4,602
Views
3
CrossRef citations to date
0
Altmetric
GENERAL & APPLIED ECONOMICS

Dividend policy and performance of listed firms on Ghana stock exchange

ORCID Icon, ORCID Icon, , , &
Article: 2127220 | Received 26 Mar 2022, Accepted 18 Sep 2022, Published online: 27 Sep 2022

References

  • Agyei, S. K., Isshaq, Z., Frimpong, S., Adam, A. M., Bossman, A., & Asiamah, O. (2021). COVID‐19 and food prices in sub‐Saharan Africa. African Development Review, 33(S1), 1–28. https://doi.org/10.1111/1467-8268.12525
  • Agyei, S. K., Marfo-Yiadom, E., Ansong, A., & Idun, A. A. A. (2020). Corporate tax avoidance incentives of banks in Ghana. Journal of African Business, 21(4), 544–559. https://doi.org/10.1080/15228916.2019.1695183
  • Ahmad, M. A., Alrjoub, A. M. S., & Alrabba, H. M. (2018). The effect of dividend policy on stock price volatility: Empirical evidence from Amman stock exchange. Academy of Accounting and Financial Studies Journal, 22(2), 1–8. https://doi.org/10.13140/RG.2.2.26262.09289
  • Ain, Q. U., Yuan, X., Javaid, H. M., Zhao, J., & Xiang, L. (2021). Board gender diversity and dividend policy in Chinese listed firms. SAGE Open, 11(1), 215824402199780. https://doi.org/10.1177/2158244021997807
  • Ali, H. (2022). Corporate dividend policy in the time of COVID-19: Evidence from the G-12 countries. Finance Research Letters, 46(PB), 102493. https://doi.org/10.1016/j.frl.2021.102493
  • Al-Kayed, L. T. (2017). Dividend payout policy of Islamic vs conventional banks: Case of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 117–128. https://doi.org/10.1108/IMEFM-09-2015-0102
  • Amidu, M. (2007). How does dividend policy affect performance of the firm on Ghana stock exchange? Investment Management and Financial Innovations, 4(2), 103–112. https://www.researchgate.net/publication/286355892
  • Amidu, M., & Abor, J. Y. (2006). Determinants of dividend payout ratios in Ghana. Journal of Risk Finance, 7(2), 136–145. https://doi.org/10.1108/15265940610648580
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
  • Asiamah O, Agyei S Kwaku, Bossman A, Agyei E Animah, Asucam J and Arku-Asare M. (2022). Natural resource dependence and institutional quality: Evidence from Sub-Saharan Africa. Resources Policy, 79 102967 10.1016/j.resourpol.2022.102967
  • Bae, K. H., El Ghoul, S., Guedhami, O., & Zheng, X. (2021). Board reforms and dividend policy: International evidence. Journal of Financial and Quantitative Analysis, 56(4), 1296–1320. https://doi.org/10.1017/S0022109020000319
  • Baker, H. K., Dewasiri, N. J., Yatiwelle Koralalage, W. B., & Azeez, A. A. (2019). Dividend policy determinants of Sri Lankan firms: A triangulation approach. Managerial Finance, 45(1), 2–20. https://doi.org/10.1108/MF-03-2018-0096
  • Black, F. (1976). The dividend puzzle. Journal of Portfolio Management, 2(2), 5–8. https://doi.org/10.3905/jpm.1976.408558
  • Boateng, A., Asongu, S. A., Akamavi, R., & Tchamyou, V. S. (2018). Information asymmetry and market power in the African banking industry. Journal of Multinational Financial Management, 44, 69–83. https://doi.org/10.1016/j.mulfin.2017.11.002
  • Cristea, C., & Cristea, M. (2017). Determinants of corporate dividend policy: Evidence from Romanian listed companies. MATEC Web of Conferences, 126. https://doi.org/10.1051/matecconf/201712604009
  • Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2021). Impact of dividend policy on corporate value: Experiment in Vietnam. International Journal of Finance and Economics, 26(4), 5815–5825. https://doi.org/10.1002/ijfe.2095
  • DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics, 81(2), 227–254. https://doi.org/10.1016/j.jfineco.2005.07.005
  • Dewasiri, N. J., Yatiwelle Koralalage, W. B., Abdul Azeez, A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: Evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429. https://doi.org/10.1108/MF-09-2017-0331
  • Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650–659. https://www.jstor.org/stable/1805130%0A%0A
  • Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 15(1), 1–33. https://doi.org/10.1093/rfs/15.1.1
  • Farrukh, K., Irshad, S., Shams Khakwani, M., Ishaque, S., & Ansari, N. (2017). Impact of dividend policy on shareholders wealth and firm performance in Pakistan. Cogent Business and Management, 4(1), 1408208. https://doi.org/10.1080/23311975.2017.1408208
  • Hasan, M. B., Wahid, A. N. M., Amin, M. R., & Hossain, M. D. (2021). Dynamics between ownership structure and dividend policy: Evidence from Bangladesh. International Journal of Emerging Markets, (1961). https://doi.org/10.1108/IJOEM-06-2020-0711
  • Hauser, R., & Thornton Jr, J. H., Jr. (2017). Dividend policy and corporate valuation. Managerial Finance, 43(6), 663–678. https://doi.org/10.1108/MF-05-2015-0157
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789#metadata_info_tab_contents
  • Juhandi, N., Fahlevi, M., Abdi, M. N., & Noviantoro, R. (2019). Liquidity, firm size and dividend policy to the value of the firm (study in manufacturing sector companies listed on Indonesia stock exchange). International Conference on Organizational Innovation, 100(ICOI), 313–317. https://doi.org/10.2991/icoi-19.2019.53
  • Khan, M. N., Nadeem, B., Islam, F., & Salman, M. (2016). Impact of dividend policy on firm performance : An empirical evidence from Pakistan stock exchange. American Journal of Economics, Finance and Management, 2(4), 28–34.
  • Love, I., & Zicchino, L. (2006). Financial development and dynamic investment behavior: Evidence from panel VAR. Quarterly Review of Economics and Finance, 46(2), 190–210. https://doi.org/10.1016/j.qref.2005.11.007
  • Lumapow, L. S., & Tumiwa, R. A. F. (2017). The effect of dividend policy, firm size, and productivity to the firm value. Research Journal of Finance and Accounting, 8 (22), 20–24. https://www.iiste.org/Journals/index.php/RJFA/article/view/39880/40994
  • Marfo-Yiadom, E., & Agyei, S. K. (2011). Determinants of dividend policy of banks in Ghana. International Research Journal of Finance and Economics, 61(61), 99–108.
  • Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34 (4), 411–433. https://www.jstor.org/stable/2351143
  • Murtaza, S., Noor-Ud-Din, A., Aguir, A., & Batool, S. (2020). Role of ownership concentration and dividend policy on firm performance. SEISENSE Journal of Management, 3(2), 1–13. https://doi.org/10.33215/sjom.v3i2.255
  • Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 575–592. https://doi.org/10.2307/2327916
  • Nguyen, D. T., Bui, M. H., & Do, D. H. (2019). The relationship of dividend policy and share price volatility: A case in Vietnam. Annals of Economics and Finance, 20(1), 123–136. https://www.researchgate.net/publication/341342659
  • Ofori-Sasu, D., Abor, J. Y., & Osei, A. K. (2017). Dividend policy and shareholders’ value: Evidence from listed companies in Ghana. African Development Review, 29(2), 293–304. https://doi.org/10.1111/1467-8268.12257
  • Olayiwola, J. A., & Ajide, F. M. (2019). Do oil price and institutional quality matter for dividend policy in Nigeria? Amity Business Review, 20(2), 47–62. https://ideas.repec.org/p/ris/decilo/0012.html
  • Onanjiri, R. N., & Korankye, T. (2014). Dividend payout and performance of quoted manufacturing firms in Ghana. Research Journal of Finance and Accounting, 5(15), 37–42. www.iiste.org/Journals/index.php/RJFA/article/view/39880/40994
  • Oppong Fosu, K. (2015). Dividend policy and firms’ Performance: A case of listed banks in Ghana.
  • Osamwonyi, I. O., & Lola-Ebueku, I. (2016). Does dividend policy affect firm earnings? empirical evidence from Nigeria. International Journal of Financial Research, 7(5), 77–86. https://doi.org/10.5430/ijfr.v7n5p77
  • Oxford Business Group. (2019, October 17). Will Ghana’s financial sector clean-up build a stronger banking system? Business News website, Retrieved May 20, 2022, from https://www.ghanaweb.com/GhanaHomePage/business/Will-Ghana-s-financial-sector-clean-up-build-a-stronger-banking-system-790043
  • Ozuomba, C. N., Anichebe, A. S., & Okoye, P. V. C. (2016). The effect of dividend policies on wealth maximization–a study of some selected plcs. Cogent Business and Management, 3(1), 1226457. https://doi.org/10.1080/23311975.2016.1226457
  • Roodman, D. (2009a). How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9(1), 86–136. https://doi.org/10.1177/1536867x0900900106
  • Roodman, D. (2009b). Practitioners’ corner: A note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics, 71(1), 135–158. https://doi.org/10.1111/j.1468-0084.2008.00542.x
  • Shah, S., & Mehta, D. (2016). Impact of dividend announcement on share prices. Anvesha, 9 (2), 10–19. https://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120156987&site=ehost-live&scope=site
  • Shehata, N. (2022). Board national diversity and dividend policy: Evidence from Egyptian listed companies. Finance Research Letters, 45(May), 102132. https://doi.org/10.1016/j.frl.2021.102132
  • Sondakh, R. (2019). The effect of dividend policy, liquidity, profitability and firm size on firm value in financial service sector industries listed in Indonesia stock exchange 2015-2018 period. Accountability, 8(2), 91. https://doi.org/10.32400/ja.24760.8.2.2019.91-101
  • Sukmawardini, D., & Ardiansari, A. (2018). The influence of institutional ownership, profitability, liquidity, dividend policy, debt policy on firm value. Management Analysis Journal, 7(2), 211–222. https://journal.unnes.ac.id/sju/index.php/maj/article/view/24878
  • Suteja, J., Gunardi, A., & Mirawati, A. (2020). Moderating effect of earnings management on relationship between corporate social responsibility and financial performance. International Journal of Advanced Science and Technology, 29(8), 474–486. https://www.researchgate.net/publication/340779161
  • Tekin, H., & Polat, A. Y. (2021). Do market differences matter on dividend policy? Borsa Istanbul Review, 21(2), 197–208. https://doi.org/10.1016/j.bir.2020.10.009
  • Thompson, E. K., & Adasi Manu, S. (2020). The impact of board composition on the dividend policy of US firms. Corporate Governance (Bingley), 21(5), 737–753. https://doi.org/10.1108/CG-05-2020-0182
  • Tran, Q. T. (2021). Local corruption and dividend policy: Evidence from Vietnam. Economic Analysis and Policy, 70, 195–205. https://doi.org/10.1016/j.eap.2021.02.011