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Dividend per share (DPS) is a financial metric that represents the total amount of dividends paid out to shareholders divided by the total number of shares outstanding. DPS is commonly used by investors and analysts as a measure of a company's financial health and future prospects.  Some empirical studies on dividend per share abound in literature. For instance, Rabiul Islam and Muhammad Mahboob Ali (2015) examine the impact of dividend policy on stock price volatility in Bangladesh. The authors find that firms with higher dividend payouts tend to have lower stock price volatility, as dividends provide investors with a stable source of income. While working on dividend policy, Rakesh Kumar and Suresh Kumar (2018) investigated the relationship between dividend policy and firm performance in India. The authors find that firms with higher dividend payouts tend to have better financial performance, as they are able to attract more investors and retain existing shareholders.
Similarly, Sukanto Bhattacharya, and Chao-Shin (1997) investigated the impact of taxes on the relationship between dividend policy and share prices in Australia. The authors found that firms with higher dividend payouts tend to have higher share prices, and that the positive relationship between dividends and share prices is stronger for firms with lower tax rates. Brigham and  Gapenski (1983) tests the life-cycle theory of dividend policy and earned/contributed capital, which argues that firms should increase their dividend payouts as they mature and have less need for retained earnings. The authors reported that firms with a higher proportion of earned capital tend to have higher dividend payouts, supporting the life-cycle theory.Uma Sekaran and Rajalakshmi Santhanam (2003) studied the relationship between dividend policy and shareholder value in India companies. The authors found that firms with higher dividend pay outs tend to have higher market values and that the positive relationship between dividends and market value is stronger for firms with higher growth opportunities.
Hyun-Han Shin and Rene Stulz (1998) investigates the impact of dividend policy on information asymmetry in the Korean stock market. The authors reported that firms with higher dividend payouts tend to have lower levels of information asymmetry, as dividends provide a signal of the firm's financial health and future prospects. Hua Zhang and Jianhua Zhang (2010) examine the dividend policy and ownership structure in Chinese Stock Market. This study examines the relationship between dividend policy and ownership structure in the Chinese stock market. The authors find that firms with higher dividend payouts tend to have more concentrated ownership, as controlling shareholders prefer dividends to retain earnings.
These studies provide further insights into the complex relationship between dividend policy and various financial outcomes, such as share prices, firm value, information asymmetry, and ownership structure. It is important to note that the findings of these studies may not apply universally, as different countries, industries, and firms may have unique characteristics that affect the impact of dividend policy on financial outcomes. Overall, the reviewed studies suggest that dividend policy can have a significant impact on shareholder wealth, stock valuation, corporate governance, and firm performance. However, the relationship between dividend policy and these outcomes is complex and varies depending on the specific context and characteristics of the firms in question.