There has been emerging consensus that there is no single explanation of dividends.
According to Easterbrook (1984) there is no reason to believe that corporate dividend
policy is driven by a single goal. Previous empirical literatures have identified several
factors that are important for dividend payout policy. Lintner (1956) identified that
the dividend payment pattern of a corporation is substantially attributed to current
year earnings and previous year dividends. Nevertheless, major empirical
investigations have been observed through related variables that are essential to
identify and conclude what factors have significant impact on dividend payout policy