Does Dividend Payout and Retained Earnings Influence Firm Value? An Integrated Review
DOI:
https://doi.org/10.56919/jbam.2621.012Keywords:
Dividend Policy, Dividend Payout, Retained Earnings, Firm Value, Financial PerformanceAbstract
This study provides an integrated review of empirical literature examining the influence of dividend payout and retained earnings (RE) on firm value (FV). Dividend policy (DP) remains one of the most debated topics in corporate finance, with contrasting theoretical arguments regarding its relevance to firm valuation. Drawing on empirical prior studies and key financial theoriesincluding Bird-in-the-Hand Theory, Signaling Theory, Agency Theory, Tax Preference Theory, and Pecking Order Theory, this review synthesizes competing perspectives on whether distributing profits as dividends or retaining earnings for reinvestment enhances FV. The findings reveal that dividend payout can positively influence FV by reducing information asymmetry, signaling financial strength, and mitigating agency conflicts. Conversely, high dividend payouts may reduce firm value when they limit internal financing capacity or create tax disadvantages. Similarly, RE contribute positively to FV when efficiently invested in profitable growth opportunities, but excessive retention may encourage managerial overinvestment and value erosion. Empirical evidence across developed and emerging markets generally supports a conditional relationship, suggesting that the effect of DP on FV depends on firm-specific characteristics such as growth opportunities, governance quality, financial constraints, and market conditions. Overall, the review concludes that neither dividend payout nor RE independently determine FV; rather, optimal value maximization depends on achieving a strategic balance between distribution and reinvestment decisions. The study contributes to the DP debate by integrating diverse empirical and theoretical perspectives and identifying contextual factors that shape the dividend–firm value nexus. Thus, the study recommends that firms should strategically maintain dividend payout ratios at levels that preserve sufficient RE for operational needs and future expansion.
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