Chulalongkorn University Theses and Dissertations (Chula ETD)

Other Title (Parallel Title in Other Language of ETD)

ความผันผวนของโครงสร้างทางการเงินกับนโยบายเงินปันผล: หลักฐานจากบริษัทจดทะเบียนของไทย

Year (A.D.)


Document Type

Independent Study

First Advisor

Pornanong Budsaratragoon


Faculty of Commerce and Accountancy (คณะพาณิชยศาสตร์และการบัญชี)

Department (if any)

Department of Banking and Finance (ภาควิชาการธนาคารและการเงิน)

Degree Name

Master of Science

Degree Level

Master's Degree

Degree Discipline





This study attempts to identify the factors affecting capital structure volatility using firm-specific on a sample of listed Thai firms from 2001 – 2020. This study documents that firm-specific factors impact capital structure volatility. Firms with higher growth opportunities, more profitable and have greater change in their assets tend to vary their capital structure more. In the second part, after determining the factors influencing capital structure volatility. This study provides the evidence of capital structure volatility (CSV) on dividend policies. And find that a high level of CSV is negatively associated with dividend policies. This paper also examines the variation of dividend policy across industries. The results illustrate that there is a variation of dividend policy across industries and factor influencing dividend policy also different across industries. Moreover, defensive industry pays higher dividend than non-defensive industry.



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