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Journal : eScience Humanity Journal

A Systematic Literature Review on Dividend Policy: Theories, Determinants, and Firm Outcomes Sulistyowati, Tussi; Anwar, Khairil; Pardosi, Pardomuan
eScience Humanity Journal Vol 5 No 2 (2025): eSience Humanity vol 5.2. May 2025
Publisher : Asosiasi Ide Bahasa Kepri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37296/esci.v5i2.261

Abstract

This study conducted a qualitative systematic literature review (SLR) to critically evaluate recent research on dividend policy, focusing on publications from 2021 to 2025. Using the PRISMA guidelines, the review identified and organized literature into three key categories: theoretical foundations, determinants of dividend decisions, and the outcomes of dividend policy on firm performance. The study highlighted the use of major theories such as Agency Theory, the Cost of Equity Hypothesis, and Signaling Theory, which continue to shape the understanding of dividend behavior. It also examined various internal factors—such as profitability, liquidity, and corporate governance—and external influences, including macroeconomic conditions and Environmental, Social, and Governance (ESG) performance, as significant determinants of dividend decisions. The review found that dividend policies have a notable impact on firm profitability, market valuation, and investor perception, especially in periods of uncertainty. Additionally, the study recognized a growing interest in how ESG considerations influence payout strategies. Future research directions include exploring the integration of ESG metrics into dividend models, examining the role of economic cycles and financial crises (e.g., COVID-19), and assessing the implications of technological advancements and digital finance on dividend strategies and broader corporate governance frameworks.
Co-Authors - Afrizal A.D, Yuprin Abdul Bari Abdul Qodir Abdul Wahid Abidin, Upik Khoirul Abu Ayyub Achmad Junaidi, Achmad Adi Apriadi Adiansha Adistie, Gisti Riza Adriansah, Rangga Adzhani, Nazula Agus Salim Agustina, Anggi Maharani Agustina, Vivi Agustini, Medita Tri Ahadiah Ahmad Saefulloh Ahmad Tohar, Ahmaddin ahmad, azizan Ahmad, Sabarudin Aidi Noor Ajis, Rabiah Amalia Akbar, M Aris Al Gifari, Zaid Alfajri, Muhammad Rival ALWIZAR ALWIZAR, ALWIZAR amanda, Yusra Amelia Putri, Tania Amiartuti Kusmaningtyas Aminuddin Aminuddin Aminudin, Aminudin Aminurrahman Aminurrahman, Aminurrahman Amirah Diniaty Anam, Muhammad Abdul Ananta, Vincentius Deva Andreas, Rusdi Andrian Andrian Angga Kurniawan Anggreini, Trisna Ansyori, Muhamad Isa Apriliyansyah, M. Agung Ardiansyah Arfanda, Poppy Elisano Arif Jamali Arif Jauhari Arrang, Ni Luh Ayu Dwi Novita Ashari, M. Askari, Muhammad Pavel Asnawi Asnawi Asriyadin Asriyadin Awang, Sarimah Azhar, Edi Aziz, Prily Fitria Azizah , Nurul Azzahra, Layzi Sw Baehaqi baharuddin dammar, baharuddin Baiq Santi Rengganis Bulandari, Siti Bulkis, Siti Candra candra Chandra, Putri Ayu Tanti Dahlia, Ramadhani Daliman, Daliman Darmayanti, Elmira Febri Della, Andi Dhea Rahda Delviany, Venny Dermawan, Arya Desi Erawati, Desi Desta Wirnas Devi Andriyani Dewi Puspita Sari Dewi, Eva Dewi, Ni Made Ratri Candra Doeangge, Lala Febri Annissa Dohi, Muhammad Doni Sastarawan dwi winata, Vina Dyah Pitaloka, Adinda Eko Budiono Eliya, Fitri Evanty, Ayi Yulia Fachry Abda El Rahman Fadhla, Teuku Fahirah, Jihan Fanny Nailufar Faridatunnisa, Nor Fatur Rahman, Hanif Febriani, Eva Febrianti, Maya Febriatina, Anisa Febriyanti, Mirza Felicia, Ghina Ajeng Ferdinal, Ferdinal Ferdinan Agraha Fiqry, Rizalul Firmansah, Firmansah Fitriani, Desta Fitriyan Fadjar Suryadi, Muh. Aidil Gifari, Zaid Al Gunawan Gunawan Gustiwi, Triska Hadi, Milvan Hafifah, Wafiq Hairunisah, Hairunisah Haisusyi Hanapi, Hanapi Hani, Siti Pahrina Hanifa, Ashylla Febriana Harmaini Harmaini Harmini, Harmini Haryani, Mita Hasibuan, Nadila Sadinda Helmi Syaifuddin Hendawati, Hendawati Heri Kuswoyo Herri Trisna Frianto, Herri Trisna Hidayat, Eka Putra Syarif Hidayatullah Z, Syarif Hijri Juliansyah HIKMAD HAKIM Hirol, Halinawati Hizbullah, Hizbullah Husain, Muhammad Zidni Husti, Ilyas Ibnu, Muhammad Nazfa Ida Kaniawati Ikhwan Firhamsah Ikhwansyah, Muhammad Fuad Ikramuddin, Ikramuddin Ilham, M. Adi Indradewa, Rhian Indrayanti, Ni Kadek Dian Indri Lestari, Vina Ine Karni Intan Dwi Hastuti Iqbal, Asep Irawan Irawan Irirwanas, Intania Djaima Irma Suryani Iskandar Lubis Islahudin Ismail, Khaidzir Hj Ismail, Khaidzir Hj. 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