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| Received
04-Jun-2026 |
Accepted
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Published
04-Jun-2026 |
Abstract
Dividend declaration is considered as one of the key focus areas of the firm’s financial policy. It is generally accepted that the payment of dividends is the most widely used instrument for the distribution of value to shareholders. Shareholders also prefer to receive regular dividends. A well-known model that attempts to explain dividend policy is that of Lintner (1956). This study investigates whether Lintner’s model can be used to explain Indian companies’ dividend payments or not. 172 companies listed with BSE with continuous dividend payments from 2004-08 have been selected from four industrial sectors: Engineering, FMCG, IT and Textiles. The study brings forth that Lintner’s model does have a good fit in the selected Indian companies.
Keywords: Dividend, Lintner’s Model and Multiple Regression Analysis.
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