The relevance or irrelevance of dividend payments has been the topic of much
discussion for the past eight decades. The primary objective of this study was to
determine the relationship between dividend policy and agency problems of financial
services companies listed on the (JSE). Dividend Policy and the Agency Theory
underpinned the study. Secondary data of sampled listed financial companies for the
period 2005-2016 was sourced from IRESS database. Data was analysed using
EViews version 9.
The results revealed that the presence of institutional ownership resolves the
asymmetry information problems, and, reduces the need to pay dividends. The results
also revealed that 54.69% of JSE listed companies under the financials’ services
sector practise dividend decisions. The results further revealed that the dividend
payout ratio is positively correlated with ROE and LEV, and negatively correlated
INST, DIRS and FOREIGN variables. The results confirmed the existence of agency
problems on listed financial services companies.
Ukubaluleka okanye ukungabaluleki kokuhlawula izahlulo bekusoloko kusisihloko
sengxoxo kumashumi asibhozo eminyaka edluleyo. Injongo ephambili yesi sifundo
yayikukufumanisa ulwalamano phakathi komgaqo nkqubo wezahlulelo neengxaki
zobumeli (ubuarhente) beenkampani ezinikezela ngeenkonzo zemicimbi yoqoqosho
nezidweliswe kwiJohannesburg Securities Exchange (JSE). Izisekelo zesi sifundo
nguMgaqo Nkqubo Wezahlulo (Dividend Policy) neNgcingane Yobumeli (Agency
Theory). Iqela lesibini ledatha yeenkampani ezidwelisiweyo kwiminyaka ye-2005–
2016 yafunyanwa kwiqula leedatha elaziwa ngokuba yi-IRESS database. Idatha
yahlalutywa ngokusebenzisa isixhobo sohlalutyo iEViews version 9.
Iziphumo zadiza ukuba ubukho babanini kwiziko loshishino buyazisombulula iingxaki
zonxibelelwano olungalingani kakuhle kwaye kuyasicutha isidingo sokuhlawula
izahlulo. Kwakhona, iziphumo zadiza ukuba ama-54.69% eenkampani ezidweliswe
kwiJSE, phantsi kodidi lweenkampani ezinikezela ngeenkonzo zemicimbi yoqoqosho,
enza izigqibo zezahlulo. Iziphumo zaphinda zadiza ukuba intlawulo yezahlulo
ihambelana kakuhle neenqobo zeROE neLEV, kanti azihambelani neenqobo zeINST,
ezeDIRS kunye nekuthiwa ziFOREIGN. Ezi ziphumo zangqina ukuba kukho iingxaki
zobumeli/ubuarhente kwiinkampani ezinikezela ngeenkonzo zemicimbi yoqoqosho
Bonnete le go se be bonnete ga ditefelo tša letseno e bile hlogo ya ditherišano tše
dintši mo mo dingwagasome tše seswai tša go feta. Nepo ya motheo ya thuto ye ke
go ela kamano gare ga pholisi le mathata a dikhamphani tša ditirelo tša Matlotlo tšeo
di lego lenaneong la Johannesburg Securities Exchange (JSE). Pholisi ya Ditseno le
Teori ya Etšensi ke motheo wa thuto ye. Datha ya magareng ya dikhamphani tša
mašeleng tšeo di lego lenaneong la paka ya 2005–2016 e be e hwetšagala go tšwa
go lenaneo la datha la IRESS. Datha e sekasekilwe go šomišwa EViews version 9.
Dipoelo di utullotše gore go ba gona ga bong ka gare ga sehlongwa go rarolla mathata
a tshedimošo ya go se lekalekane, le go fokotša nyakego ya go lefa mašokotšo.
Dipoelo le tšona di tšweleditše go re diperesente tše 54.69 tša dikhamphani tšeo di
lego lenaneong la JSE ka fase ga ditirelo tša sekgao sa go phethagatša diphetho tša
mašokotšo. Dipoelo di tšwetša pele go utulla go re ditekanyetšo tša ditefelo tša
mašokotšo du sepelelana gabotse le ROE le LEV, le go sepelelana gannyane le INST,
DIRS le FOREIGN. Dipoelo di netefatša go ba gona ga mathata a Etšensi ao a
ngwadilwego lenaneong la dikhamphani tša ditirelo tša mašeleng
