Dividend policy is an important and fascinating subject in corporate finance. Many researchers have provided insights into the issue of dividend policy and why it is an important area in corporate finance. However, the issue of whether there is an optimal dividend policy is still a subject of of on-going debate. It has been found that dividend policy is important because of the effect of its information on outstders regarding future prospects of the firm, its impact on the firm's capital structure, investment opportunities and stock price. This is an investigative study of the dividend policies of four listed companie in BotsWana. The f?cus of this study is to examine the constancy or otherwise of dividends per share relative to the firms' earnings. The study also examines the theoretical basis for the selection reflected by the the pricece/earnings ratio The findings of the research reveal that the selected companies had divIdend policies that they adhared to and that they believed would maximise their shareholders' wealth..The firms use a blend of the residual dividend policy and the constant and steadily increasing dividend policy