Corporate Payout policy is one of the interesting topics in corporate finance literature that attracted the attention of many researchers. Despite the extensive research in this area, there is a contradiction between researchers on what are the main determinants of corporate payout policy. Researchers have mainly focused on developed markets and look ed at a single dimension of the dividend policy. Therefore, the current study explores the determinants of dividend payout ratio by analyzing the effect of profitability, free cash flow, investment opportunity, liquidity, leverage, firm size and ownership structure on two dimensions of the dividend payout policy: the dividend decision and the payout ratio, taking a sample of all Egyptian listed firms in the period from 2007 till 2020. The results reveal the significance of profitability and investment opportunity on the dividend decision. For the payout ratio model, it is found that free cash flow, profitability and managerial ownership are significant determinants of payout ratio. Finally, by analyzing the dividend-paying firms, the results reveal that financial leverage affects the payout ratio of these firms.
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