Advertising in Schools Essay Example for Free (#2)

Advertising in Schools Essay ? Although this semester our class has discussed the different types of advertising in the marketplace, one technique that was not discussed is that of advertising in schools. This idea is a growing technique that if conducted the right way, could perhaps benefit not only corporate organizations, but also schools and students. However, there are many critics, along with parents that feel advertising in schools is a horrible idea and could only lead to harm. Many advertisers view children as a profitable three-in-one market. That is, 1) As buyers themselves 2) As influencers of their parents purchases, and 3) As a future adult customer. Every year, children have an estimated $15 billion of their own money, of which they spend $11 billion of it on products such as toys, clothes, candy and snacks. Children also influence at least $160 billion in parental purchases. Generally speaking, today’s children have more money to spend than ever before. Companies know this and find that advertising to the ‘youth of the nation’ can be beneficial and lead to future dedicated customers. Because of the increase in children’s spending power in recent decades, advertisers have closely targeted children as consumers. New advertising strategies aimed at children have been steadily growing and expanding. The toy-related program, or program length commercial (which is just like a infomercial) is developed to sell toys, and stirred public attention and debates. Along with this form of advertising, 900-number telephone services were accused of being aimed at children. In the 1980’s, children got their own TV networks, radio networks, magazines, newspapers, kids’ clothing brands, and other high-price items such as video games and other high-tech products. Other new advertising strategies include kids’ clubs, store displays directed at children, direct mailing to children, and sponsored school activities. At first glance, selling corporate sponsorship rights to pay for school activities looks like a win-win situation. Needy schools get resources they need. Companies get new marketing opportunities that can build brand loyalty. After all, advertising in schools is nothing new. Districts have long used ads from local businesses to help pay the costs of school newspapers, yearbooks, and athletic programs. Even here at CBU our athletic department sells ads for ‘Sports Media Guides’ to local institutions as well as national organizations. A growing number of companies are offering schools money for a chance to market their products directly to students. As budgets shrink, schools must find ways to get extra funding. Many schools are doing away with fund-raising and have begun to look at corporate dollars to fund just about everything. Signing contracts with these companies seems like an easy way to get the money they need. Schools need funding for in-school activities and equipment, and, in order to reduce the number of children going home to empty houses, they need to fund many after-school activities. Product advertisements can be found almost everywhere in schools. They are most frequently found in stadiums, gymnasiums, school cafeterias, hallways, and on textbook covers. Some schools across the nation are even putting advertisements on school buses. So what types of advertising are out there in our schools? There are different categories that ads can fall into. The following categories can represent most the advertising techniques used in our schools today and give a description of how they work. Types of Advertising 1) In-school advertisements In-school ads are forms of advertising that can be found on billboards, on school buses, on scoreboards, in school hallways, in soft drink machines, or on sports uniforms. This type of advertising is also found in product coupons and in give-aways that are given to students. 2) â€Å"Exclusive rights† contracts A company gives money to schools that carry ONLY their products. Extra money can also be given if a schools’ sales exceed a certain amount(quota). 3) Corporate-sponsored educational materials and programs Sponsored educational materials include free or low-cost items which can be used for instruction. Examples of these may include; multimedia teaching kits, videotapes, software, books, posters, activity sheets, and workbooks. While some of these materials may be ad-free, others may contain advertising for the producer of the item, or they may contain biased information aimed at swaying students towards a company’s product or service. 4) Corporate-sponsored contests and incentive programs This is where students compete for prizes by selling, buying or collecting labels for a certain product. These contests and incentive programs bring brand names into the schools along with the promise of such rewards as free pizzas, cash, points towards buying educational equipment, or trips and other prizes. 5) Ads in classroom materials and programs Ads in classroom materials include any commercial messages in magazines or video programming used in school. A perfect example of this type of advertising is â€Å"Channel One†. Channel One is a 12-minute daily news show for students in grades 6 through 12 that includes two minutes of age-appropriate ads for products like jeans and soft drinks. In exchange for airing the program each day at the same time for three years, Channel One gives schools a satellite dish, a cable hookup, a television monitor for each classroom, and an agreement to service the equipment for the three years. While some state school systems had originally said ‘No’ to Channel One, the company reports to be present in some 350,000 classrooms. So what types of guidelines are set to insure that in-school advertising is done correctly and does not become overly exploited? Those who support the call for guidelines include educational groups such as the Association for Supervision and Curriculum Development, The National Parent Teacher Association, and the National Education Association. The Society of Consumer Affairs Professionals in Business(SOCAP) and Consumers International are two consumer interest groups that have formulated guidelines for sponsored materials. These guidelines suggest that†¦ † †¦ education materials should be accurate, objective, clearly written, nondiscriminatory, and noncommercial. † (Karpatkin & Holmes) In dealing with the issues of in-school commercialism, Karpatkin & Holmes suggest a three-pronged approach that includes: * Reviewing all sponsored materials and activities and holding them to the same standards as other similar items by using the SOCAP guidelines. * Pursuing noncommercial partnerships with businesses and rejecting the notion that it is ethical to bring advertising into the schools to provide materials or funds. * Begin the teaching of media literacy in elementary school, to educate children to be critical readers of advertising, propaganda, and other media messages. Groups that support advertising in schools have very strong arguments to back their case. It seems that there is a large area for investment in advertising in schools. It also appears that if handled correctly, advertising techniques in schools can lead to the raising of an overall helpful, efficient way to ‘fundraise’. Although advertising in schools may bring needed increases in funds, it is not without controversy. Many people are opposed to advertising in schools. They feel that children are being exploited for profit because big companies feel students are a captive, impressionable audience. Is there any way to balance the true goals and purposes of advertising in schools? Perhaps the best way is to have each school decide what amount and types of advertising in their schools is acceptable. And although advertising in schools seems to be a great way of obtaining funds for school activities, every school board should definitely be sure they know what they are getting into before signing any contracts with big time corporations. In-school Advertising Grace Farrell Promotional Strategy Dr. Peyton 12/02/02 Bibliography Chaika, Gloria. Education World. 1998 Education World. Consumers Union Education Services(CUES). 1990. Selling America’s Kids: Commercial Pressures on Kids of the 90’s. Yonkers, N. Y. Karpatkin, Rhoda, H. and Anita Holmes. 1995. Making schools ad-free zones. Educational Leadership 53(Sep, 1):72-76. McNeal, James U. 1990. Kids as customers. New York: Lexington Books. McNeal, James U. â€Å"Planning Priorities for Marketing to Children†. The Journal of Business Strategy. 1991. Advertising in Schools. (2016, Oct 18).

The Castle of Otranto Essay Example | Topics and Well Written Essays - 500 words

The Castle of Otranto - Essay Example However, at some point she could also be seen as one who deliberately chose to be blind to her unreciprocated feelings toward her husband and has thus fooled herself to believing that Manfred simply did not like her to worry about difficult situations. For instance, it has been expected that when Conrad died, the family members should be the ones gathering together to comfort each other. Hippolita was very worried about her husband so she sent her daughter to his side but she was driven away. Instead, Conrad’s fiancà ©e, Isabella, was summoned and without any inkling, Hippolita sent the young princess to her husband and never thought ill of her husband. The above-mentioned attitude of Hippolita may be understandable at such an emotional moment however her character is questioned at a time when she is able to think more clearly about her family’s affairs. When Manfred suggested that Matilda should be married to Prince Frederic, the woman later learned of the evil plans of the prince. Everything fell into place as she learned that Manfred had plans of divorcing her as â€Å"the recollection of Manfred’s late ambiguous discourses confirmed what she heard† (p. 79). Nevertheless, instead of trying to save her marriage or her daughter from a future she did not like to live, Hippolita used all her influence on her daughter to give in to the desires of her father. It is this event that puts into question how Hippolita claims to feel toward her daughter especially when she learns that Matilda is in love with the young Theodore. For a modern individual, it is quite difficult to comprehend a doting mother to let her child suffer a long-term relationship that can rob her daughter of the happiness she should experience with the man she loves. Having herself experienced a difficult life with her husband, Hippolita should be the first to understand and foresee what Matilda

Starting your Marketing Plan Essay Example | Topics and Well Written Essays - 250 words

Starting your Marketing Plan - Essay Example A syndicated mall is a convenient location to attract people who will walk past the mall. Segment location of Zsamar’s Barber Salon will spreads around ten miles within the radius of the mall. The location of the salon will harbor a target population of 4500 people. The location of Zsamar’s Barber Salon will consider various demographic, behavioral, and geographical factors. The business will serve their target market from a centrally located region. Geographically, Zsamar’s Barber Salon immediate city is New York and the communities that will surround the business consist of 100,300 people. Demographically, the business will serve adult women, teens, young women, and children. Consequently, 3-12 years will comprise 0.1% of the target market, 13-19 years will comprise 14% of the target population, 20-30 years will comprise 26%, while 30 years and above will comprise 56% of the target population. Based on the business’ distribution, the services and product s of Zsamar’s Barber Salon will be dispensed from the central

Heart Felt Wedding Speech from the Father of the Bride -- Wedding Toas

Heart Felt Wedding Speech from the Father of the Bride Thank you Ralph for that introduction – I must say that you are looking a great deal better tonight than when I last saw you after Polly’s 21st in the morning at our home. That was not a pretty sight. GENERAL Ladies and Gentlemen I am delighted to welcome you here tonight to celebrate the Marriage of Polly and Justin. I know that many of you have travelled many thousands of Kilometres to be here with us, and I welcome you and thank you for being here. I know Polly and Justin greatly appreciate your presence and your sacrifice. As I look around the room I look and realize what dear friends we have, and I hope you have a really wonderful evening. Although this Marriage has brought us together tonight, I am reminded of what Billy Connelly said of Marriage: â€Å"Marriage is a wonderful invention, but then again so is a bicycle repair kit.† LOVE AND RELATIONSHIPS Because this is my speech, I can say whatever I like, and I would like to reflect for a few moments on love and relationships. This day ushers in the beginning of a wonderful new phase in lives of this couple. Perhaps the wisest thing anyone has ever said to me about marriage and love is this: love is a decision. On the surface it sounds a fairly clinical and unromantic assessment, but if you think about it a little deeper you will realize that there is truth in these words. It’s ea... ...on which this whole day has been built. In my life she has made me very happy, and I must take this opportunity to thank her not only for her enduring and mostly patient love, but also for planning and executing such a wonderful day as today. TOAST When I look back over the many wonderful years of my marriage, I envy Polly and Justin as they embark on one of life’s most exciting, and â€Å"interesting† journeys. It is now my very great privilege to propose a toast to my daughter and new son-in-law. Could you all please stand and with all the very best wishes, raise your glasses to Polly and Justin, as we wish them the greatest health and happiness for their future life together. TO POLLY AND JUSTIN!

Food Safety Essay

1.1 Health and Safety at work Act 1974 Management of Health and Safety at Work Regulation 1999 Health and Safety (First Aid) Regulation 1981 include amendment on 2009 The Electricity at Work regulations 1989 Manual Handling Operations Regulations 1992 Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995 Communicable diseases and infection control Working Time Regulations 1998 Care Standard Act 2000 Control of exposure to Hazardous to Health 1999 Food Safety Act 1990 and Food Hygiene Regulations 2005. Environmental Protection Act 1990. 1.2 The health and safety at work act 1974 is the main piece of legislation that covers employees for health and safety in the workplace. The main points of health and safety policies and procedures agreed with the employer are, minimal moving and handling, ensuring any materials or equipment is stored away safely. To be aware of any hazards and to minimise risk, also to be responsible for your own safety as well as others. Ensure you are wearing the correct PPE equipment when needed. 1.3 Take reasonable care of my own health and safety If possible avoid wearing jewellery or loose clothing if operating machinery If I have long hair or wear a headscarf, make sure it’s tucked out of the way so as not to get it caught in machinery or moving parts To take reasonable care not to put other people – fellow employees and members of the public – at risk by what I do or don’t do in the course of my work To co-operate with my employer, making sure I get all of the relevant training and understand and follow the company’s health and safety policies Not to interfere with or misuse anything that’s been provided for my health, safety or welfare To report any injuries, strains or illnesses I may suffer as a result of doing your job To tell my employer if something happens that might affect my ability to work, as my employer has a legal responsibility for my  health and safety. 1.4 Employers have legal duties to give health and safety information and training to all employees. Training should include all the risks that employees are exposed to and the precautions needed. It is usual for all new staff to be given induction training on joining the home care service. The training should make clear the areas of activity home carers should and should not undertake and should also give guidance on appropriate footwear and clothing. Where the risk assessment identifies that such clothing is required to protect staff from hazards they should be provided and maintained at no cost to members. Induction programmes must also include health and safety training and should cover: †¢ Manual handling †¢ Infection control †¢ Fire procedures †¢ First aid †¢ Basic hygiene †¢ Food preparation, storage and hygiene †¢ Dealing with emergency situations †¢ The use of protective clothing and/or equipment. UNISON safety representatives have the right to be consulted on the type and level of health and safety training and information developed or offered to members. In addition to the induction, training should be given to employees when: †¢ There is a transfer of job, a change in clients or changes in responsibility †¢ New equipment is used, †¢ There are changes in work methods. Employers must also provide information for employees, that is easy to understand and which is relevant. Information for people find it difficult understanding or reading English should also be considered. 3.1 Different types of accidents in my work setting could range from burning myself on hot liquid or chemicals, getting body parts caught in machinery, tripping over, right through to being attacked by someone with challenging  behaviour. Sudden illnesses could be sickness and diarreha, flu, right through to any disease a service user or college may have. 3.2 If an accident or sudden illness occurs then first thing to do, if necessary, would be to call for appropriate help. Any accident must be reported to on call and also recorded in the accident book which is located at every house. The form which has been completed should then be taken to management. An investigation should be held to determine whether the accident was preventable and seek a solution to fix the hazard. Any illnesses should be reported immediately to on call and employees should not come into work but instead seek medical advice and obtain a sick not if necessary. When a service user becomes ill then on call should be called to seek further advice on what should be done. 4.1 My own role in supporting others to prevent the spread of infection is to set a good example, always wearing the appropriate PPE, using COSHH and advising others when they aren’t sure. Also if I see others who may not be carrying out necessary precautions I will advise them appropriately. 5.1 EUROPEAN DIRECTIVE 90/269 on manual handling, introduced on 31st December 1992 and adopted in Britain as the MANUAL HANDLING OPERATIONS REGULATIONS. SECTIONS 2 AND 7 OF THE HEALTH AND SAFETY AT WORK ACT (HASAWA) 1974 5.2 Always bend your knees when lifting any object, and ensure to keep the object close to the body when lifting. Never lift over 25kg by yourself but ask for help when needed. The individuals support plan must be read and followed closely, whilst following all the risk assessments. Ensure all the lifting equipment used has been checked and the test is in date before use.. 6.1 Hazardous substances come in many different forms; Chemicals, like cleaning products and rodent repellent can be a hazard. Others are forms of human waste, like bodily fluid, faeces, saliva and blood. Some hazardous substances may not be listed on COSHH, for example asbestos, although may be present in the environment. 7.1 Fit smoke alarms that have a BS kite mark, ensure they are tested at least once a month and batteries are replaced annually. Always use proper candle holders, and ensure any candles are lit away from any potentially flammable substances. Keep heaters away from furniture and never place anything on the heater. Always ensure there is a fixed fireguard around any open fire. It is good practice to switch off and unplug unnecessary appliances before going to bed. Always use the correct fuses in plugs and avoid using mult way extensions. The best way to stop a fire spreading is to keep all doors closed, especially bedroom doors. Keep all flammable liquids and gasses locked away in a cool place. 7.3 In the event of a fire at work the alarm should be raised immediately. People in the building should leave immediately via the nearest fire exit and should assemble at the designated assembly point.. The fire service should be called as soon as possible. Everyone should be accounted for as soon as possible and no one should be allowed back into the building for any reason. 8.3 It is important others are aware of your own whereabouts for emergency reasons. If there is a fire and no one knows you are in the building then the consequences could be severe. 9.1 Cognitive Symptoms Memory problems Inability to concentrate Poor judgment Seeing only the negative Anxious or racing thoughts Constant worrying Emotional Symptoms Moodiness Irritability or short temper Agitation, inability to relax Feeling overwhelmed Sense of loneliness and isolation Depression or general unhappiness Physical Symptoms Aches and pains Diarrhea or constipation Nausea, dizziness Chest pain, rapid heartbeat Loss of sex drive Frequent colds Behavioural Symptoms Eating more or less Sleeping too much or too little Isolating yourself from others Procrastinating or neglecting responsibilities Using alcohol, cigarettes, or drugs to relax Nervous habits (e.g. nail biting, pacing) 9.2 Signs that indicate own stress could be lack of sleep, high blood pressure, fast heartbeat, nausea, bad sleeping pattern, unable to cope with everyday living, having excessive time on sick leave, not eating enough, or eating too much. Other signs include mood swings, violent outburst, sudden weight loss or gain. 9.3 Unrealistic workloads and targets, poor time management, people with unrealistic expectations of yourself. Heavy workload can trigger my own  stress as it causes me to worry about how I will complete the workload on time and to a satisfactory standard. To overcome this I can ensure I prioritise the workload and ensure I complete one piece of work before moving on to the next, to maximise efficiency. Poor time management can trigger stress because I don’t like to be unreliable. Managing this by leaving earlier. People having unrealistic expectations of me makes me feel like I should be performing or acting in a way that I would not be able to comfortably operate. To overcome this I let people know when I feel they may be expecting too much from me. 9.4 2 strategies to be compared are; 1.Taking 5 minutes out to get away from the situation. 2.Trying to resolve the situation immediately in the same stressful situation. The first strategy allows for the person to get away from the stress triggers, which allows for the person to be able to calmly think about how they can resolve or help the situation at hand. This also allows for the person to make more informed and sensible decisions and may be more effective to solving the problem The second strategy, although it may work at times, is not as effective as the first as the person is still in the situation that triggered the stress and therefor may not be able to make an effective decision or come up with an efficient and effective solution.

The Microbiology Of Lyme Disease - 2421 Words

What is the first thing you think of when you hear Lyme disease? I asked my brother, just for fun, to see what his response would be, and his response was too good not to share. He said â€Å"Yeah, Lyme disease is when limes turn gross.† I can’t make this up! Sorry, Landon, not quite. Lyme disease is a rather increasing epidemic, not only in Iowa but also in great numbers on the east coast states. Throughout this paper, I will be discussing what Lyme disease is, the microbiology of Lyme disease, how one can get it, the typical signs and symptoms, typical treatments, and some epidemiology of this bacterial infection. Like we established earlier, Lyme disease is not what makes limes gross but in fact, Lyme disease is a bacterial infection†¦show more content†¦It has a spiral, helix shape with a double membrane resembling gram-negative bacteria when stained. When gram stained, it resembles gram-negative bacteria because it holds the safrin in its outer membr ane but the composition is much different than that of a gram negative cell. A gram negatives cell wall is made of lipopolysaccharides, whereas the outer membrane of a spirochete is made of scattered lipoproteins throughout. B. burgdorferi is also unable to live without a host, it is classified as a chemoheterotroph, relying on other sources for their amino acids, fatty acids, and other nutrients. Like I mentioned earlier, spirochetes have 2 membranes, with periplasmic space between each. Here, the bacteria carry their mode of transportation. They have endoflagella which are almost ‘hidden’ within the periplasmic space. They move in a cork-screw like fashion and are able to go almost undetected by the host immune response because of such. Also, because of the mode of motility, spirochetes are able to burrow deep into very viscous tissues like muscles and even cartilage. This makes spirochete hard to target, and hard to find as well. Normal antibodies cannot eve n get through cartilage, leaving the spirochete to carry out their destruction of the cells. Normally, flagella are antigenic, meaning they are something detected as foreign to the body and it elicits an immune response. Because theShow MoreRelatedDescriptive and Analytic Epidemiology1317 Words   |  6 PagesDescriptive and Analytic Epidemiology TUI University Lea Glover MPH 504 Descriptive and Analytic Epidemiology Case Assignment #3 Dr. Sharon Nazarchuk Abstract Descriptive epidemiology is defined as the study of the amount and distribution of disease within a population by person, place, and time. Descriptive epidemiology answers the following questions: Who is affected? Where and when do cases occur? It describes cases by person, place, and time (TUI University 2008). 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Dynamics and determinants of dividend policy - Free Essay Example

Sample details Pages: 20 Words: 6031 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? INTRODUCTION Corporate dividend policy is one of the most debated topics in corporate finance. Many researchers have devised theories and provided empirical evidence regarding the determinants of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy. The dividend policy issue, however, remains still unresolved as due to the fact that there are so many variables depending upon the type of company, its financial conditions, its industry etc that no single formula could be applicable. Don’t waste time! Our writers will create an original "Dynamics and determinants of dividend policy" essay for you Create order Clear guidelines for an à ¢Ã¢â€š ¬Ã‹Å"optimal payout policyà ¢Ã¢â€š ¬Ã¢â€ž ¢ have not yet emerged despite the voluminous literature. We still do not have an acceptable explanation for the observed dividend behavior of companies. During the last fifty years several theoretical and empirical studies have been done leading to mainly three outcomes: 1. The increase in dividend payout affects the market value of the firm. 2. The decrease dividend payout adversely affects the market value of the firm. 3. The dividend policy of the firm does not affect the firm value at all. However, we can say that empirical evidence on the determinants of dividend policy is unfortunately very complex. Basis on which corporations pay out dividends to the share holders is still an unresolved puzzle. First prominent study that appeared in the literature of finance regarding dividend policy was that of Miller and Modigliani (1961) where they state that there are no deception in a perfect and a rational economic environment. This was the starting point for other researchers to explore dividend payout policy phenomena. Almost all researches that followed referred back to Miller and Modigliani (1961). Various researches were carried out by many researchers to explore the determinants of dividend payout policy, some of them focused on profitability, some on size of the firms, some on growth rate of the firm while others on agency costs. For example researches carried out by Nissim et el (2001), Brook et el (1998), Bernheim et el (1995), Kao et el (1994), and Healy et el (1988) found out a positive association between increase in dividend payout and future profitability. Kalay et el (1986) and Asquith et el (1983) found out that stock returns is positively associated with dividend changes. Sasson et el (1976) conclude that the payout ratio is positive association with average rates of return. On the other hand, studies of Benartzi et el (1997) and DeAngelo et el (1996) find no support for the relationship between future profitability and dividend changes. On Other side most debated factor affecting dividend policy arguably is agency costs. Jensen (1986). Agency cost argument suggests that cost is reducing by dividend payments and cash flow Rozeff (1982). Researches carried out by Jensen et el (1992), and Lang et el (1989) supported this agency cost hypothesis, while others such as Lie (2000), Yoon et el (1995) and Denis et el (1994) found no support for this hypothesis. Size of the firm is another factor which seems to have an impact of dividend payout policy. Firms larger in size are considered to have more ability to payout dividends to its share holders. Lloyd et el (1985), and Vogt (1994) pointed that firm size plays a role in clarifying the dividend-payout ratio of firms. They argued that because larger firms are mature and have easy access to capital markets thus they are not really much dependant on internally generated funding which enabl es them to payout higher dividends. The purpose of this research is to investigate the dynamics and determinants of dividend policy of oil gas sector firms in Pakistan. The independent variables selected from the literature include: market capitalization, profitability and annual rate of growth of total assets. Analysis of these variables should reveal there exist an impact of these variables on dividend payout policy of the firms and very nature of the relationship. The remaining part of this thesis is organized as follows. In section 2 brief reviews of theories about the dividend will be presented. In section 3 this thesis discusses the data and possible variables that can act as proxy for different influences for analysis .In section 4 this thesis will establish the model. Section 5 will provide details of methodology used. In section 6 thesis will establish analysis and interpretations and section 7 will present results and draw a conclusion. CHAPTER II LITERATURE REVIEW There are various theories which provide insight on how a firm pays the dividends. 2.1 Miller and Modigliani theory According to Miller and Modigliani (of Merton Miller, Franco) (1961) dividend do not affect firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ value in perfect market. Shareholders are not concerned to receiving their cash flows as dividend or in shape of capital gain, as far as firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t change the investment policies. In this type of situation firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend payout ratio affect their residual free cash flows, when the free cash flow is positive firms decide to pay dividend and if negative firms decide to issue shares. They also conclude that change in dividend may be conveying the information to the market about firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s future earnings. Example: Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a common believe that dividend policy is created by shareholder himself for example if a person has 10,000 PKR and wants income of 3,000 PKR a year from that portfolio, simply 3000 PKR money value can be sold by a person this amount as dividend income does not accep t by him. This theory says, à ¢Ã¢â€š ¬Ã…“Who is anxious about dividends?à ¢Ã¢â€š ¬? MM explains that under certain assumptions including rational investors and a perfect capital market, the market value of a firm is independent of its dividend policy. Smirlock Marshall, (1983) stated that relationship between the Dividend and Investment Decisions indicates that no causality between the dividend and investment decisions of the firm. The fact that the firm-specific data conclusively supported the separation principle is particularly convincing. This is the first application of causality tests to a large sample of firms. 2.2 The bird in the hand theory Investors always prefer cash in hand rather then a future promise of capital gain due to minimizing risk Gordon (1963). Gordon believes that he is anxious about investing in dividends and dividend stocks. Gordon say that when he is paid hard cash by the company, he knows that the company is not just telling him that it is making money but the fact it that it is really making money . This is the idea that cash payment is valued by the investors in their hands over the hope of future profits. 2.3 The agency theory Traditionally, corporate dividend policy has been examined under the assumptions that the firm is one homogenous unit and that the managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s objective is to maximize its value as a whole. The agency cost approach differs from the traditional approach mainly in this way that it explicitly recognizes the firm as a collection of groups of individuals with conflicting interests and self-seeking motives. According to the agency theory, these behavioral implications cause individuals to maximize their own utility instead of maximizing the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s wealth. The agency theory of Jensen and Meckling (1976) is based on the conflict between managers and shareholder and the percentage of equity controlled by sponsor ownership should influence the dividend policy. The theory focuses on the relationship between an agent of the principal (companys managers) and a principal (shareholder) . Jensen and Meckling (1976) in corporations, agency problem arise from external debt and external equity. Jensen and Meckling (1976) analyzed that how firm value is affected by the distribution of ownership between inside shareholders and outside shareholders who can consume perquisites, and who cannot. Within this framework, increased managerial ownership of equity alleviates agency difficulties by reducing incentives to consume perquisites and expropriate shareholder wealth. Jensen and Meckling (1976) argue that equity agency costs would be lower in firms with larger proportions of inside ownership. Managers are better understanding their interest with stockholders when they increase the shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ ownership of the firm. Dividends are believed to play an important role in reducing conflicts between managers and stockholders. Any dividend policy should be designed to minimize the sum of capital, agency and taxation costs. According to Bathala (1990), in the agency costs and dividends, two lines of thought can be found explai ning cross-sectional variations in payout ratios. First view Holds that a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s optimal payout ratio is the results of a trade-off between a reduction in the agency costs of external equity and an increase in the transaction costs related with external financing resulting from dividend payments as the payout ratio increases. Second view Argues that inside ownership and external debt are substitute mechanisms in mitigating agency costs in a firm. Basic study for the first line of thought is based on Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1982) propositions. He suggests that dividend payout ratios may be explained by reduced agency costs when the firm increases its dividend payout and by increased more expensive external capital. Easterbrook (1984) gives further explanation regarding agency cost problem and says that there are two forms of agency costs; one is the cost monitoring and other is cost of risk aversion on the part of directors or managers. The agency theory is related with resolving two issues that can be held in an agency relationship. PROBLEMS: The desire of the principal and agent conflict and it is expensive or complicated for the principal that it cannot check that the agent has behaved appropriately. Risk sharing is a problem that occurs when the agent and principle have different behavior towards hazard. The issue here is that the principal and the agent may prefer separate actions because of the separate risk preferences. According to (Naceur, Goaied, Belanes, 2006) profitable firms with more stable earnings can pay larger dividend. Whenever they are growing very quick, dividend policy doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t get any impact from financial leverage and ownership concentration. Also the liquidity of stock market and size negatively impacts the dividend payment. Oskar kowalewski and Ivan Stetsyukand Olesksandr Talavera (2007) study that how corporate governance determines dividend polices in Poland. They have established for the first time, quantitative measures on the quality of corporate governance for 110 non- financial listed companies. Their result suggested that large and more profitable companies have higher dividend payout ratio .Furthermore, risky and more indebted firms prefer to pay lower dividend s. The results finally, based on the period of 1998-2004, Reveals that dividend policy is quite important in the valuation process of companies, but the issues still remain scantily investigated in transition countries. A study on the determinant s of dividend policy and its association to corporate governance in a transition economy both offers an interesting subject and complements the existing corporate governance literature. The agency theory points that dividend may mitigate agency costs by distributing free cash flows that otherwise would be spent on unprofitable projects by the management. It is argued that dividends expose firms to more frequent analysis by the capital markets as dividend payout increase the likelihood that a firm has to issues new common stock. On the o ther hand, scrutiny by the market helps alleviate opportunistic management behavior, and thus, agency costs. Agency cost, in turn, is related to the strength of shareholders rights and they are associated with corporate governance. Furthermore, agency suggested that shareholders may prefer dividends, particularly when they fear expropriation by insider. They test the determinants of dividend policy in a multiple regression framework to control for firm specific characteristics other than governance. All the variables enter the regressions with expected signs. Size and return on assets are positively associated with variable cash dividend. Leverage is negatively associated with variable cash dividend. Their results provide evidence that in Poland listed companies where corporate governance practices are high and as a result shareholders rights are for strong payout higher dividend. Jianguo Chen and Nont Dhiensiri(2009) suggest that relationship between dividend pay-out ratio (POR) with the pro Cash flow variability (CFV), ownership dispersion, insider ownership, free cash flow, collateral stable assets, Past growth (GROW1), future growth (GROW2), stable dividend policy and imputation credit (IMP). They analyze the determinants of the corporate dividend policy using firms listed on New Zealand Stock Exchange .They examined that firms traditionally have high dividend pay-outs compared with companies in the US. They find that their is a negative relationship between dividend payout ratio and CFV, Insider, Beta ,growth and positive relationship between ownership dispersion ,free cash flow, collateral stable assets stable dividend policy and imputation credit. Their conclusion provides strong support to the agency cost theory and partially supports transaction cost and residual dividend theory. They do not have any evidence to support the dividend stability theory and the signaling theory. 2.4 Signaling theory The explanation about the signaling theory given by Bhattacharya (1979) and John, Kose and Williams (1985) dividends allay information symmetric between managers and shareholders by delivering inside information of firm future prospects. 2.5 Effect of tax preferences theory Miller and Scholars (1978) find that the effect of tax preferences on clientele and conclude different tax rates on dividends and capital gains lead to different clientele. Tax Preference theory Investor gave an important consideration to the taxes. This should by keep in mind that the dividends are taxed at a higher rate than the capital gains. As such, capital gains are preferred by the investors as compared to the dividends. This is known as when the investments are actually sold only then the capital gains are paid. When capital gains are realized inverseà ¢Ã¢â€š ¬Ã¢â€ž ¢s can control, but dividend payments are un controllable by them and the related company controls the dividend payment. In an estate situation, capital gains are not realized. For example: If a stock is purchased by an investor 50 years ago and is held by him until his or her death, when it is passed on to an heir after he is expired. Now that heir does not have to pay taxes on stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s appreciation. 2.6 Life Cycle Theory Life Cycle Theory and Fama and French (2001) states that the firms should follow a life cycle and reflect managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s assessment of the importance of market imperfection and factors including taxes to equity holders, agency cost asymmetric information, floating cost and transaction costs. 2.7 Catering theory According to Baker and Wurgler (2004) in Catering theory suggest that the managers in order to give incentives to the investor according to their needs and wants and in this way cater the investors by paying smooth dividends when the investors by not pay when investors prefer non payers but put stock price premium on payers. 2.8 Lintnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Model John Lintner (1956) initiates with his theory relies on two important things that he studied about dividend policy: 1) According to the amount of positive net-present-value (NPV) projects the companies tend to set long-run target dividends-to-earnings ratios. 2) Earnings increases are not always bearable. As a result, until managers can see that new earnings levels are bearable, dividend policy is not changed As regards the empirical literature the roots of the literature on determinants of dividend Policy is related to Lintner (1956) seminal work after this work the model is extended by The Samy ben naceur, Mohamed goaied and Amel belanesthe (2006) during the period (1996à ¢Ã¢â€š ¬Ã¢â‚¬Å"2002) on the Tunisian Stock Exchange listed study the dividend policy of 48 firms. Lintnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s model is applied using static and dynamic panel data regressions. They examined that Tunisian firms rely more on current earnings that past dividends to fix their dividend paymen ts in the way that dividends tend to be more sensitive to current earnings rather than prior dividends. Any inconsistency in the level of dividends is directly reflected in the earnings of the corporation. Samy ben naceur, Mohamed Goaied and Amel belanesthe (2006) focused on the relationship between dividend and ownership, liquidity, return on assets (ROA), profitability, investment, leverage ratio, size. The results indicate that highly profitable firms with more stable earnings can afford larger free cash flows and thus pay out larger dividends. Moreover, fast-growing firms distribute larger dividends so as to demand to investors. On the other hand, ownership concentration does not have any impact on dividend payment. In fact, being closely held Tunisian firms witness less agency conflicts and shareholders do not resort to dividends in order to reduce managerial discretion and protect their interests. The liquidity of the stock market has a negative influence, which confirms th at the implementation of the electronic transaction system in the TSE has facilitated the realization of capital gains, which has reduced the need for dividend payments. At last, the negative coefficient on size found in the full sample has disappeared when regulated firms are excluded, which reduces the strength of this factor. Researchers have proposed many different theories about the factors that affect a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy. Kanwal Anil and Sujata Kapoor (2008) analyzed that The Determinants of Dividend Payout Ratio-A Study of Indian Information Technology Sector. The period under study is 2000-2006 as it is known that the period of 5 to 6 years covers both recession and booming of IT industry. They stated that profitability has always been considered as a primary indicator of dividend payout ratio. There are numerous other factors other than profitability also that affect dividend decisions of an organization namely cash flows, corporate tax, sales growt h and market to book value ratio. They suggest that dividend payout ratio is positively related to profits, cash flows and it has inverse relationship with corporate taxes, sales growth and market to book value ratio. Statistical techniques of correlation and regression have been used to explore the relationship between key Variables. Thus, the main theme of this study is to recognize the various condition that effect the decision of dividend payout policy of IT firms in India. In short factors influencing the corporate dividend policy, according to them, may substantially vary from country to country because of inconsistency or variations in legal, tax and accounting policy between countries. In view of these facts, the present study aims at identifying the variables influencing corporate dividend policy in Pakistan. CHAPTER III DEPENDENT AND INDEPENDENT VARIABLES Objective of this study is to determine factors that have an impact on dividend of Oil Gas Exploration and Oil Gas Marketing sector of KSE. Dividend yield is dependent variable and the three independent variable are size, profitability and growth. These variables are discussed here. 3.1 Dividend yield (DY) Arthur A Thompson in his book Crafting and Executing Strategy says that the measure of the return that shareholder receives in the form of dividend is called dividend yield (DY). A typical dividend yield is 2 -3%, the dividend yield for fast growth companies in often below 1%(may be even 0) and the dividend yield for slow-growth companies can run 4-5%. Dividend yield can measure by annual dividend per share divided by current market price per share. Samy ben naceur et el(2006)The DY (dividend yield ) as our measure of the dependent variable equals to dividend per share to price per share, payout ratio cannot be used as a measur e of dependent variable because sample contains firms with negative earnings. Khamis Al-Yahyaee et el (2006) and Hafeez et el (2009) also used dividend yield (DY) as the dependent variable. CHAPTER IV EXPLANATORY VARIABLES This thesis selected 3 variables used by different researchers Samy ben naceur et el (2006) and Hafeez et el (2009). 4.1 Firm Size Hafeez et el (2009) The firm size has been calculated as the total assets of the firm because a posiyive coefficient is expected from this variable as there is a very low chance of bankruptcy in large more diversified firms and it can sustain higher level of debt. Scott and martin (1975) found that the size of the firm is very important factor which can affect the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy and debt policy. A negative impact has been found by market capitalization and size of the firms on dividend payout policy which clearly shows that the firms prefer to invest in their assets rather than pay dividends to its shareholders. The financial characteristic of size has been explained by Market capitalization and the size of the firm. According to the null hypothesis for this financial characteristic there is no relation between the market capitalization and size with dividend payout ratio but the results show that there is a inverse and significant relationship betwee n dividend payout and MV.Hence null hypothesis is rejected. The evidence supported by the finding of Belans et al (2007), Jeong (2008) deviate from Avazian et al (2006). Samy ben naceur et el (2006) the size of the firm by total market value (LNSIZE) and it is expected to be positively correlated with dividend paid. The literature suggests that size may be inversely related to the probability of bankruptcy (Ferri and Jones 1979; Titman and Wessels 1988; Rajan and Zingales 1995). In particular, larger firms should have an easier access to external capital markets and can borrow on better terms, Moreover, larger firms tend to be more diversified and their cash flows are more regular and less volatile. Thus, larger firms should be more willing to pay out higher dividends. Even the conflicts between creditors and shareholders are more severe for smaller firms than the larger ones. Khamis Al-Yahyaee et el (2006) they measure size of the firm from Log of sales. Firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy is influenced by variables such as size. There is an advantageous position for larger firms to raise external funds in the capital markets and are less dependent of internal funds. Therefore there is a negative relationship between dependence on internal financing and the size of the firm. Moreover, there is a chance of lower bankruptcy probabilities in larger firms and thus they are able to pay more dividends. Thus as per this research the hypothesis is H1= Firm size is positively associated with dividend payouts. 4.2 Firm profitability Empirical research found that there is a positive relationship between dividend yield and profitability. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Some of them are as follow. Khamis Al-Yahyaee et el (2006) measured profitability by earnings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore its logical that more dividends are paid by profitable firms. Samy ben naceuret et el (2006) measure the profitability by the return on assets (ROA) net income/total assets and it is positively correlated with dividend payments. Firms with high profitability can afford larger free cash flows and hence new investment opportunities. Therefore, paying higher dividends does not disturb them. In the same vein and according to the pecking order theory, firms prefer using internal sources of financing first, then debt and finally external equity obtained by stock issues. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Hafeez et el (2009) measured Profitability Net Earnings and Earning Per Share after tax. The net earnings show the positive relationship with the dividend yield. The net earnings after interest, depreciation and after tax have been used as the explanatory variable to examine the role of earnings to pay dividends. Thus as per this research the hypothesis is H2= There is a positive relationship between a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability and dividend payouts. 4.3 Firm Growth Samy ben naceur et el (2006) measure investment and growth by MBV (market value of equity/ book value of equity) and annual rate of growth of total assets. Firms anticipate higher growth, when they establish lower dividend payout ratio because growth entails higher investment expenditures. When firms retain higher proportion of earning to finance future investment need due to high cost of external financing, their dividend pay out in anticipation of future growth stands reduced. Hence, a negative relationship between dividend payout and expected growth is expected. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. A negative relationship is expected between growth opportunities and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Similarly, the pecking order theory predicts that more earnings are r etained by the firms having a high proportion of market value followed by growth opportunities hence they are able to minimize the need to raise new equity capital. Free cash flow theory also predicts that their will be a lower free cash flow and lower dividend is paid by the firms with high growth opportunities. On the other hand Hafeez et el (2009) argued with the above researcher. According to the signaling theory the higher the firm grows, the higher they pay dividends to shareholders. The shareholders get signals from the growth of the firms having high growth opportunity. The sales growth has been used as proxy of Growth in the empirical analysis of the study and has been used as percent age change in sales annually as proxy of the growth. Whereas Kanwal Anil et el (2008), measured growth and investment by sales growth and MTBV. Hafeez Ahmed et el (2009) measures investment as SLACK = accumulated retained earnings/ total asset. Thus as per this research the hypothesis is H3= Firm growth is negatively associated with dividend payouts. Table 1 Summary of Proxy Variables and Research Hypotheses H1: Size MCAP = market capitalization Positive H2: Profitability ROA= net income/total assets Positive H3: Growth GROWTH = sales growth Negative CHAPTER V METHODOLOGY DATA COLLECTION METHOD The data is collected from Securities Exchange Commission of Pakistan, State Bank of Pakistan and the Karachi Stock Exchange. The variables of the study are calculated from the Audited Annual Accounts of 6 firms for the period of 2001 to 2008 resulting in about 240 observations for each variable and as such it is a long period enough to smooth out variable fluctuations. (Rozeff, 1982) SAMPLE Sample Size consists of six companies from oil and gas exploration and marketing sectors in Pakistan, listed on Karachi Stock Exchange (KSE) Total of six companies listed on Karachi Stock Exchange (KSE). Data collected from year 2001 to year 2008. STATISTICAL TEST Linear Regression test was performed to analyze data. Dividend yield is a dependent variable and growth, size and profitability are taken as independent variable. REGRESSION MODEL This study uses multiple regression analysis. This thesis estimate that Y= X0 + X1 + X2 + X3 + e Y = Dividend yield. X0 = Intercept of the equation. X1 = Firm size. X2 = Firm profitability. X3 = Firm sale growth. e = Error Term. CHAPTER VI DATA ANALYSIS AND INTERPRETATION Table 2 MODEL R SQUARE F Sig. 1 .223 3.917 .015(a) Table 2 above shows F Ratio for the regression model is significant which indicates that regression model is a best fit. Total variation in the dependent variable explained by the regression model as indicated by R square is .223 i.e. 22.3% change in dividend yield is explained by these three independent variables. Table3 UNSTANDARDIZED COEFFICIENT STANDARDISECOEFFICIENT t Sig. B Std. Error Beta (Constant) 0.066 0.011  5.826 0 Size -1.10E-06 0 -0.503 -2.879 0.006* Profitability 0.16 0.094 0.269 1.709 0.095** Sale growth 2.17E-07 0 0.484 3.038 0.004* *Significant at 1% **Significant at 10% Table 3 reports the ordinary least square results of the regression analysis. Results indicate that size of the firm is significant as shown in table 3 and shows that size is negatively correlated with dividend at 1% .As researcher taken in its own hypothesis that the size will present positive relation but its coefficient is negative which rejects researcher hypothesis. Since the size is also statistically significant but the hypothesis for this thesis shows that the growth is negatively related to dividend hence this hypothesis rejected. Some researcher result find out size as positive. Fama and French (2000 and 2001) concluded that more dividends are payable by large and more profitable firms. Lloyd and Jahera (1995 cited on holder 1998) concluded that those larger firms have easier access to capital markets which are more mature hence allowing for higher dividend pay-out ratios and reducing their dependence on internally generated funding. Aneel Kanwer (2002) measur ed size with total sale and researcher find out that size is positive related to dividend yields. Smaller company gives lower dividend as compared to larger company. Oskar kowalewki et el (2007) made a research in Poland and they measured size with total assets .they find out that size is positively related to dividends because more dividends are paid by companies which are larger in asset and size.. Some researcher result find out size as negative .The result of the research by Hafeez Ahmed et el (2009) on KSE (non financial firms) is similar to this thesis result. they measure size with natural logarithm of total assets This results indicates that the size of the firms have the negative impact on dividend payout policy which shows that the firms prefer to invest in their assets rather than pay dividends to their shareholders .. Samy Bin Naem et el (2006) made their research on the firms of the Tunisian Stock Market and They measured the size with logarithm of stock market capitalization. They concluded that there is a negative relationship between size and dividend, but the negative relationship disappeared when regulated firms are removed. Since the result of the researcher Fama and French (2000 and 2001) , Lloyd and Jahera (1995 cited on holder 1998) , Aneel Kanwer (2002) and Oskar kowalewki et el(2007) shows that the size is positively related with dividend and result of some other researcher like Hafeez Ahmed et el (2009), Samy Bin Naem et el (2006) shows that the size is negative related to dividend, the logic of this opposite view by the researcher is that different countries have different environment, taxes, difference in culture, different economic position and so on, in addition to that, difference in industries and financial firms are the major reasons of difference in the views of various researchers. The hypothesis of this thesis is positive because large size firms pay more dividends and hypothesis of various researchers is also positive large size firm will have more profit and hence pay more dividends to their shareholders but the result of this thesis is negative, because researcher used stock market capitalization to measure size. The large firms dominate and may be involved in greater scale production, and thus distribute less cash dividends as compared to their smaller counter parts. Profitability is positively correlated with dividend which is significant at 10%. This shows that more profitable firms are give more dividend than the firm which are less profitable. The result of the research by Hafeez et el (2009) they measured profitability with Earning Per Share after tax and Samy Ben Naceuret et el (2006) they measured profitability with ROA=net income/total assets is similar to this thesis result. The results indicate that large free cash flow is afforded by the firms which are highly profitable and with more stable earnings. Khamis Al-Yahyaee et el (2006) measured the profitability by ear nings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore the more the profitable firm the more they will pay the dividend Shammyla Naeem et el (2007) measured the profitability with return on investments. They also get the same conclusion the size is positively related to the dividend the higher profitable firms pay more dividend Another research by Adaoglu (200), Amidu et el (2006) and Belans et al (2007) is similar to this thesis result. This shows that the firms with the positive earnings pay more dividends. This is indicated that the profitability which shows the positive and significant association with dividend yield. Since the Growth is also statistically significant as shows in Table 3 and the hypothesis for this thesis shows that the growth is negatively related to dividend but the result of this thesis differ s from the hypothesis because it is positive related to the dividend hence this hypothesis rejected. The result conclude that growing firms are more geared to provide more dividend. Some researcher result find out growth as positive. The result of the research by Samy Ben Nnaceuret et el (2006) measured growth with annual rate of growth of total assets is similar to this thesis result. The results indicate that fast-growing firms distribute larger dividends so as to appeal to investors. The result of research by Hafeez et el (2009) The growth has been measured growth with sale. According to the signaling theory the high growth firms are smoother to pay their dividends to shareholders. Growth is the signals to the Shareholders the firms having high growth opportunities. Whereas, some researcher result find out growth as negative. Rozeff (1982), Lloyd et el. (1985) and Collins et el. (1996) all shows significantly negative relationship between growth and dividend payout. R ozeff, (1982) obtains the results which is similar to our hypothesis that dividend payout is negatively related to growth due to investment needs for costly external funding and growth which is significant at 5%. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. Negative relationship between growth and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Kanwal Anil et el ( 2008) made their research on IT firms in India which conclude that dividend payout ratio is inverse relationship with growth .They measured growth by sales growth and MTBV. Jianguo Chen et el (2009) measured growth with Average growth rate of revenues, made their research on sample firms listed on NZSE which conclude there is significantly negative relationship between growth and dividends payout ratio and its significant level is 5%. The hypothesis of this thesis is negative because when the growth increase, the firm tends to pay more attention on their internal financing and they invest in their own company rather then paying to the shareholders. The result of this thesis is positive because the growth is measured by sale growth. The more sale growth the more will be the profitability and therefore the company will generate revenue and hence more dividend is paid to their shareholder. CHAPTER VII CONCLUSION In this research, three variables were tested to analyze their possible impact and relationship with dividend yield policy, namely size, profitability and growth. The thesis uses multiple linear regression models, the data analysis covering from 2001 to 2008 of Oil gas sector in Pakistan. Results show that dividend yield and independent variables are statistically significant. Size is statistically significant which shows that relationship exists between firm size and dividend yield. The significant level which we took was 1%, in an article by author Khamis Al-Yahyaee et el (2006) the significant level was also 1% since the size is significant but the Result shows that there is a inverse relationship between dividend yield and size. This shows that hypothesis of this research is rejected. This result is supported by the result of different researcher Samy Bin Naem et el (2006) and Hafeez Ahmed et el (2009) Profitability is also statistically significant. Positive relation ship exists between the dividend and profitability, the significant level we took here is 10% in an article by the author Yahyaee et el (2006) the significant level was also 10%, this shows that H0 is rejected. The more the firms are profitable the large they give dividends. We measured the profitability by ROA. This result is supported by the result of different researcher Samy Ben Naceuret et el (2006), Shammyla Naem et el (2007) and Hafeez et el (2009). Growth is also statistically significant. The significant level of our research is 1%. There is a positive relationship between growth and dividend yield which indicate that the hypothesis of this thesis is rejected because in this thesis hypothesis the growth is negatively related. This result is supported by the result of different researcher Samy Ben Naceuret et el (2006) and Hafeez et el (2009). RECOMMENDATIONS In this research, three variables were tested to analyze their possible impact on dividend yield, but study of available literature reveals that there some other variables that may have an impact on dividend yield policy of a firm such as price to earnings ratio, profit margin, debt to equity ratio, current ratio, available float, insider ownership, institutional ownership, and investment policy. Further researches can be carried out to test the relationship of these variables on firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy and what kind of relation they have can also be tested. Having said the above and as earlier mentioned in the introduction, the number of variables affecting the dividend payout policy, are numerous. However, the three variables that have been taken into consideration for this thesis are very significant to oil and gas sector. As per the research conducted by researcher, an opportunity is taken to recommend that these variables are a key ingredients for any divide nd analysis but would like to stress that other factors or variables which are inherent due to the uniqueness of the company/industry being reviewed should also be taken into consideration before arriving at an opinion on its respective dividend policy.