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Dividend policy has attracted a substantial amount of research by many researchers and theorists, who have provided theoretical as well as empirical observations, into the dividend puzzle (Black, 1976). Even though researchers and theorists have extended their studies in context to dividend decisions, the issue as to why corporations distribute a portion of their earnings as dividends is not yet resolved. The issue of dividend policy has stimulated much debate among financial analysts since Lintner's (1956) seminal work. He measured major changes in earnings as the key determinant of the companies' dividend decisions. There are many factors that affect dividend decisions of a firm as it is very difficult to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders resulting into increase or decrease of the firm's value, but the primary indicator of the firm's capacity to pay dividends has been Profits.

Miller and Modigliani (1961), DeAngelo and DeAngelo (2006) gave their proposition on the dividend irrelevance, but the argument made by them was on assumptions that weren't practical and in fact, the dividend payout decision does affect the shareholders value.

The study focuses on identifying various determinants of dividend payout and whether these factors influence the dividend payout decision.

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