Beyond the Payout Ratio: A Multidimensional Analysis of Dividend Payment Decisions, Payout Intensity, and Dividend Yield in an Emerging Market—Evidence from Morocco

This study investigates whether the determinants of dividend policy differ across distinct dimensions of distribution. Whereas most empirical studies rely on a single measure, generally the payout ratio, we adopt a multidimensional approach that distinguishes the decision to pay a dividend, payout intensity, and dividend yield. The analysis is based on a balanced panel of 33 firms listed on the Casablanca Stock Exchange over 2003–2025, yielding 759 firm-year observations. Each dimension is estimated using an econometric strategy tailored to its statistical properties: a random-effects logit model with firm-clustered robust standard errors for the payment decision, a random-effects model with firm-clustered robust standard errors for the payout ratio, and a fixed-effects model with Driscoll–Kraay standard errors for dividend yield, following a sequential model-selection and diagnostic procedure. The findings reveal substantial heterogeneity across the three dimensions of dividend policy. Profitability primarily affects the decision to pay and dividend yield, while firm size emerges as the most pervasive determinant. Financial leverage significantly reduces both the probability of paying a dividend and the payout ratio. The most distinctive result concerns the Price-to-Book ratio: its effect is positive for the payment decision and payout ratio, but negative for dividend yield. A battery of robustness checks confirms the stability of the main findings. Overall, the results show that the determinants of dividend policy depend on the dimension examined and underscore the value of a multidimensional framework for understanding payout decisions in emerging markets.