Data for: THE IMPACT OF CAPITAL STRUCTURE AND DIVIDEND POLICY ON FIRM PERFORMANCE: A CROSS CULTURAL STUDY

ABSTRACT
This study is basically the impact of corporate finance on the firm performance. Two major pillars of the corporate finance are taken into the consideration for measurement of the corporate finance impact on firm performance. This concluded the results by judging the impact of capital structure and the dividend policy on firm performance. This study is cross sectional and cross cultural. South Asian countries have been taken into consideration as population and sample has been taken from manufacturing and food sectors of PSE, BSE, DSE and CSE. Overall 187 companies of four countries have been examined during the study. Panel data regression model is used to conclude the results. We have selected 6 manufacturing sectors for estimation and conclusion covering a time span of 10 years from 2007-2016. Two ratios of firm financial performance are considered to measure the impacts. Two ratios each for measurement of capital structure and dividend policy have been taken as proxies. Our results have shown highly positive impact of dividend policy on firm performance where capital structure has shown highly but negative impact on firm performance. Future research gap has also given on sector, region and variables classification. Recommendations on the basis of conclusions are also given for investors to invest in dividend paying firms, researchers to more deeply dig dividend policy and governments for new legislations.

摘要
本研究主要探讨了公司财务对企业绩效的影响。在衡量公司财务对企业绩效的影响时，考虑了公司财务的两大支柱。本研究通过评估资本结构和股利政策对企业绩效的影响得出结论。该研究具有横截面和跨文化特征。研究考虑了南亚国家，样本来源于PSE、BSE、DSE和CSE的制造业和食品行业。在研究期间，共考察了四个国家的187家公司。采用面板数据回归模型得出结论。我们选取了6个制造业部门进行估计和结论，覆盖了2007年至2016年间的10年时间。考虑了两个企业财务绩效比率来衡量影响。分别选取了两个比率作为资本结构和股利政策的代理指标。我们的结果显示，股利政策对企业绩效具有高度积极的正面影响，而资本结构则显示出高度但负面的影响。同时，还对行业、地区和变量分类的未来研究差距进行了分析。基于结论，还为投资者提供了投资支付股息公司的建议，为研究人员提供了深入研究股利政策的建议，以及为政府提供了制定新立法的建议。