This research investigates the explanatory factors governing the dividend payout to shareholders of blue-chip companies listed on Bursa Malaysia. In spite of continuous attention offered by empirical research on dividend payout of publicly-listed companies, paradoxically only few studies exclusively examined the explanatory factors from the perspective of blue-chip companies. Recognizing the capability of bluechip companies to serve as a stalwart indicator of stock market condition as well as a consistent income source to shareholders, more research should be carried out for better inference on the companies’ dividend payout decision. This research is using 522 observations from a sample of 18 Malaysian blue-chip companies over a 29-year period (1990 to 2019) and utilizes a panel data regression analysis for the estimation of the impact of eight factors, namely, systematic risk, leverage, free cash flow, lagged dividends, market-to-book value, profit growth, total asset turnover, and company size. Measuring dividend payout using two specifications (dividend/earnings and dividend/total assets), this research reveals that systematic risk and free cash flow have a significant and negative impact on dividend payout. Meanwhile, past year dividends, market-to-book value, profit growth, total asset turnover and company size have a significant and positive impact on dividend payout.

Abstract
1. Introduction
2. Theoretical Explanations and EmpiricalEvidences
3. Methodology
    3.1. Sample Procedure and Diagnostic Tests
    3.2. Definition and Measurements
4. Empirical Results and Analysis
    4.1. Descriptive Statistics Results
    4.2. Regression Analysis, Findings and Discussion
5. Conclusions
References

• Norliza CHE-YAHYA(Faculty of Business and Management, Universiti Teknologi MARA, Malaysia) Corresponding Author
• Siti Sarah ALYASA-GAN(Faculty of Business and Management, Universiti Teknologi MARA, Malaysia.)