Over the past decades, there have been numerous discussions about the influence of dividend policy and the value of firms. In many of the literature in this field, frameworks have been developed to show that dividend policy has implications for firms’ value in the imperfect and inefficient capital markets. If dividend policy has an influence on the firm’s value, then it is worth exploring the factors that have an influence on dividend policy. Past literature has found a large number of firm-specific variables as the determinants of dividend policy. ...