The Dividend Payout Disclosed and Reacted to Market Price: A Case of S-Curve/Non-S-Curve’s Industry of Thailand Listed Companies



Dividend Payout, Market Price, Share Price.


This article proposed the study results on Dividend Payout (DP) and reaction to Stock Prices (SP) of S-Curve/Non-S-Curve’ s Industry of Thailand Listed Companies (SET). The secondary data of 2017-2021 from was employed in the research using the Purposive Sampling together with KRNW. The qualifications of the sample group were defined; (1) List of companies in the SET100 group announced in the second half of 2021, and (2) must be companies with an accounting period ending date on 31st December every year. It was found that there were 79 samples (49 S-Curve and 30 Non-S-Curve sample) and 390 years of data obtained from the Data Collection from all samples. Regarding the statistical data analysis, the descriptive data analysis, comparative analysis, Independent-Sample t-Test analysis, and Multiple Regression Analysis were used. The research findings revealed that (1) Dividend Payout Rate (DPR) of companies listed on the Stock Exchange of Thailand SET 100 was found to be at a level of annual DPR mean from 2017-2021. DPR varied across industry groups. Especially, the S-Curve industry group had a DPR mean that was 4.12 times higher compared to the Non-S-Curve industry group. However, the study was unable to clearly conclude the statistical difference between the two groups. (2) The test results reject the hypothesis. There was negative relationship between Dividend Payout (DP) and SP and only the possibility of negative relationship direction of DP towards SP was found. (3) The test results rejected the hypothesis and could not conclude statistical significance of the relationship between S-Curve and Non-S-Curve industry groups towards SP. Only the possibility of a negative relationship direction towards SP was found.