Examining bank-specific determinants of the dividend payout ratio of Sub-Saharan Africa banks: the panel GMM approach

Olarewaju, Odunayo Magret; Migiro, Stephen Oseko; Sibanda, Mabutho

doi:10.1504/aajfa.2019.096912

Cited by 4 publications

(4 citation statements)

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“…Meanwhile, based on studies done by Yong and Mustapha (2016), Hashim (2017) and Ong et al (2018) who study on Malaysian listed companies, argue that leverage has no significant effect on the dividend policy. Their results are supported by Putri and Ugut (2021), Olarewaju et al (2019), Hellstrom and Inagambaev (2012) and Dewasiri et al (2018) who also reported that leverage is an insignificant factor to determine the dividend payments. This study will examine whether this correlation exists in the Malaysian stock market.…”

Section: Dividend Payout and Leveragementioning

confidence: 72%

Dividend Payout Determinants: Evidence of Healthcare Companies in Malaysia

Latif¹,

Jalil²,

Ahmad³

2021

IJARBSS

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The study of what influences the dividend payout policy remains highly relevant as it is an important factor that is being considered by both companies and investors. This study attempts to investigate the significant factors that affect the dividend payout of healthcare companies in Malaysia. To meet the objective of this study, 10 years financial data from a sample of healthcare companies listed on the main board of Bursa Malaysia is analysed to investigate the effect of the determinants towards the dividend payout ratio. Correlation analysis and multiple linear regression analysis are applied to determine the relationship between variables and the effect of the independent variables towards the dividend payout. The findings indicate that liquidity, investment opportunity, leverage and company size are significant in determining the dividend payout ratio of Malaysia healthcare companies.

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Section: Dividend Payout and Leveragementioning

confidence: 72%

Dividend Payout Determinants: Evidence of Healthcare Companies in Malaysia

Latif¹,

Jalil²,

Ahmad³

2021

IJARBSS

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“…In addition to the series of theoretical models on dividend policy, several empirical studies over the years have thoroughly examined the factors inducing dividend payment policy in both developed and developing countries (see Ho, 2003;Amidu & Abor, 2006;Al-Kuwari, 2009;Gill et al, 2010;Ramli, 2010;Imran, 2011;Hashemi & Zadeh, 2012;Agyemang Badu, 2013;Malik et al, 2013;Bushuru et al, 2015;Yusof & Ismail, 2016;Olarewaju et al, 2019;Yakubu, 2019). The evidence reported, however, remains inconclusive.…”

Section: Introductionmentioning

confidence: 99%

The Effect of Working Capital Management on Dividend Policy: An Empirical Analysis of Listed Firms in Ghana

Yakubu

2021

IJIM

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Relying on more recent data spanning 2007-2016, this paper investigates the impact of working capital management (WCM) on dividend policy of listed non-financial firms in Ghana. Specifically, the study assesses the effect of cash conversion cycle (CCC), days inventory outstanding (DIO), profitability, and firm growth on dividend policy. Employing the ordinary least squares (OLS) analytical technique, the findings reported that working capital management (in terms of cash conversion cycle and days inventory outstanding) and dividend policy are positively related, with DIO having a significant effect on dividend policy. The results also established a positive association between the control variables (profitability and firm growth) and dividend policy albeit insignificantly. Based on the findings, the study concludes that working capital management in terms of days inventory outstanding (DIO) is a critical factor influencing firms’ dividend policy decisions. The study extends the inconclusive empirical evidence on the determinants of dividend policy and fills the lacuna in existing literature by focusing on how working capital management practices influence dividend policy of firms in Ghana. The findings are also useful to the board of directors of non-financial firms in deciding an appropriate dividend policy, and to the shareholders in making investment decisions.

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“…Ahmed (2015) added that firm liquidity, profitability and company size are the major determinants of dividend payout of financial firms. Previous studies, for example Olarewaju et al, (2019) examine bank-specific determinants of the dividend payout ratio of the banks. Another study conducted by Nadeemet al, (2018) examines the determinants of dividend policy of Pakistani banking sector from 2005 to 2015.…”

Section: Introduction Background Informationmentioning

confidence: 99%

The Effect of Liquidity, Profitability and Company Size on Dividend Payout: Evidence From Financial Institutions Listed in Dar Es Salaam Stock Exchange

Mazengo

Mwaifyusi

2021

Bej

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The focus of this study is to examine the effect of liquidity, profitability and company size on dividend payout of the financial firms listed in Dar es Salaam Stock Exchange (DSE). The study used explanatory research design. All financial companies listed at DSE during 2015-2019 were used. Data were analyzed by using descriptive statistics, correlation and regression analysis. The results show that there is a positive and significant relationship between dividend payout of financial companies and three independent variables namely; profitability, liquidity and company size. The study concludes that profitability, liquidity and company size are the main determinants of dividend payout for financial firms on DSE. The study recommends that prospective investors should invest in the financial companies which possess large profit, sufficient liquidity and the large companies. These companies have great chance of paying sufficient dividends.

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Examining bank-specific determinants of the dividend payout ratio of Sub-Saharan Africa banks: the panel GMM approach

Cited by 4 publications

References 0 publications

Dividend Payout Determinants: Evidence of Healthcare Companies in Malaysia

Dividend Payout Determinants: Evidence of Healthcare Companies in Malaysia

The Effect of Working Capital Management on Dividend Policy: An Empirical Analysis of Listed Firms in Ghana

The Effect of Liquidity, Profitability and Company Size on Dividend Payout: Evidence From Financial Institutions Listed in Dar Es Salaam Stock Exchange

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