Relationship between Financial Ratios and Dividend Yield and Dividend Payout Ratio of Companies Listed on the Stock Exchange of Thailand (SET) in the Industrial Products Sector

Authors

  • Thanyapon Wongkamphu Graduate School, Thonburi University
  • Preyanuch Kijrungrojjarean Thonburi University
  • Rujirat Paleephatsakul Thonburi University
  • Nippit Kamolteeravit Thepsatri Rajabhat University

Keywords:

Financial Ratios, Dividend Yield, Dividend Payout Ratio, Industrial Products Sector, Stock Exchange of Thailand

Abstract

This research aims to examine the relationship between financial ratios and both dividend yield and dividend payout ratio of companies in the Industrial Products sector listed on the Stock Exchange of Thailand. The sample comprises 29 companies that paid dividends continuously during 2020 - 2024, totaling 145 firm-year observations. Data analysis employs descriptive statistics and multiple regression analysis, testing 19 financial ratios from 6 categories against two dependent variables, with firm size as a control variable. The research findings reveal that dividend yield has statistically significant negative relationships (p<0.05) with accounts receivable turnover ratio (Beta = -0.493) and net profit margin (Beta = -0.087), explaining 14.5% of the variance. Dividend payout ratio has a statistically significant positive relationship (p<0.05) with operating profit margin (Beta = 0.009), explaining 15.0% of the variance. The study concludes that factors affecting both dependent variables differ, with dividend yield being influenced by working capital management and growth policies, while dividend payout ratio reflects operational efficiency of the enterprise.

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References

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Published

2026-04-28

How to Cite

Wongkamphu, T., Kijrungrojjarean, P., Paleephatsakul, R., & Kamolteeravit, N. (2026). Relationship between Financial Ratios and Dividend Yield and Dividend Payout Ratio of Companies Listed on the Stock Exchange of Thailand (SET) in the Industrial Products Sector. Journal of Humanities and Social Sciences Thonburi University (Graduate Studies), 4(1), 20–31. retrieved from https://so13.tci-thaijo.org/index.php/gdjournal/article/view/3304

Issue

Vol. 4 No. 1 (2026): January-April 2026

Section

Research Article

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