~ 66 ~ Asian Journal of Management and Commerce 2025; 6(2): 66-78 E-ISSN: 2708-4523 P-ISSN: 2708-4515 AJMC 2025; 6(2): 66-78 © 2025 AJMC www.allcommercejournal.com Received: 12-05-2025 Accepted: 14-06-2025 Adarsh Mishra Research Scholar, Department of Commerce, University of Lucknow, Uttar Pradesh, India Abhishek Lal Research Scholar, Department of Commerce, University of Lucknow, Uttar Pradesh, India Pragati Shukla Research Scholar, Faculty of Management Studies, University of Lucknow, Uttar Pradesh, India Mr. Shivam Dubey Assistant Professor, Department of Commerce, University of Lucknow, Uttar Pradesh, India Corresponding Author: Adarsh Mishra Research Scholar, Department of Commerce, University of Lucknow, Uttar Pradesh, India A bibliometric review of dividend policy across disciplines: Mapping the evolution from 2000 to 2025 Adarsh Mishra, Abhishek Lal, Pragati Shukla and Shivam Dubey DOI: https://www.doi.org/10.22271/27084515.2025.v6.i2a.618 Abstract This bibliometric study provides a comprehensive overview of research trends and intellectual structures within the field of dividend policy. Utilizing a dataset of 4830 documents retrieved from Scopus, spanning from the early 2000s to 2025, this research aims to identify key themes, influential authors, prominent sources, and emerging areas of interest in dividend policy literature. The primary objective is to map the scientific landscape of this domain, highlighting its evolution and current state. Data sources include Scopus-indexed publications, with analysis focusing on subject areas such as Economics, Econometrics and Finance, and Business, Management and Accounting, which collectively represent the core of commerce, accounting, and finance research. Initial findings indicate a consistent growth in publications related to dividend policy, with significant contributions from various countries and institutions. The study also reveals the most prolific authors and journals, underscoring their impact on shaping the discourse. While specific granular data on individual papers (e.g., full text, detailed methodologies) was not available, the aggregated data provides a robust foundation for understanding macro-level trends. The result highlights how dynamic dividend policy research is, influenced by shifting market dynamics, legislative modifications, and corporate governance standards. Keywords: Dividend policy, bibliometrics, corporate finance, financial management, investment 1. Introduction A company's strategic decisions about how to allocate its profits to shareholders are referred to as its dividend policy, and they are an essential component of corporate finance. These choices include whether to pay dividends on earnings, how much to pay, and how to do so (e.g., cash, stock, or share repurchases). Dividend policy, according to Ekayanti et al. (2012) [23] , entails deciding how much of the company's profits will be distributed to shareholders and how much will be kept for internal use. A company's individual policies determine how many dividends it will pay out. Therefore, management must carefully consider dividend decisions, as differing interests within the company can influence this process. Crafting an optimal dividend policy presents a complex challenge for corporate executives, as it directly influences shareholder wealth, company valuation, and capital structure. The discussion surrounding dividend policy has been a central topic in financial economics for many years, with various theories attempting to explain corporate behavior and investor preferences. These theories, ranging from Modigliani and Miller's (1961) [1] irrelevance proposition to the bird-in-hand theory, tax preference theory, and signaling theory, offer diverse perspectives on the implications of dividend payouts. Companies can meet their funding requirements by engaging in various investment activities. When a company has surplus capital, it may opt to allocate those funds toward either real investments or financial investments. One common form of financial investment is purchasing shares, which is primarily intended to generate returns in the form of dividends and capital appreciation. Over the long term, shareholders typically seek dividend income from their investments (Aroni et al., 2014; Khoiruddin & Faizati, 2014) [21, 20] . Additionally, investors are generally motivated by the prospect of earning the maximum possible return on their invested capital (Brigham & Houston, 2013) [22] . Dividend strategy basically involves striking a balance between paying out dividends to shareholders and keeping earnings for future growth prospects. Businesses that have a lot of lucrative investment options may decide to fund their expansion internally rather than pay out dividends. On the other hand, established businesses with little room for expansion could