The Relationship Between Profitability and Dividend Payouts Among Companies Listed on the Stock Exchange of Thailand in the Food and Beverage Sector

Abstract

The objectives of this study are (1) To examine the profitability and dividend payout policies of companies listed in the Food and Beverage sector of the Stock Exchange of Thailand (SET); and (2) To analyze the relationship between profitability and dividend payouts among these listed firms. The sample consists of 28 companies in the Food and Beverage sector of the SET, yielding a total of 84 firm-year observations. The sampling method employed is purposive sampling. Data were collected from the audited financial statements of listed firms, covering a continuous three-year period from 2021 to 2023 (B.E. 2564–2566). Only companies with complete and consecutive data over this period were included in the analysis.The study employed descriptive statistics, the Pearson correlation coefficient, and multiple regression analysis to investigate the relationship between profitability and dividend payout policies. The results reveal that (1) Companies listed in the Food and Beverage sector of the SET exhibit considerable variation in both profitability and dividend payout policies. This diversity reflects differences in financial performance, management strategies, and operational environments. Dividend payout levels range from very low to high, indicating heterogeneous financial management practices within the sector. (2) The study finds that profitability has no statistically significant relationship with dividend payout policies among companies in this sector. This suggests that dividend decisions may depend more on other factors—such as liquidity, investment opportunities, ownership structure, or long-term financial strategies—than on short-term profitability alone.