JB, 2009, J FINANC ECON

BAKER M, 2004, J FINANC ECON

DEANGELO H, 2006, J FINANC ECON-a

FLOYD E, 2015, J FINANC ECON

LI W, 2006, J FINANC ECON

MICHAELY R, 2012, REV FINANC STUD

SHORT H, 2002, J CORP FINANC

BROCKMAN P, 2009, J FINANC ECON

GUGLER K, 2003, J BANK FINANC

HU AD, 2004, J FINANC QUANT ANAL

BROWN JR, 2007, J FINANC

No. of Citations

D
o

cu
m

en
ts

Global Citations

Local Citations



Saini & Sharma, Indian Journal of Finance and Banking 11(1) (2022), 15-28 

  

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research related with the topic dividend policy over the years from 2002 to 2022. He published an article on titled “Dividend, 

share repurchase and substitution hypothesis” in 2002 having citation score 524, in 2004 titled as “The information content 

of share repurchase program” having citation score 298, in 2022 titled as “Disappearing and reappearing dividends” and 

many more. Another author Renneboog, L. of Tilburg university, Netherland worked for 15 years from 2005 to 2020, he 

wrote an article titled as “When do German firms change their dividend?” in 2005, “How relevant is dividend policy under 

low shareholders protection?” in 2020 etc. There are many other authors who have significant contribution in the field of 

research related with Dividend policy like Baker and Weigand (2015) etc.  

 

 
Figure 12. Collaboration network of authors 

 

Figure 12 represent the collaboration network between different authors. It shows the collaborative work of authors 

with the help of different colors clusters. Grey color cluster shows the collaborative work of DeAngelo et al. (2008) of 

university of southern California, USA. They jointly worked on an article in 2006 titled as “The irrelevance of the MM 

dividend irrelevance theorem” and in 2008 titled as “Reply to Dividend policy: Reconciling DD with MM”. The green color 

cluster indicate the collaborative work of Brockman and Unlu (2009). They jointly work on the document in 2009 named 

as “Dividend policy, creditor rights and the agency cost of debt” and Brockman and Unlu (2011) on “Earned/contributed 

capital, dividend policy and disclosure quality: An international study”.  

 
Figure 13. Three-Fields Plot: References-Authors-Keywords 

 



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Figure 13 depict the interconnection between references, authors and keywords with the Three-Fields Plot. Under 

this, there are three sections the left section represents the references, middle one indicates the authors and the right section 

represent the keywords used in the studies. The grey lines between these sections shows the inter-relation between 

references, authors and the keywords. The main keywords used by different authors are dividend, dividend policy, payout 

policy, agency cost, dividend smoothing etc.  

 

Top Institutions  

Various authors have significant contribution in field of research on Dividend policy. They have affiliations with different 

universities and institutions. Figure: 14 clearly portrays the top 20 affiliated institutes, University of Missouri, Columbia, 

Missouri has highest number of published articles. The other universities like Harvard University (Cambridge, United 

States), Cornell University (Ithaca, United States) and Tilburg University (Netherlands) also have great number of published 

articles. 

 
Figure 14. Top 20 Affiliation of Institutes 

 

Figure 15 represent the Collaboration network of institutes. It is shown through different color clusters. The green 

color cluster shows the collaborative work of Cornell University (Ithaca, United States and Duke University (Durham, 

USA). 

 
Figure 15. Collaboration network of institutes 

 

Top Countries 

USA has highest numbers of publications on the topic Dividend Policy both in terms of single country publications and 

multiple country publications as shown in Figure 16. The contribution of other countries like United Kingdom, China, 

Australia and Canada is also appreciable.  

 

 

18
14

13
13

11
11

10
10
10

9
9
9
9

8
8
8
8
8
8
8

0 2 4 6 8 10 12 14 16 18 20

UNIV MISSOURI

CORNELL UNIV

UNIV GEORGIA

BI NORWEGIAN BUSINESS SCH

STERN SCH BUSINESS

UNIV CHICAGO

UNIV SYDNEY

LA TROBE UNIV

RMIT UNIV

UNIV ANTWERP

Number of Articles

A
ff

ili
at

io
n



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Figure 16. Corresponding Author’s Country (top 20) 

 

The country USA has topped the list of Country Scientific Production on the topic of Dividend Policy as shown in 

Figure 17. USA has published a total of 434 articles followed by China 144, UK 128, and Australia 93 etc.  

 
           

Region Frequency 

 

  USA 434 

CHINA 144 

UK 128 

AUSTRALIA 93 

CANADA 64 

SOUTH KOREA 47 

GERMANY 42 

NETHERLANDS 25 

FRANCE 23 

IRELAND 22 

NORWAY 20 

BELGIUM 19 

NEW ZEALAND 18 

SPAIN 18 

PAKISTAN 17 

ISRAEL 14 

JAPAN 13 

SINGAPORE 13 

INDIA 12 

TURKEY 11 

  

Figure 17. Country Scientific Production 

 



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Different countries also work in collaborative way which makes the research more authentic. Figure: 18 have 

different color clusters which indicate the Collaboration network between various countries. The red color cluster shows the 

collaboration of USA, Singapore, China, Canada etc.  

 

 
Figure 18. Collaboration network between countries 

 

Figure 19. Co-citation network of papers 



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When two articles are cited together by another article it is known as co- citation. Figure: 19 represent the Co-

citation network of papers published by  different authors. It is shown with the help of various clusters of different colors 

and the lines between then shows the interrelation. 

Figure 19 shows the Co-citation network of sources. It is clearly visible from this figure that how different sources are 

connected to each other. 

 

 

 
Figure 20. Co-citation network of sources 

 

CONCLUSIONS 

The publications/documents related with Dividend Policy were analyzed through Bibliometric Analysis. It was discovered 

that the research on the topic Dividend Policy has been increasing with some fluctuations. In 2011, there was great increment 

in number of publications and from 2018 the publications are continuously increasing. USA, UK and China are the pre-

eminent countries having significant contribution in research on Dividend Policy, in both overall production and in single 

& multiple countries publications. The major affiliated institutes associated with the study are University of Missouri, 

Harvard University and Cornell University. The most significant source related with Dividend Policy is Journal of Corporate 

Finance, as it has highest number of published articles and greater value of h index. Journal of Financial Economics is also 

considered as important because of highest number of local citations. The author Michaely, R. of Cornell University, 

Johnson School of Management, USA has greatest contribution in scientific production over the period from 2002 to 2022. 

The keyword analysis shows that the keywords used by the authors are dividends, payout policy, share repurchases, dividend 

smoothing, corporate governance, agency theory, agency cost etc. and the main frequently occurring words (keywords plus) 

are policy, earnings, information, corporate governance, ownership, investment, agency costs, payout policy etc. The growth 

chart of key words depicts that the keywords namely agency cost, corporate governance, determinants, earnings, 

information, investment, ownership, policy and payout shows increasing trend over the years.  

The theoretical implications of the study provide a detailed description on the research topic Dividend Policy 

through Bibliometric Analysis. It shows scientific production over the years, important keywords including both Author 

keywords and frequently occurring words, most significant Journal, Top Authors, Top institutions, Top countries and their 

scientific collaboration on the research topic Dividend Policy. The main practical implication of the study is that it will be 

beneficial for the researcher as it provides a base for historical and theoretical foundation for Dividend Policy research. The 

main limitation of the study is that the Data used for Bibliometric Analysis was extracted from only one database, Web of 

Science. There are many other database with many scientific publications and with different authors, keywords, etc. It may 



Saini & Sharma, Indian Journal of Finance and Banking 11(1) (2022), 15-28 

  

27 
 

be possible that when bibliometric analysis is performed with different database the results may vary. The further study on 

this topic can be made by using other databases which will give more reliable and genuine results. 

 

 
Author Contributions: Conceptualization, P.S. and D.S.; Methodology, P.S. and D.S.; Software, P.S.; Validation, P.S. and D.S.; Formal Analysis, P.S. 
and D.S.; Investigation, P.S. and D.S.; Resources, P.S. and D.S.; Data Curation, P.S. and D.S.; Writing – Original Draft, P.S. and D.S.; Writing – Review 

& Editing, P.S. and D.S.; Visualization, P.S. and D.S.; Supervision, P.S. and D.S.; Project Administration, P.S. and D.S.; Funding Acquisition, P.S. and 

D.S. Authors have read and agreed to the published version of the manuscript. 
Institutional Review Board Statement: Ethical review and approval were waived for this study, due to that the research does not deal with vulnerable 

groups or sensitive issues. 

Funding: The authors received no direct funding for this research. 

Acknowledgments: N/A.  

Informed Consent Statement: Informed consent was obtained from all subjects involved in the study. 
Data Availability Statement: The data presented in this study are available on request from the corresponding author. The data are not publicly available 

due to restrictions. 

Conflicts of Interest: The authors declare no conflict of interest.                                                                                                                                                                                                                                    
 

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