Hardin and Hill (2008)
revealed that excess dividend payment is associated with reduced agency costs, strong operating performance,
the execution of a stock repurchase plan and the capability to access short-term bank debt. In addition, REIT
management flexibility in formulating dividend policy is influenced by the acquisitions and use of short-term
bank debt. The outcomes of Kim and Wonsiksu (2010) are foreign institutional investors can put forth an
important impact on dividend if they hold more than 5% of a company shares and the more shares that foreign
institutional investors have over the previous year, the stronger the impact of foreign institutional investors have
on the corporate dividend policy. Papadopoulos and Charalambidis (2007) found in their study that dividend
payout policy is focused to small changes through years; the difference between the retail firms and industrial
firms in terms of dividend policy are not remarkable; and cash flow of the firm is the main determinant of