A multi-criteria framework for comparing dividend pay capabilities: Evidence from Indian FMCG and consumer durable sector

Sanjib Biswas · Gautam Kumar Bandyopadhyay · Jayanta Nath Mukhopadhyaya

44 citations0/0 files storedDecision Making Applications in Management and Engineering

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Corporate Finance and Governance Financial Analysis and Corporate Governance Multi-Criteria Decision Making

Abstract

In this paper, we aim to carry out a comparative analysis of the Dividend Pay Capabilities (DPC) of the selected organizations belonging to the Fast Moving Consumer Goods (FMCG) and Consumer Durables (CD) sectors listed in BSE, India during the period FY 2013-14 to FY 2019-20. We select top 25 companies from FMCG group and top 5 firms from the CD sector on the basis of average market capitalization. For comparison purpose, we have considered six aspects (grounded on the extant theories on dividend policy) such as ownership, size, profitability, growth, liquidity and risk. We have used a new integrated Logarithmic Percentage Change-driven Objective Weighting (LOPCOW) and Evaluation based on Distance from Average Solutions (EDAS) framework for our analysis. The result shows that companies do not show consistent performance over the years. We further have noticed that FMCG organizations show comparatively better capabilities that CD firms vis-à-vis dividend payment. Since, there are considerable variations in the ranking, we apply aggregation methods like Borda Count (BC), Copeland method (CM) and Simple additive weighting (SAW). We use two other popular Multi-Criteria Decision Making (MCDM) methods like MABAC and COPRAS for comparison with our framework to ascertain the reliability of our result.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1996Agency costs of free cash flow, corporate finance, and takeovers 1961Dividend Policy, Growth, and the Valuation of Shares 1961Rational Expectations and the Theory of Price Movements 1985Dividend Policy under Asymmetric Information 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES 1984Two Agency-Cost Explanations of Dividends

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