Proceedings of the 1st International Conference on Business, Economic, and Social Sustainability (ICOBES 2025)

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A Comprehensive Systematic Literature Review of Dividend Policy: Determinants, Contexts, and Future Research Directions

Authors
Risti Wahyu Budiwati1, *
1Universitas Sarjanawiyata Tamansiswa, Yogyakarta, Indonesia
*Corresponding author. Email: ristiwa301010@ustjogja.ac.id
Corresponding Author
Risti Wahyu Budiwati
Available Online 15 April 2026.
DOI
10.2991/978-94-6239-626-5_5How to use a DOI?
Keywords
Dividend Policy; Determinants; Systematic Literature Review; Corporate Governance; Investor Behavior
Abstract

This study aims to map the development and trends in research on dividend policy through a Systematic Literature Review (SLR) approach. The search process was conducted on the Scopus database using the keywords “dividend AND policy” in the title, abstract, and keywords, which yielded 5,477 documents from various disciplines. After screening based on relevance, document type, publication language, and open access, 587 scientific articles published between 1972 and 2025 were obtained as the final sample. The results of the analysis show that studies on dividend policy remain a significant and growing topic in global financial literature. Based on a synthesis of the literature, the determinants of dividend policy can be categorized into five main groups, namely Company Financial Factors, Corporate Governance & Institutional Environment, Socio-Cultural & Ethical Values, Market & Macroeconomic Conditions, and Investor Behavior & Signaling Effect. These findings confirm that dividend policy is a multidimensional phenomenon influenced by internal company factors, the institutional environment, economic conditions, and investor behavior. This study provides a theoretical contribution through the development of a comprehensive conceptual framework and future research directions that emphasize the integration of financial, social, and behavioral dimensions in understanding dividend policy.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 1st International Conference on Business, Economic, and Social Sustainability (ICOBES 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
15 April 2026
ISBN
978-94-6239-626-5
ISSN
2352-5428
DOI
10.2991/978-94-6239-626-5_5How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Risti Wahyu Budiwati
PY  - 2026
DA  - 2026/04/15
TI  - A Comprehensive Systematic Literature Review of Dividend Policy: Determinants, Contexts, and Future Research Directions
BT  - Proceedings of the 1st International Conference on Business, Economic, and Social Sustainability (ICOBES 2025)
PB  - Atlantis Press
SP  - 54
EP  - 70
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-626-5_5
DO  - 10.2991/978-94-6239-626-5_5
ID  - Budiwati2026
ER  -