Determinants of Dividend Payout By Property Companies Listed on The Zimbabwe Stock Exchange: The Case of Zimre Property Investments Limited

Marima Israel, Kurebwa Jeffrey


The purpose of the study was to establish the determinants of dividend payout for listed property companies on the Zimbabwe Stock Exchange (ZSE). The study adopted the pragmatist philosophy that permitted the triangulation of quantitative and qualitative methodologies. For data collection, questionnaires and in-depth interviews are to be used with Statistical Package for Social Sciences (SPSS) and thematic analysis to be used for data analysis respectively. The findings revealed that the variables considered in this study namely profitability, prior dividend, and market value had a positive relationship with dividend payout. Only growth opportunities were inversely related to the dividend pay-out. Industry classification had positive effect to the dividend pay-out on ZSE listed property companies as the sectors was characterized by existing growth opportunities. Similarly, dividend payout would positively influence the share market price.The study therefore concluded that there was existence of positive correlation between share price, company classification and dividend pay-out. Industrial classification had an impact on dividend pay-out. Managers of property firms were recommended to aim at having high growth opportunities high Current Earnings (CE), high return on equity and investing in risk business. The Reserve Bank of Zimbabwe (RBZ) could facilitate the creation of stock market (Secondary market) where investors could easily sell or buy shares of companies to curtail the loss of investors in the property market. The Ministry of Finance and Economic Development should create relevant policy that allowed the participation of the government in the property sector.


Property companies; dividend payout; Zimbabwe stock exchange; Gross domestic product

Full Text:



Agyei C, Samuel K, Edward M (2011). Dividend policy and bank performance in Ghana.

International Journal of Economics and Finance, 3(3), 202-7.

Ahamat A, Chong, SC (2014). Multi-methodological approaches in qualitative entrepreneurship research. International Business Management, 9(4), 601-612.

Al-Ajmi B, Jasim K, Hameeda H (2011). Corporate dividends decisions: Evidence from Saudi Arabia. The Journal of Risk Finance, 12(5), 41-56.

Alam M, Zahangir Q, Mohammad E (2012). Dividend policy: A comparative study of UK and Bangladesh based companies. IOSR Journal of Business and Management, 1(1), 57-67.

Booth L, Zhou J (2017). Dividend policy: A selective review of results from around the world. Global Finance Journal, 34(C), 1-15.

Brigham E F, Houston J F (2012). Fundamentals of financial management. Boston, MA: Cengage Learning.

Cohen L, Manion L, Morrison K (2011). Research methods in education.7th ed. London: Routledge.

Creswell J W (2011). Research design; Qualitative, quantitative & mixed method approach. Los Angeles: Sage Publications.

Creswell J (2015). Steps in conducting a scholarly mixed methods study. University of Nebraska: Lincoln, USA.

Crotty M (2003). The foundations of social research: meaning and perspectives in the research process. 3rd ed. London: Sage Publications.

Davis D (2005). Business research for decision making. Perth: Thomson South-Western

D’Souza J, Saxena AK (1999). Agency cost, market risk, investment opportunities and dividend policy-an international perspective. Managerial Finance, 25(6), 35-100.

El-Sady HM, Hamdy HI, Al-Mawaziri K, Al-Shamari T (2012). Dividend policiesin an emerging market. International Review of Business Research, 8(2), 12- 28

Fahim L, Khurshid MK, Tahir H (2015). Determinants of dividend payout: evidence from financial sector of Pakistan. Journal of Poverty Investment and Development, 17(5), 5-16.

Farooq O, Saoud S, Agnaou S (2012). Dividend policy as a signaling mechanism under different market conditions: Evidence from the Casablanca stock exchange. International Research Journal of Finance & Economics, 83(6), 187-198.

Gill B, Tibrewala C (2010). Stock market liquidity and firm dividend policy. The Open Business Journal, 3(1),8-15.

Guba E, Lincolin Y (2007). Competing paradigms in qualitative research. Thousand Oaks: CA, Sage Publications.

Gul S, Sajid M, Razzaq N, Faruk IM, Khan BM (2012). The relationship between dividend policy and shareholders wealth: Evidence from Pakistan. Economics and Finance Review, 2(2), 55-59.

Habib Y, Kiani ZI, Khan MA (2012). Dividend policy and share price volatility: Evidence from Pakistan. Global Journal of Management and Business Research, 12(5), 14-28.

Hussainey K, Mgbame CO, Chijoke-Mgbame B, Aruoriwo M (2011). Dividend policy and share price volatility: UK evidence. Journal of Risk Finance, 12(1), 12-25.

Issa A (2015). The determinants of dividend policy: Evidence from Malaysian firms. Research Journal of Finance and Accounting, 6(18), 69-86.

Kadioglu E, Nurcan O (2016). Dividend changes and future profitability: Evidence from the Turkish stock market. International Journal of Economics and Finance, 8(1), 196-205.

Kadioglu E, Niyazi T, Nurcan Ö (2015). Market reaction to dividend announcement: Evidence from Turkish stock market. International Business Research, 8(3), 83-94.

Kagoro B (2021). Real estate contribution to economic-growth. The Herald, 13 September 2021.

Kaur BS, Kaur P (2012). Empirical validity of dividend policy models in the Indian manufacturing MSME’S. International Journal of Multidisciplinary Management Studies, 2(1), 12-23.

Kazuku N (2015). Determinants of dividend policy: A panel data analysis for Turkish listed firms. International Journal of Business and Management, 10(11), 149- 160.

Kibet B, Tenai J, Cheruiyot T, Maru L, Kipsat M (2010). The level of corporate dividend payout to stockholders: Does optimal dividend policy exist for firms quoted at the Nairobi stock exchange? International Business & Economics Research Journal, 5(5), 12-24.

Kinyua I (2013). The relationship between earning volatility and the dividend payout of firms listed at the Nairobi securities exchange, [Unpublished MBA Project], University of Nairobi.

Kiyondi D, Oyugi L (2013). The effect of dividend policy on financial performance of firms listed in the Nairobi securities exchange. Proceedings of 1st JKUAT SHRD Research Conference. 218-228. Nairobi: JKUAT.

Kumar B, Rajesh B, Abdul KW (2014). Determinants of dividend policy: Evidence from GCC market. Accounting and Finance Research, 4(4), 17-29.

Kuzucu N (2015). Determinants of dividend policy: A panel data analysis for Turkish listed firms. International Journal of Business and Management, 10(6), 149-60.

Kyle AP, Frank WB (2013). Dividend policy and stock price volatility in the US equity capital market. ASBBS Annual Conference, 20(1), 219-231.

Leary M, Michaely R (2011). Determinants of dividend smoothing: Empirical evidence. The Review of Financial Studies, 24(10), 3197-3249.

Leavy P (2014). The oxford handbook of qualitative research. New York: Oxford University Press.

Leedy P, Ormrod J (2010). Practical research: Planning and design (9thed.). New Jersey: Pearson Education Inc.

M’rabet R, Boujjat W (2016). The relationship between dividend payments and firm performance: A study of listed companies in Morocco. European Scientific Journal, 12(4), 469-482.

Macharia EW, Mwangi CW (2015). Factors influencing dividend payout in profitable companies in the Nairobi securities exchange. International Journal of Science and Research, 4(12), 1472-1477.

Mahira K (2012). Factors affecting dividend payout evidence from listed non-financial firms of Karachi stock exchange. Business Management Dynamics, 1(11), 76- 92.

Maniagi GM, Ondieki BA, Musiega D, Maokomba OC, Egessa R (2013). Determinants of dividend policy among non-financial firms at Nairobi securities exchange. International Journal of Scientific & Technology Research, 2(10), 253- 266.

Marfo-Yiadom E, Agyei SK (2011). Determinants of dividend policy of banks in Ghana. International Research Journal of Finance and Economics, 61(61), 99-108.

Mehta, A. (2012). An empirical analysis of determinants of dividend policy: Evidence from the UAE companies. Global Review of Accounting and Finance, 3(1), 18-31.

Michaely, R., & Roberts, M. R. (2012). Corporate dividend policies: Lessons from private firms.

Mokaya, S. O., Nyangara, D. M., & Lillian, J. (2013). The effect of dividend policy on market share value in the banking industry: The case of national bank of Kenya. International journal of Arts and Commerce, 2(2), 91- 101.

Muller, N., & Svensson, T. (2014). Dividend smoothing in Sweden: An empirical investigation of determinants of dividend smoothing. (Unpublished Master thesis) Lunds University, Department of Business Administration.

Murekefu, T. M., & Ochuodho, P. O. (2012). The relationship between dividend payout and firm performance: A study of listed companies in Kenya. European Scientific Journal, 8(9), 199-215.

Ryan, G. (2018). Introduction to positivism, interpretivism and critical theory. Nurse Researcher, 25(4), 14-20.

Saunders, M., Lewis, P., & Thornhill, A. (2015). Research methods for business students (7th ed.). Essex: Pearson Education Inc.

Sekaran U (2003). Research methods for business: A skill building approach. (5th ed.). New Delhi: Aggarwal Printing Press.

Stokes D (2000). Entrepreneurial marketing: A conceptualisation from qualitative research. Qualitative Market Research, 3(1), 47-54.

Wilson J (2010). Essentials of business research: A guide to doing your research project. Thousand Oaks, CA: SAGE Publication.

Yin, R. K. (2015). Case study research, design and methods. Newbury Park, CA: SAGE.

Zayol, P., et al. 2017. Determinants of dividend policy of petroleum firms in Nigeria. IOSR Journal of Economics and Finance, 8(3), 54-62.



  • There are currently no refbacks.

Copyright (c) 2023 Author(s)

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Share us to:   


  • How to do online submission to another Journal?
  • If you have already registered in Journal A, then how can you submit another article to Journal B? It takes two steps to make it happen:

1. Register yourself in Journal B as an Author

  • Find the journal you want to submit to in CATEGORIES, click on “VIEW JOURNAL”, “Online Submissions”, “GO TO LOGIN” and “Edit My Profile”. Check “Author” on the “Edit Profile” page, then “Save”.

2. Submission

  • Go to “User Home”, and click on “Author” under the name of Journal B. You may start a New Submission by clicking on “CLICK HERE”.

We only use three mailboxes as follows to deal with issues about paper acceptance, payment and submission of electronic versions of our journals to databases:;;

 Articles published in Higher Education of Social Science are licensed under Creative Commons Attribution 4.0 (CC-BY).


Address: 1055 Rue Lucien-L'Allier, Unit #772, Montreal, QC H3G 3C4, Canada.
Telephone: 1-514-558 6138 
Website: Http:// Http://;

Copyright © 2010 Canadian Research & Development Center of Sciences and Cultures