Measurement of study variables.

This study aims to observe the effects of financial metrics, free float shareholders, GDP growth and firm age on dividend payout policy in both the short- and long-term scenarios. The study introduces the dynamic panel regression models, i.e. Autoregressive Integrated Moving Average (ARIMA) for time series data and Weighted Least Squares (WLS) to account for autocorrelation and heteroscedasticity limitation. The dataset includes all companies listed on the Stock Exchange of Thailand during the years 2013–2023. The study finds that in the long-term, GDP growth negatively relates to dividend payout policy in all industrial sectors. Financial metrics, free float shareholders, GDP growth and firm age affect a mixed picture of industrial sectors on dividend payout policy. In the short-term, previous dividend payments significantly influence dividend payment policy. Furthermore, a higher debt-to-equity ratio, firm age, and free cashflows influence dividend payout policy in various industrial sectors. Also shown by the analysis is that factors influence short-run adjustment to half-life analysis.