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

  • Sanjib Biswas Department of Management Studies, National Institute of Technology, India https://orcid.org/0000-0002-9243-2403
  • Gautam Bandyopadhyay Department of Management Studies, National Institute of Technology, India
  • Jayanta Nath Mukhopadhyaya Finance Area, Army Institute of Management, India
Keywords: Dividend payment, investment decision making, LOPCOW, EDAS, Borda count, Copeland method

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.

Downloads

Download data is not yet available.

References

Affandi, F., Sunarko, B., & Yunanto, A. (2019). The Impact of Cash Ratio, Debt To Equity Ratio, Receivables Turnover, Net Profit Margin, Return On Equity, and Institutional Ownership To Dividend Payout Ratio. Journal of Research in Management, 1(4), 1-11.

Agresti, A., & Kateri, M. (2021). Foundations of Statistics for Data Scientists: With R and Python. Chapman and Hall/CRC.

Al Sawalqa, F. A. (2021). Life-Cycle Theory of Corporate Dividend Policy in Jordan: The Role of Equities, Assets, and Age during the Period 2015-2019. The Journal of Asian Finance, Economics and Business, 8(6), 1-11.

Amalia, S., & Hermanto, S. B. (2018). Effect of Profitability, Managerial Ownership, Leverage and Growth on Dividend Policy. Journal of Accounting Science and Research (JIRA), 7(8), 1-21.

Amidu, M., & Abor, J. (2006). Determinants of dividend payout ratios in Ghana. The journal of risk finance. 7(2), 136-145. DOI: https://doi.org/10.1108/15265940610648580

Asquith, P., & Mullins Jr, D. W. (1983). The impact of initiating dividend payments on shareholders' wealth. Journal of business, 77-96. DOI: https://doi.org/10.1086/296187

Baker, H. K., & Powell, G. E. (1999). How corporate managers view dividend policy. Quarterly Journal of Business and Economics, 38(2), 17-35.

Baker, H. K., Farrelly, G. E., & Edelman, R. B. (1985). A survey of management views on dividend policy. Financial management, 14(3), 78-84. DOI: https://doi.org/10.2307/3665062

Baker, H. K., Powell, G. E., & Veit, E. T. (2002). Revisiting the dividend puzzle: Do all of the pieces now fit?. Review of Financial Economics, 11(4), 241-261. DOI: https://doi.org/10.1016/S1058-3300(02)00044-7

Baker, H. K., Veit, E. T., & Powell, G. E. (2001). Factors influencing dividend policy decisions of Nasdaq firms. Financial Review, 36(3), 19-38. DOI: https://doi.org/10.1111/j.1540-6288.2001.tb00018.x

Bakri, M. A., Abd Jalil, M. I., & Hassan, Z. (2021). Dividend Policy in Malaysia: A Comparison of Determinants Pre and Post Malaysian Code on Corporate Governance. International Journal of Banking and Finance, 16(2), 1-22.

Barak, S., & Mokfi, T. (2019). Evaluation and selection of clustering methods using a hybrid group MCDM. Expert Systems with Applications, 138, 112817.

Biswas, S. (2020a). Exploring the Implications of Digital Marketing for Higher Education using Intuitionistic Fuzzy Group Decision Making Approach. BIMTECH Business Perspective, 2(1), 33-51.

Biswas, S. (2020b). Measuring performance of healthcare supply chains in India: A comparative analysis of multi-criteria decision making methods. Decision Making: Applications in Management and Engineering, 3(2), 162-189. DOI: https://doi.org/10.31181/dmame2003162b

Biswas, S., & Anand, O. P. (2020). Logistics Competitiveness Index-Based Comparison of BRICS and G7 Countries: An Integrated PSI-PIV Approach. IUP Journal of Supply Chain Management, 17(2), 32-57.

Biswas, S., & Pamučar, D. S. (2021). Combinative distance based assessment (CODAS) framework using logarithmic normalization for multi-criteria decision making. Serbian Journal of Management, 16(2), 321-340.

Biswas, S., Bandyopadhyay, G., Guha, B., & Bhattacharjee, M. (2019). An ensemble approach for portfolio selection in a multi-criteria decision making framework. Decision Making: Applications in Management and Engineering, 2(2), 138-158.

Biswas, S., Majumder, S., & Dawn, S. K. (2022b). Comparing the socioeconomic development of G7 and BRICS countries and resilience to COVID-19: An entropy–MARCOS framework. Business Perspectives and Research, 10(2), 286-303.

Biswas, S., Majumder, S., Pamucar, D., & Dawn, S. K. (2021). An extended LBWA framework in picture fuzzy environment using actual score measures application in social enterprise systems. International Journal of Enterprise Information Systems (IJEIS), 17(4), 37-68.

Biswas, S., Pamučar, D., Božanić, D., & Halder, B. (2022a). A New Spherical Fuzzy LBWA-MULTIMOOSRAL Framework: Application in Evaluation of Leanness of MSMEs in India. Mathematical Problems in Engineering, 2022. https://doi.org/10.1155/2022/5480848

Black, F., & Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of financial economics, 1(1), 1-22. DOI: https://doi.org/10.1016/0304-405X(74)90006-3

Borda, J. D. (1784). Mémoire sur les élections au scrutin. Histoire de l'Academie Royale des Sciences pour 1781 (Paris, 1784).

Brennan, M. (1971). A note on dividend irrelevance and the Gordon valuation model. The Journal of Finance, 26(5), 1115-1121. DOI: https://doi.org/10.1111/j.1540-6261.1971.tb01752.x

Brigham, E. F., & Houston, J. F. (2001). Financial Management. Book 1 issue 8. Jakarta: Erlangga.

Budiarso, N. S. (2019). Agent, Steward, and Dividend Policy. European Research Studies, 22(3), 83-94.

Chaniago, Y. F., & Ekadjaja, A. (2022). Determinant of Dividend Payout Ratiosin Consumer Goods Company. Jurnal Ekonomi, Special Issue, March 2022, 100-118.

Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2021). Impact of dividend policy on corporate value: Experiment in Vietnam. International Journal of Finance & Economics, 26(4), 5815-5825.

Dewasiri, N. J., Koralalage, W. B. Y., Azeez, A. A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: evidence from an emerging and developing market. Managerial Finance, 45(3), 413-429.

Dhingra, R., Dev, K., & Gupta, M. (2018). Performance Analysis of FMCG Sector in India. International Journal of Business Analytics and Intelligence, 6(2), 12-23.

Dortaj, A., Maghsoudy, S., Ardejani, F. D., & Eskandari, Z. (2020). A hybrid multi-criteria decision making method for site selection of subsurface dams in semi-arid region of Iran. Groundwater for Sustainable Development, 10, 100284.

Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American economic review, 74(4), 650-659.

Ecer, F. (2021). A consolidated MCDM framework for performance assessment of battery electric vehicles based on ranking strategies. Renewable and Sustainable Energy Reviews, 143, 110916.

Ecer, F., & Pamucar, D. (2022). A novel LOPCOW-DOBI multi-criteria sustainability performance assessment methodology: An application in developing country banking sector. Omega, 112, 102690. https://doi.org/10.1016/j.omega.2022.102690

Fama, E. F., & Babiak, H. (1968). Dividend policy: An empirical analysis. Journal of the American statistical Association, 63(324), 1132-1161. DOI: https://doi.org/10.1080/01621459.1968.10480917

Gandhi, N. S., Thanki, S. J., & Thakkar, J. J. (2018). Ranking of drivers for integrated lean-green manufacturing for Indian manufacturing SMEs. Journal of Cleaner Production, 171, 675-689. DOI: https://doi.org/10.1016/j.jclepro.2017.10.041

Garg, M. C., & Bhargaw, V. (2019). The Determinants of Dividend Policy in Indian Corporate Sector. IUP Journal of Accounting Research & Audit Practices, 18(1), 31-81.

Gordon, M. J. (1959). Dividends, earnings, and stock prices. The review of economics and statistics, 99-105. DOI: https://doi.org/10.2307/1927792

Graham, B., & Dodd, D. L. F. (1934). Security analysis. New York: McGraw-Hill.

Gupta, C. P., & Bedi, P. (2020). Corporate cash holdings and promoter ownership. Emerging Markets Review, 44, 100718. https://doi.org/10.1016/j.ememar.2020.100718

Gupta, K., & Arora, R. (2021). Three dimensional bounded transportation problem. Yugoslav Journal of Operations Research, 31(1), 121-137.

Gupta, S., Bandyopadhyay, G., Bhattacharjee, M., & Biswas, S. (2019). Portfolio Selection using DEA-COPRAS at risk–return interface based on NSE (India). International Journal of Innovative Technology and Exploring Engineering (IJITEE), 8(10), 4078-4086.

Gupta, S., Bandyopadhyay, G., Biswas, S., & Mitra, A. (2022). An Integrated Framework for Classification and Selection of Stocks for Portfolio Construction: Evidence from NSE, India. Decision Making: Applications in Management and Engineering, https://doi.org/10.31181/dmame0318062021g DOI: https://doi.org/10.31181/dmame0318062021g

Hamill, P. A., & Al-Shattarat, W. (2012). What determines the dividend payout ratio for Jordanian Industrial Firms?. Journal of Emerging Market Finance, 11(2), 161-188. DOI: https://doi.org/10.1177/0972652712454515

Hardy, S., & Andestiana, R. (2019). The Effect of Profitability, Debt Policy and Asset Growth on Dividend Policy (In Food And Beverage Companies Listed on the Indonesia Stock Exchange for the 2013-2017 Period). Journal of UMT Dynamics, 2(2), 44-58.

Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174-191.

IBEF report (2022a). https://www.ibef.org/industry/fmcg (last accessed July 31, 2022)

IBEF report (2022b). https://www.ibef.org/industry/indian-consumer-market/infographic (last accessed July 31, 2022)

Ifeanyichukwu, N. C., & Yusuf, L. (2021). A. Effects of Dividend Policy On Market Share Price of Listed Industrial Goods Companies in Nigeria. International Journal of Innovative Research and Advanced Studies (IJIRAS), 8(11), 14-21.

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.

Jensen, M., & Meckling, W. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 3, 305-360. DOI: https://doi.org/10.1016/0304-405X(76)90026-X

Jiang, Y., Pan, X., & Zhou, Q. (2019). The Effect of Dividend on Stock Returns in Chinese Market: Is There a Clientele Phenomenon? Journal of Accounting and Finance, 19(2), 96-114.

Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263-292. DOI: https://doi.org/10.2307/1914185

Karmakar, P., Dutta, P., & Biswas, S. (2018). Assessment of mutual fund performance using distance based multi-criteria decision making techniques-An Indian perspective. Research Bulletin, 44(1), 17-38.

Katakwar, K., Tenguriya, S., Chhajer, P., Mehta, V., & Gandhi, V. (2021). Determinants of Dividend Policy in India–Special Reference to Nifty 50 Companies. Shanlax International Journal of Management, 9(2), 37-42.

Keshavarz Ghorabaee, M., Zavadskas, E. K., Olfat, L., & Turskis, Z. (2015). Multi-criteria inventory classification using a new method of evaluation based on distance from average solution (EDAS). Informatica, 26(3), 435-451. DOI: https://doi.org/10.15388/Informatica.2015.57

Khan, K., Lamrani, H. C., & Khalid, S. (2019). The impact of dividend policy on firm performance: A case study of the industrial sector. Risk Governance & Control: Financial Markets & Institutions, 9, 23–31

Khan, R., Meer, J. K., Lodhi, R. N., & Aftab, F. (2017). Determinants of dividend payout ratio: A study of KSE manufacturing firms in Pakistan. IBT Journal of Business Studies (JBS), 13(1), 12-24.

Kilincarslan, E. (2021). The influence of board independence on dividend policy in controlling agency problems in family firms. International Journal of Accounting & Information Management, 29(4), 552-582

Kumar, A., Lei, Z., & Zhang, C. (2022). Dividend sentiment, catering incentives, and return predictability. Journal of Corporate Finance, 72, 102128.

Labhane, N. B., & Das, R. C. (2015). Determinants of dividend payout ratio: Evidence from Indian companies. Business and Economic Research, 5(2), 217-241. DOI: https://doi.org/10.5296/ber.v5i2.8154

Labhane, N. B., & Mahakud, J. (2019). Impact of Business Group Size and Diversification on Dividend Policy and Pay-outs: Evidence from Indian Companies. South Asian Journal of Management, 26(1), 50-75.

Laha, S., & Biswas, S. (2019). A hybrid unsupervised learning and multi-criteria decision making approach for performance evaluation of Indian banks. Accounting, 5(4), 169-184.

Lansdowne, Z. F., & Woodward, B. S. (1996). Applying the Borda ranking method. Air Force Journal of Logistics, 20(2), 27-29.

Le, T. T. H., Nguyen, X. H., & Tran, M. D. (2019). Determinants of Dividend Payout Policy in Emerging Markets: Evidence from the ASEAN Region. Asian Economic and Financial Review, 9(4), 531

Lease, R. C., John, K., Kalay, A., Loewenstein, U., & Sarig, O. H. (1999). Dividend Policy:: Its Impact on Firm Value. Oxford University Press.

Lei, F., Wei, G., Shen, W., & Guo, Y. (2022). PDHL-EDAS method for multiple attribute group decision making and its application to 3D printer selection. Technological and Economic Development of Economy, 28(1), 179-200.

Lestari, S., Adji, T. B., & Permanasari, A. E. (2018, May). Performance comparison of rank aggregation using borda and copeland in recommender system. In 2018 International Workshop on Big Data and Information Security (IWBIS) (pp. 69-74). IEEE

Lin, T. J., Chen, Y. P., & Tsai, H. F. (2017). The relationship among information asymmetry, dividend policy and ownership structure. Finance Research Letters, 20, 1-12. DOI: https://doi.org/10.1016/j.frl.2016.06.008

Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American economic review, 46(2), 97-113.

Lloren-Alcantara, P. A. (2020). Determinants of Dividend Payout Policy: Evidence from a Philippine Context. Philippine Management Review, 27, 1-16.

Louangrath, P. (2014). Sample size determination for non-finite population. Southeast-Asian J. of Sciences, 3(2), 141-152. DOI: https://doi.org/10.2139/ssrn.2710455

Luanglath, I. (2014). Innovation Analysis for Business Productivity. Executive Journal, 34(1), 23-39.

Luanglath, P. I. and Rewtrakulpaiboon (2013). Determination of Minimum Sample Size for Film-Induced Tourism Research. Silapakorn 70th Anniversary International Conference 2013. Towards the Next decade of Hospitality and Creative Economics: Looking Forward to 2020. December 1st – 3rd, 2013, Bangkok, Thailand. Conference Proceeding, pp. 127-139.

Malik, W., & Sattar, A.R. (2018). Corporate Governance Characteristics and Operating Cash Flow as Determinants of Dividend Payout: Evidence from Pakistan. Pacific Business Review International, 11(5), 123-130.

Michel, A. (1979). Industry influence on dividend policy. Financial Management, 8(3), 22-26. DOI: https://doi.org/10.2307/3665034

Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. the Journal of Business, 34(4), 411-433. DOI: https://doi.org/10.1086/294442

Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. The Journal of finance, 40(4), 1031-1051. DOI: https://doi.org/10.1111/j.1540-6261.1985.tb02362.x

Mui, Y. T., & Mustapha, M. (2016). Determinants of dividend payout ratio: evidence from Malaysian public listed firms. Journal of Applied Environmental and Biological Sciences, 6(1), 48-54.

Muth, J. F. (1961). Rational expectations and the theory of price movements. Econometrica, 29(3), 315-335. DOI: https://doi.org/10.2307/1909635

Nidar, S. R., Masyita, D., & Anwar, M. (2019). Analysis of Determinant Factors towards Dividend at Manufacturing Companies Listed in Indonesia Stock Exchange. Academy of Accounting and Financial Studies Journal, 23(2), 1-10.

Novia, Y. D., & Marlina, M. (2022). Determinants of Dividend Policy in Compass 100 Index Companies. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 5(2), 9831-9842.

Odum, A. N., Odum, C. G., Omeziri, R. I., & Egbunike, C. F. (2019). Impact of Dividend Payout Ratio on the Value of Firm: A Study of Companies Listed on the Nigerian Stock Exchange. Indonesian Journal of Contemporary Management Research, 1(1), 25-34.

Omar, M. M. S., & Echchabi, A. (2019). Dividend policy and pay-out practices in Malaysia: A qualitative analysis. Journal of Accounting, Finance and Auditing Studies, 5(1), 226-240.

Pamučar, D., & Ćirović, G. (2015). The selection of transport and handling resources in logistics centers using Multi-Attributive Border Approximation area Comparison (MABAC). Expert systems with applications, 42(6), 3016-3028. DOI: https://doi.org/10.1016/j.eswa.2014.11.057

Pamucar, D., Žižović, M., Biswas, S., & Božanić, D. (2021). A new logarithm methodology of additive weights (LMAW) for multi-criteria decision-making: Application in logistics. Facta Universitatis, Series: Mechanical Engineering, 19(3), 361-380.

Pandey, N. S., & Narayani, S. D. (2019). Impact of Dividend Policy During the Global Economic Recession: Automobile Industries in India. SCMS Journal of Indian Management, 16(2), 18-29.

Pattiruhu, J. R., & Paais, M. (2020). Effect of liquidity, profitability, leverage, and firm size on dividend policy. The Journal of Asian Finance, Economics and Business, 7(10), 35-42.

Pourjavad, E., & Shirouyehzad, H. (2011). A MCDM approach for prioritizing production lines: a case study. International Journal of Business and Management, 6(10), 221-229. DOI: https://doi.org/10.5539/ijbm.v6n10p221

Pramanik, P. K. D., Biswas, S., Pal, S., Marinković, D., & Choudhury, P. (2021). A comparative analysis of multi-criteria decision-making methods for resource selection in mobile crowd computing. Symmetry, 13(9), 1713.

Puspitaningtyas, Z. (2019). Empirical evidence of market reactions based on signaling theory in Indonesia Stock Exchange. Investment Management and Financial Innovations, 16(2), 66-77.

Rochmah, H. N., & Ardianto, A. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business & Management, 7(1), 1812927.

Roscoe, J.T. (1975) Fundamental Research Statistics for the Behavioural Sciences, 2nd edition. New York: Holt Rinehart & Winston. P. 163.

Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research, 5(3), 249-259. DOI: https://doi.org/10.1111/j.1475-6803.1982.tb00299.x

Salim, M. N., & Aulia, S. (2021). Analysis determinant of dividend payout ratio and its impact to the firm value (empirical study on food and beverage industry issuer 2016-2019), International Journal of Engineering Technologies and Management Research, 8(9), 46-59.

Salman, A. (2019). Determinants of dividend policy. Investment management and financial innovations, 16(1), 167-177.

Sami, M., & Abdallah, W. (2021). Assessing the impact of dividend policy on the sustainability of distressed firms. Journal of Modelling in Management, 16(3), 987-1001.

Sarangi, P. R. A. S. A. N. T. (2019). The Indian Consumer Durable Market and an Analysis of Demand Pattern for Major Durables. Unpublished manuscript. Retrieved from https://icsi.edu/media/portals/86/Major%20Durables.pdf (Last accessed July 31, 2022)

Seth, R., & Mahenthiran, S. (2022). Impact of dividend payouts and corporate social responsibility on firm value–Evidence from India. Journal of Business Research, 146, 571-581.

Setyabudi, T. (2021). The Effect of Institutional Ownership, Leverage, and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Journal of Business and Management Review, 2(7), 457-469.

Shefrin, H. M., & Statman, M. (1984). Explaining investor preference for cash dividends. Journal of financial economics, 13(2), 253-282. DOI: https://doi.org/10.1016/0304-405X(84)90025-4

Simanaviciene, R., & Ustinovichius, L. (2010). Sensitivity analysis for multiple criteria decision making methods: TOPSIS and SAW. Procedia-Social and Behavioral Sciences, 2(6), 7743-7744. DOI: https://doi.org/10.1016/j.sbspro.2010.05.207

Singla, H. K., & Samanta, P. K. (2018). Determinants of dividend payout of construction companies: a panel data analysis. Journal of Financial Management of Property and Construction, 24(1), 19-38

Stević, Ž., Vasiljević, M., Zavadskas, E. K., Sremac, S., & Turskis, Z. (2018). Selection of carpenter manufacturer using fuzzy EDAS method. Engineering Economics, 29(3), 281-290.

Su, Y., Zhao, M., Wei, G., Wei, C., & Chen, X. (2022). Probabilistic uncertain linguistic EDAS method based on prospect theory for multiple attribute group decision-making and its application to green finance. International Journal of Fuzzy Systems, 24(3), 1318-1331.

Taher, F. N. A., & Al-Shboul, M. (2022). Dividend policy, its asymmetric behavior and stock liquidity. Journal of Economic Studies, (ahead-of-print). DOI 10.1108/JES-10-2021-0513.

Taofeek, O., Kajola, S. O., & AKINBOLA, O. А. (2019). Influence of Dividend Policy on Stock Price Volatility of Non-Financial Firms Listed Nigerian Stock Exchange. Journal of Varna University of Economics, 63(1), 35-49.

Thakur, B. P. S., & Kannadhasan, M. (2018). Determinants of dividend payout of Indian manufacturing companies: A quantile regression approach. Journal of Indian Business Research, 10(4), 364-376.

Thaler, R. H., & Shefrin, H. M. (1981). An economic theory of self-control. Journal of political Economy, 89(2), 392-406. DOI: https://doi.org/10.1086/260971

TOI report (2022). https://timesofindia.indiatimes.com/blogs/voices/the-state-of-indian-fmcg-sector-and-future-prospects-for-fy23/ (last accessed July 31, 2022)

Tumiwa, R. A. F., & Mamuaya, N. C. (2019). The Determinants of Dividend Policy and Their Implications for Stock Prices on Manufacturing Companies Listed on the Indonesia Stock Exchange. KnE Social Sciences, 778-793.

Walter, J. E. (1963). Dividend policy: its influence on the value of the enterprise. The Journal of finance, 18(2), 280-291. DOI: https://doi.org/10.1111/j.1540-6261.1963.tb00724.x

Wei, G., Wei, C., & Guo, Y. (2021). EDAS method for probabilistic linguistic multiple attribute group decision making and their application to green supplier selection. Soft Computing, 25(14), 9045-9053.

Widiyanti, M., Adam, M., & Isnurhadi, I. (2019). Effect of Company Performance on Earing per Share with Dividend Payout Ratio as Intervening Variable in LQ 45 Companies. Acta Universitatis Danubius. Œconomica, 15(4), 286-292.

Wu, W. W. (2011). Beyond Travel & Tourism competitiveness ranking using DEA, GST, ANN and Borda count. Expert Systems with Applications, 38(10), 12974-12982. DOI: https://doi.org/10.1016/j.eswa.2011.04.096

Yakubu, I. N. (2021). The effect of working capital management on dividend policy: An empirical analysis of listed firms in Ghana. International Journal of Industrial Management, 9, 25-31.

Yin, L., & Nie, J. (2021). Adjusted dividend-price ratios and stock return predictability: Evidence from China. International Review of Financial Analysis, 73, 101618.

Zavadskas, E. K., Kaklauskas, A., & Sarka, V. (1994). The new method of multicriteria complex proportional assessment of projects. Technological and economic development of economy, 1(3), 131-139.

Zolfani, S. H., Ebadi Torkayesh, A., Ecer, F., Turskis, Z., & Šaparauskas, J. (2021). International market selection: a MABA based EDAS analysis framework. Oeconomia Copernicana, 12(1), 99-124.

Published
2022-10-06
How to Cite
Biswas, S., Bandyopadhyay, G., & Mukhopadhyaya, J. N. (2022). A multi-criteria framework for comparing dividend pay capabilities: Evidence from Indian FMCG and consumer durable sector. Decision Making: Applications in Management and Engineering, 5(2), 140-175. https://doi.org/10.31181/dmame0306102022b