A Comprehensive Systematic Literature Review of Dividend Policy: Determinants, Contexts, and Future Research Directions

Risti Wahyu Budiwati ()
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Risti Wahyu Budiwati: Universitas Sarjanawiyata Tamansiswa

A chapter in Proceedings of the 1st International Conference on Business, Economic, and Social Sustainability (ICOBES 2025), 2026, pp 54-70 from Springer

Abstract: Abstract This study aims to map the development and trends in research on dividend policy through a Systematic Literature Review (SLR) approach. The search process was conducted on the Scopus database using the keywords “dividend AND policy” in the title, abstract, and keywords, which yielded 5,477 documents from various disciplines. After screening based on relevance, document type, publication language, and open access, 587 scientific articles published between 1972 and 2025 were obtained as the final sample. The results of the analysis show that studies on dividend policy remain a significant and growing topic in global financial literature. Based on a synthesis of the literature, the determinants of dividend policy can be categorized into five main groups, namely Company Financial Factors, Corporate Governance & Institutional Environment, Socio-Cultural & Ethical Values, Market & Macroeconomic Conditions, and Investor Behavior & Signaling Effect. These findings confirm that dividend policy is a multidimensional phenomenon influenced by internal company factors, the institutional environment, economic conditions, and investor behavior. This study provides a theoretical contribution through the development of a comprehensive conceptual framework and future research directions that emphasize the integration of financial, social, and behavioral dimensions in understanding dividend policy.

Keywords: Dividend Policy; Determinants; Systematic Literature Review; Corporate Governance; Investor Behavior (search for similar items in EconPapers)
Date: 2026
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DOI: 10.2991/978-94-6239-626-5_5

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