5,985
Views
0
CrossRef citations to date
0
Altmetric
FINANCIAL ECONOMICS

Balance sheet and income statement effect on dividend policy of private commercial banks in Ethiopia

&
Article: 2035917 | Received 12 Sep 2021, Accepted 26 Jan 2022, Published online: 20 Feb 2022

References

  • MarfoYiadom's, and Agyei's (2011) Dividend Policy and Bank Performance in Ghana. International Journal of Economics and Finance 3(4), 202- 16 DOI:10.5539/ijef.v3n4p202
  • Abiola, J. O. (2014). Measuring and analyzing the effects of dividend policy in banking profits and growth. Journal of Policy and Development Studies, 9(1), 167–178. https://doi.org/10.12816/0011190
  • Aivazian, V., Booth, L., & Cleary, S. (2006). Dividend smoothing and debt ratings. Journal of Financial and Quantitative Analysis, 41(2), 439–453. https://doi.org/10.1017/S0022109000002131
  • Al-Hares, O., Abu Ghazaleh, N., & Haddad, A. (2012). Value relevance of earnings, book value and dividends in an emerging capital market: Kuwait evidence. Global Finance Journal, 23(3), 221–234. https://doi.org/10.1016/j.gfj.2012.10.006
  • Al-Kuwari, D. (2009). Determinants of the dividend policy in emerging stock exchanges: The case of GCC countries. Global Economy & Finance Journal, 2(2), 38–63 doi:10.1016/j.gfj.2012.10.006.
  • Al-Malkawi, H. N. (2007). Determinant of corporate dividend policy in Jordan. Journal of Economic and Administrative Science, 23(2), 44–71. https://doi.org/10.1108/10264116200700007
  • Al-Najjar, B. (2009). Dividend behavior and smoothing: Evidence from Jordanian panel data. Studies in Economics and Finance, 26(3), 182–197. https://doi.org/10.1108/10867370910974017
  • Ali Tijjani, A. (2019). the effect of dividend policy on shareholders’ value (Comprehensive review). East African Scholars Journal of Economics, Business and Management, 2(8), 2617–7269 http://www.easpublisher.com/easjebm/.
  • Allen, D., & Rachim, V. (1996). Dividend policy and stock price volatility: Australian evidence. Applied Financial Economics, 6(2), 175–188. https://doi.org/10.1080/096031096334402
  • Alli, K. L., Khan, A. Q., & Ramirez, G. G. (1993). Determinants of corporate dividend policy: A factorial analysis. The Financial Review, 28(4), 523–547. https://doi.org/10.1111/j.1540-6288.1993.tb01361.x
  • Almanaseer, S. (2019). Dividend policy and share price volatility: Evidence from Jordan. Accounting and Finance Research, 8(2), 75–85. https://doi.org/10.5430/afr.v8n2p75
  • Amidu, M., & Abor, J. (2006). Determinants of dividend payout ratios in ghana. The Journal of Risk Finance, 7(2), 136–145. https://doi.org/10.1108/15265940610648580
  • Anil, K., & Kapoor, S. (2008). Determinants of dividend payout ratios a study of Indian information technology sector. International Research Journal Finance and Economics, 15(5), 1–9 https://www.researchgate.net/publication/292102741.
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
  • Arnold, G. (2008). Corporate financial management (5th ed.). Pearson Education Ltd.
  • Bar-Yosef, S., & Kolodny, R. (1976). Dividend policy and capital market theory. The Review of Economics and Statistics, 58(2), 181–190. https://doi.org/10.2307/1924024
  • Berkley R., and S. Myers, 20051976, Principles of corporate finance (8th edition), London: McGraw-Hill. Black F., 20051976. , Journal of Portfolio Management 2(2), 5–8.DOI: 10.3905/jpm.1976.408558 Black F.
  • Bhattacharya, S. (1979). Imperfect information, dividend policy, and “the bird in the hand” fallacy. The Bell Journal of Economics, 10(1), 259–270. https://doi.org/10.2307/3003330
  • Black, F., & Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1(1), 1–22. https://doi.org/10.1016/0304-405X(74)90006-3
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Brealey, R. A., Myers, S. C., & Allen, F. (2016). Principles of corporate finance (5th ed.). Pearson Education Ltd.
  • Brealey, R. A., Myers, S. C., & Marcus, A. J. (1999). Fundamentals of corporate finance (4th ed.). Prentice Hall.
  • Budagaga, A. (2017). Dividend payment and its impact on the value of firms listed on Istanbul stock exchange: A residual income approach. International Journal of Economics and Financial, 7(2), 1–7 https://www.econjournals.com/index.php/ijefi/article/view/4088.
  • Chang, R. P., & Rhee, S. G. (1990). The impact of personal taxes on corporate dividend policy and capital structure decisions. Financial Management, 19(2), 21–31. https://doi.org/10.2307/3665631
  • Chen, J., & Dhiensiri, N. (2009). Determinants of dividend policy: The evidence from New Zealand. International Research Journal of Finance and Economics, 6(34), 18–28.
  • De Wet, J., & Mpinda, M. (2013). The impact of dividend payments on shareholders’ wealth: Evidence from the vector error correction model. International Business and Economics Research Journal (IBER), 12(11), 1451–1463. https://doi.org/10.19030/iber.v12i11.8182
  • DeAngelo, H., DeAngelo, L., & Skinner, D. J. (1996). Reversal of fortune: Dividend policy and the disappearance of sustained earnings growth. Journal of Financial Economics, 40(3), 341–371. https://doi.org/10.1016/0304-405X(95)00850-E
  • Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56. https://doi.org/10.1016/0304-405X(93)90023-5
  • Fama, E. F., & French, K. R. (2000). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3–43. https://doi.org/10.1016/S0304-405X(01)00038-1
  • Ferri, M. G., & Jones, W. H. (1979). Determinants of financial structure: A new approach. Journal of Finance, 34(3), 631–644. https://doi.org/10.1111/j.1540-6261.1979.tb02130.x
  • Giriati, G. (2016). Free cash flow, dividend policy, investment opportunity set, opportunistic behavior and firm’s value: A study about agency theory. Procedia - Social and Behavioral Sciences, 219(1), 248–254. https://doi.org/10.1016/j.sbspro.2016.05.013
  • Gordon, M. (1959). Dividends, earnings, and stock prices. The Review of Economics and Statistics, 41(2), 99–105. https://doi.org/10.2307/1927792
  • Gujarati, D., & Porter, D. (2009). Basic econometrics (5th ed.). McGraw- Hill/Irwin.
  • Higgins, R. C. (1972). The corporate dividend-saving decision. The Journal of Financial and Quantitative Analysis, 7(2), 1527–1541. https://doi.org/10.2307/2329932
  • Ho, H. (2003). Dividend policies in Australia and Japan‟. International Advances in Economic Research, 9(2), 91–100. https://doi.org/10.1007/BF02295710
  • Holder, M. E., Langrehr, F. W., & Hexter, J. L. (1998). Dividend policy determinants: An investigation of the influences of stakeholder theory. Financial Management, 27(3), 73–82. https://doi.org/10.2307/3666276
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
  • Jensen, G., Solberg, D., & Zorn, T. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. The Journal of Financial and Quantitative Analysis, 27(2), 247–263. https://doi.org/10.2307/2331370
  • John, K., & Williams, J. (1985). Dividends, dilution, and taxes: A signalling equilibrium. The Journal of Finance, 40(4), 1053–1070. https://doi.org/10.1111/j.1540-6261.1985.tb02363.x
  • Kanwal, M., & Hameed, S. (2017). The relationship between dividend payout and firm financial performance. Research in Business and Management, 4(1), 5–13. https://doi.org/10.5296/rbm.v4i1.10784
  • Kolawole, E., Sadiq, M. S., & Lucky, O. (2018). Effect of dividend policy on the performance of listed oil and gas firms in Nigeria. International Journal of Scientific and Research Publications, 8(6), 289–302 doi:10.29322/IJSRP.8.6.2018.p7836.
  • Kowaleski, O., Stetsyuk, I., & Talavera, O. (2007). Corporate governance and dividend policy in Poland. Wharton Financial Institutions Centre Working Paper 702 , 07–09 doi:10.2139/ssrn.986111.
  • Lasher, W. (2000). Practical financial management (2nd ed.). Thomson South-Western.
  • Lashgari, Z., & Ahmadi, M. (2014). The impact of dividend policy on stock price volatility in the tehran stock exchange. Kuwait Chapter of Arabian Journal of Business and Management Review, 3(10), 273–283. https://doi.org/10.12816/0018408
  • Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, 61(2), 97–113.
  • Marsh, I., & Power, D. (1999), “APanel-based investigation into the relationship between stock prices and dividends”, Working Papers Series, WP99-08, and University of Warwick: Warwick Business School Financial Econometrics Research Centre.
  • Maurice J. G. Bun, and Frank Windmeijer (2010). The weak instrument problem of the system GMM estimator in dynamic panel data models 13(1), 95-126URL: 10.1111/j.1368-423X.2009.00299.x
  • Michaely, R., & Grullon, G. (2002). Are dividend changes a sign of firm maturity. Journal of Business, 75(3), 1–47 doi:10.1086/339889.
  • Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411–433. https://doi.org/10.1086/294442
  • Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. The Journal of Finance, 40(4), 1031–1051. https://doi.org/10.1111/j.1540-6261.1985.tb02362.x
  • Miller, M., & Scholes, M. (1978). Dividends and taxes. Journal of Financial Economics, 6(4), 333–364. https://doi.org/10.1016/0304-405X(78)90009-0
  • Ohlson, J. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
  • Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data. Journal of Business Finance & Accounting, 28(1–2), 175–198. https://doi.org/10.1111/1468-5957.00370
  • Ozo, F. K., 2014. Dividend policy and stock market reactions to dividend announcements in Nigeria. Published Thesis. Lancashire Business School.
  • Pandey, I. M. (2005). Financial management (5th ed.). Vikas Publishers.
  • Pandey, N. S., & Ashvini, N. (2016). A study on determinants of dividend policy: Empirical evidence from FMCG sector in India. Pacific Business Review International Journal, 1(1), 135–141 http://www.pbr.com.
  • Phan, T., Tran, N., & Charfeddine, L. (2019). Dividend policy and stock price volatility in an emerging market: Does ownership structure matter? Cogent Economics and Finance, 7(1), 1–29. https://doi.org/10.1080/23322039.2019.1637051
  • Pruitt, S. W., & Gitman, L. J. (1991). The interactions between the investment, financing, and dividend decisions of major U.S. firms. The Financial Review, 26(3), 409–430. https://doi.org/10.1111/j.1540-6288.1991.tb00388.x
  • Ramadan Budagaga, A. (2020). Dividend policy and market value of banks in MENA emerging markets: Residual income approach. Journal of Capital Markets Studies, 4(1), 25–45. https://doi.org/10.1108/JCMS-04-2020-0011
  • Redding, L. (1997). Firm size and dividend payouts. Journal of Financial Intermediation, 6(3), 224–248. https://doi.org/10.1006/jfin.1997.0221
  • Sakinc, I., & Gungor, S. (2015). The relationship between ownership structure and dividend: An application in Istanbul stock exchange. Journal of Economics and Development Studies, 3(4), 19–30. https://doi.org/10.15640/jeds.v3n4a3
  • Thirumagal, P. G., & Vasantha, S. (2018). A research paper on impact of dividend payout on shareholders wealth in Indian industries. International Journal of Pure and Applied Mathematics, 118(5), 65–97 http://www.ijpam.eu.
  • Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1–19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
  • Watson, D., & Head, A. (2005). Corporate finance: Principles and practice. Pearson Education.
  • Watts, R. (1973). The information content of dividends. The Journal of Business, 46(2), 191–211. https://doi.org/10.1086/295525
  • Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88–99. https://doi.org/10.1108/RIBS-02-2014-0030
  • Zainudin, R., Mahdzan, N., & Yet, H. (2018). Dividend policy and stock price volatility of industrial products firms in Malaysia. International Journal of Emerging Markets, 13(1), 203–217. https://doi.org/10.1108/IJoEM-09-2016-0250