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The main purpose of the studies was to determine factors that influence dividend payments to firms listed on the Ghana Stock Market. A total of twenty-two firms were sampled from the Ghana Stock Market from the year 2011-2020 and included trading, manufacturing, and construction firms. Panel data was attained from the firm's financial statement and the Sargan test of longitudinal estimation based on the Generalized Method of Moments was employed for the research. The regression analysis indicated that there is a direct effect of profitability on dividend policy, debt and investment also indicated a direct influence on dividend policy. The results were significant and 1%,5% and 1% and robust. Our findings also indicated that there is an indirect effect of firm size on dividend policy and the result were robust
Akolor et al. (Fri,) studied this question.