Background: Dividend payout is one of the most debated contemporary corporate finance issues. No universal theoretical model describes the factors that corporate managers consider in dividend payout decisions. This study extends previous South African empirical research on dividend payout trends and motivations for Johannesburg Stock Exchange (JSE)-listed industrial companies over the period 1999–2014. The study period coincides with the introduction of share repurchases as an alternative distribution method, covers multiple dividend distribution regulatory amendments and overlaps the global financial crisis of 2008. Objectives: The aim of this study was to ascertain whether the global financial crisis of 2008 affected dividend payouts and to identify factors that influenced dividend payout decisions of JSE-listed industrial companies over the period 1999–2014. Method: Descriptive statistics and a fixed-effects panel regression analysis were applied to dividend data extracted from published annual reports of JSE-listed industrial companies over the period 1999–2014. Results: Dividend distributions of JSE-listed industrial companies increased over the study period in contrast to declining global dividend distribution trends. A significant increase in dividend payout was found when comparing pre- and post-recession periods, in line with the positive impact of dividend distribution regulatory reforms. Company size (+), profitability (+), sales growth (−) and free cash flow (−) were identified as significant factors that influence dividend distributions of JSE-listed industrial companies.

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影响股息支付决定的因素：来自南非的证据

背景：股息支付是当代公司财务问题中争议最大的问题之一。没有通用的理论模型可以描述公司经理在股息分配决策中考虑的因素。这项研究扩展了南非先前在约翰内斯堡证券交易所（JSE）上市的工业公司在1999年至2014年期间的股利支付趋势和动机的实证研究。研究期与股票回购作为一种替代分配方法的引入相吻合，涵盖了多个股利分配监管修正案，并且与2008年的全球金融危机重叠。本研究的目的是确定2008年全球金融危机是否影响了股利支付，并确定了影响1999-2014年间在JSE上市的工业公司的股利支付决策的因素。方法：对从JSE上市的工业公司在1999-2014年期间发布的年度报告中提取的股息数据进行描述性统计和固定效果面板回归分析。结果：在研究期间，在JSE上市的工业公司的股息分配有所增加，而全球股息分配趋势却在下降。比较经济衰退前和衰退后的时期，发现股息支出显着增加，这与股息分配监管改革的积极影响是一致的。公司规模（+），盈利能力（+），