This research aims to examine the impact of intellectual capital, which comprises human capital, structural capital, and capital employed, on dividend payments of companies listed on the Stock Exchange of Thailand (SET). Data were collected from the annual reports (Form 56-1) of 609 companies listed on the SET, covering the period from 2017 to 2022, totaling six years and 3,654 firm-years. The analysis employed multiple regression techniques to test the effects of intellectual capital on dividend payments, with control variables including profitability, financial leverage, and company size.
The results indicate that when the components of intellectual capital are separated into three elements: human capital efficiency, structural capital efficiency, and capital employed efficiency, the results showed that structural capital efficiency has a positive impact on dividend payments. Conversely, human capital efficiency has a negative impact on dividend payments, while capital employed efficiency shows no impact. However, when considering the overall effect of all three components together, intellectual capital does not have a significant impact on dividend payments.