Abstract:
The objective of this study was to study the relationship between shareholder
concentration and dividend policy of listed companies in the Stock Exchange of Thailand.
The population used in this research consisted of a total of 465 listed companies in the Stock
Exchange of Thailand for the year 2017 and companies in the Market for Alternative Investment
(Mai) and Mutual Funds were included, and the statistics used consisted of descriptive statistics to
describe the characteristics of the studied sample.For the analysis of econometrics, multiple
regression models were created and the ML-Binary Logit (Quadratic hill climbing) technique was
used to estimate parameters and statistical values with the EViews program. It was found that the
independent variables had a relation to explain the changes in the dividend payment rate of the
listed companies in the Stock Exchange of Thailand by 39.24% and the Y-intercept constant was
-8.289661. The factors that determined the dividend payment of listed companies in the Stock
Exchange of Thailand were the proportion of shares of the top 5 major shareholders, the return on
assets, business size, the debt to assets ratio, shareholding proportion of Directors and Executives,
and the retained earnings to capital ratio. They were factors that had a significant effect on the
dividend payment rate at the significance level of 0.05.