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Exploring the relationship between dividend policy and stock price volatility: a sectoral analysis of Indian companies

Krishan Kumar et al.

International Journal of Business Performance Management2026https://doi.org/10.1504/ijbpm.2026.152309article
AJG 1
Weight
0.50

What the paper says

Dividend policy and stock price volatility have a complicated interaction that can change depending on the industry, the firm's size, and the economy's overall state. This study investigates the nexus between dividend policy and stock price volatility of 42 selected companies from five sectors such as automobile, metal, energy and power, information technology, and textile sectors, taking the annual data from 2010-2011 to 2021-2022. From these sectors, companies listed in NSE are considered as the population for the study. The outcomes of the fixed effect reported the inverse and insignificant impact of the dividend payout ratio on stock price volatility and the favourable and highly significant impact of the dividend yield ratio on stock price volatility. It also observed that stock price volatility is positively and significantly impacted by debt to total assets. At the same time, the firm's size inversely and highly significantly influences stock price volatility. The other control factors, such as asset growth and earnings volatility, do not significantly impact stock price volatility.

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https://doi.org/https://doi.org/10.1504/ijbpm.2026.152309

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@article{krishan2026,
  title        = {{Exploring the relationship between dividend policy and stock price volatility: a sectoral analysis of Indian companies}},
  author       = {Krishan Kumar et al.},
  journal      = {International Journal of Business Performance Management},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1504/ijbpm.2026.152309},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.