Jiang, JunMahidol University. International College. Business Administration Division2015-06-292018-03-082015-06-292018-03-0820152009https://repository.li.mahidol.ac.th/handle/20.500.14594/9964The 4th International Conference on Regional Cooperation and Innovation in Asia for Reform and Development of Post-Crisis Era Symposium, Jinan University, Guangzhou, China, 2009 December 3-8The study looks for the theoretical dividend policy, considering firms cash flows maximization under transaction cost and capital structure, executive utility maximization implied in the performance of operation, investors’ utility maximization influenced by marginal tax and information asymmetry by allowing wealth transferring between current and future periods. It results an optimal dividend choice including 6 major factors. These are financial strategy or say capital structure of firm that reflected in level of equity and debt, scheduled constant growth of dividend by firm, market rate of return, tax shield due to debt financing, marginal personal income tax for principals and investment strategy of principals.engMahidol UniversityDivided policyTransaction costsAsymmetry informationProceeding Book