• VIKRAM NATHUHAI VALANI
• Dr.Alok K.Chakrawal

To examine the determinants of dividend policy of Refinery Industry in India. The main objective of the study analyzes the impact of profitability, leverage and liquidity on dividend payout ratios. The researcher has collect financial data from the period 2008-09 to 2017-18 of selected five company based on secondary data. The dependent variable is dividend payout ratio whereas explanatory variable include profitability, leverage and liquidity ratios. The data has analyzed using correlation and multiple regression analysis. Correlation among variable DPR, Retained earnings, Return on net worth, Earnings per share, Debt-equity Ratio, Quick Ratio, Dividend per share, Return on capital employed, Return on total assets and current ratio is measured by the researcher which shows the highest correlation of DPR with ROCE as compared to other independent variable.

DIVIDEND PAYOUT RATIO, RETAINED EARNING, DEBT-EQUITY RATIO.

"DETERMINANTS OF DIVIDEND POLICY OF REFINERY INDUSTRY: A STUDY OF SELECTED COMPANIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.698-709, June 2019, Available :http://www.jetir.org/papers/JETIR1906Q96.pdf

"DETERMINANTS OF DIVIDEND POLICY OF REFINERY INDUSTRY: A STUDY OF SELECTED COMPANIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp698-709, June 2019, Available at : http://www.jetir.org/papers/JETIR1906Q96.pdf