THE EFFECT OF EARNINGS VOLATILITY ON DIVIDEND POLICY: THE MODERATING ROLE OF OWNERSHIP STRUCTURE — EVIDENCE FROM HIGH-DIVIDEND FIRMS LISTED ON THE STOCK EXCHANGE OF THAILAND

Abstract

This research aims to investigate the impact of earnings volatility on dividend payout and to analyze the moderating role of ownership structure, focusing on high-dividend-paying companies listed on the Stock Exchange of Thailand (SET). This study employs a quantitative research approach. The sample consists of high-dividend-paying companies included in the SETHD Index of the Stock Exchange of Thailand from the second half of 2011 to 2025, covering a period of 14.5 years, as the SETHD Index was first calculated in the second half of 2011, resulting in a total of 389 observations. Companies in the financial industry, specifically those in the banking and finance and securities sectors, were excluded from the sample. Secondary data were obtained from the SETHD Index database available through the SETSMART Database of the Stock Exchange of Thailand. The findings reveal that: 1) Earnings volatility has a statistically significant negative relationship with dividend payouts of high-dividend-paying companies listed on the Stock Exchange of Thailand at the statistical significance level of.05 and 2) Ownership structure significantly moderates the relationship between earnings volatility and dividend payout among high-dividend-paying companies listed on the Stock Exchange of Thailand at the statistical significance level of.05

Keywords: Earnings Volatility, Dividend Payout, Ownership Structure, High-Dividend Firms