While we are still in the dilemma yet to have a consensus in our understanding of dividends, the empirical modeling of dividend policy has overwhelmingly relied on the model proposed by Lintner (1956). Despite the huge literature in dividends, a number of key issues remain unresolved and clear guidelines for an "optimal payout policy" have not emerged. The aim of this manuscript is to assess whether Lintner's dividend model supports dividend payments in corporate firms. In attempt to test whether the Lintner's model explains the dividend payments of the corporate firms, the manuscript tries...