Yes , dividend policy is indeed a very wide research area.

To begin with, you can compare dividend policy of companies sector wise in your country or compare dividend policy of companies across countries.

You can also assess impact of dividend policy on share value or impact of dividend policy on cost of capital etc.

Another area could be determinants of dividend policy in .... region / country or factors affecting dividend policy in .... region / country. 

Impact of taxation on dividend policy of foreign affiliates / MNCs

These are few of the areas which can be researched.

Best,

Hemlata

1.Impact of earnings management on dividend policy......in  a country...

2. Dividend policy and earnings management across countries.

Any research can be conducted in five dimensions

1. to define the construct

2. to study its consequences i.e. study it as independent variable for some important outcome

3. To study its determinants

4. to study mediating role of different variables

5. to study moderating role of different variable

I suggest this order. Study the literature to find the gap. I believe that one can find vast literature on determinants and consequences of dividend policy. Try to find some variables that moderate to its determinants or consequences. For instance, Fuller (2010) found that high quality, low quality and medium quality firms may use dividends differently.

See the interesting article

Fuller, K. and Blau, B.M. (2010), “Signaling, Free Cash Flow and ‘Nonmonotonic’ Dividends”, Financial Review, Vol. 45 No. 1, pp. 21–56.

Here is an article about Dividend Policy and Corporate Governance.

I Hope it is helpful

Attached please find a Paper on CG & Dividend Policy. It might help in identifying a subject for your project

You can study the Determinants of Dividend Policy .

Dividend policy is perfectly mixed with corporate governance related issues. Browse the thematical collections of free papers on corporate governance at our web-site https://www.virtusinterpress.org/A-set-of-updated-thematic-paper-collections-from-Virtus-Interpress.html to find more than 30 thematical collections. There is a great variety of topics.

In terms of dividend policy, I propose the following research topic: Analysis of changes in the significance level of key determinants of paying or not paying dividends correlated with the change in the economic situation, changes in the development strategy, changes in the company's mission, restructuring, making decisions on new investment projects, etc.

Regards,

Dariusz Prokopowicz