Determinants of Corporate Pay-Out Policy and the Moderating Effects of Firm's Growth: Evidence from Pakistan
References
- 1. Abdelsalam, O., El-Masry, A. & Elsegini, S. (2008), Board composition, ownership structure and dividend policies in an emerging market: further evidence from CASE 50. Managerial Finance, 34(12), 953-964.10.1108/03074350810915879
- 2. Abor, J. & Bokpin, G.A. (2010), Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets. Studies in Economics and Finance, 27(3), 180-194.10.1108/10867371011060018
- 3. Abor, J. & Fiador, V. (2013), Does corporate governance explain dividend policy in Sub-Saharan Africa? International Journal of Law and Management, 55(3), 201-225.10.1108/17542431311327637
- 4. Ahmed, H. & Javid, A. (2009), Dynamics and determinants of dividend policy in Pakistan (evidence from Karachi stock exchange non-financial listed firms). International Research Journal of Finance and Economics, 25.
- 5. Al-Najjar, B., & Hussainey, K. (2009), The association between dividend payout and outside directorships. Journal of Applied Accounting Research, 10(1), 4-19.10.1108/09675420910963360
- 6. Alias, N., Rahim, R.A., Nor, F.M. & Yaacob, M.H. (2012), Board Structure, Capital Structure and Dividend Per Share: Do They Interact? International Proceedings of Economics Development and Research, 57, 148.
- 7. Alli, K.L., Khan, A.Q. & Ramirez, G.G. (1993), Determinants of corporate dividend policy: A factorial analysis. Financial Review, 28(4), 523-547.10.1111/j.1540-6288.1993.tb01361.x
- 8. Alonso, P.D.A., Iturriaga, F.J.L. & Sanz, J.A.R. (2005), Financial decisions and growth opportunities: a Spanish firm's panel data analysis. Applied Financial Economics, 15(6), 391-407.10.1080/09603100500039201
- 9. Amidu, M. & Abor, J. (2006), Determinants of dividend payout ratios in Ghana. The Journal of Risk Finance, 7(2), 136-145.10.1108/15265940610648580
- 10. Anderson, R.C. & Bizjak, J.M. (2003), An empirical examination of the role of the CEO and the compensation committee in structuring executive pay. Journal of Banking & Finance, 27(7), 1323-1348.10.1016/S0378-4266(02)00259-5
- 11. Artikis, G.P., Harada, K. & Nguyen, P. (2011), Ownership concentration and dividend policy in Japan. Managerial Finance, 37(4), 362-379.10.1108/03074351111115313
- 12. Asquith, P. & Mullins, D.W. (1986), Signalling with dividends, stock repurchases, and equity issues. Financial Management, 27-44.10.2307/3664842
- 13. Asteriou, D. & Hall, S.G. (2007), Applied Econometrics: a modern approach, revised edition. Hampshire: Palgrave Macmillan.
- 14. Baker, H.K., Singleton, J.C. & Veit, E.T. (2011), Survey research in corporate finance: bridging the gap between theory and practice: Oxford University Press.
- 15. Balteș, N. & Pavel, R.M. (2019), Assessment of the Insolvency Risk in Companies Listed on the Bucharest Stock Exchange. Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 29(4), 58-71.10.2478/sues-2019-0018
- 16. Banker, R.D., Charnes, A., Cooper, W.W. & Maindiratta, A. (1988), A comparison of DEA and translog estimates of production frontiers using simulated observations from a known technology. Applications of modern production theory: Efficiency and Productivity, 33-55.10.1007/978-94-009-3253-1_2
- 17. Barclay, M.J., Holderness, C.G. & Sheehan, D.P. (2009), Dividends and corporate shareholders. Review of Financial Studies, 22(6), 2423-2455.10.1093/rfs/hhn060
- 18. Batool, Z. & Javid, A.Y. (2014), Dividend policy and role of corporate governance in manufacturing sector of Pakistan. Retrieved from
- 19. Belden, S., Fister, T. & Knapp, B. (2005), Dividends and directors: do outsiders reduce agency costs? Business and Society Review, 110(2), 171-180.10.1111/j.0045-3609.2005.00009.x
- 20. Benjamin, S.J. & Mat Zain, M. (2015), Corporate governance and dividends payout: are they substitutes or complementary? Journal of Asia Business Studies, 9(2), 177-194.10.1108/JABS-08-2014-0062
- 21. Bhattacharya, S. (1979), Imperfect information, dividend policy, and “the bird in the hand” fallacy. Bell Journal of Economics, 10(1), 259-270.10.2307/3003330
- 22. Bøhren, Ø., Josefsen, M.G. & Steen, P.E. (2012), Stakeholder conflicts and dividend policy. Journal of Banking & Finance, 36(10), 2852-2864.10.1016/j.jbankfin.2012.06.007
- 23. Bokpin, G.A. (2011), Ownership structure, corporate governance and dividend performance on the Ghana Stock Exchange. Journal of Applied Accounting Research, 12(1), 61-73.10.1108/09675421111130612
- 24. Boussofiane, A., Dyson, R.G. & Thanassoulis, E. (1991), Applied data envelopment analysis. European Journal of Operational Research, 52(1), 1-15.10.1016/0377-2217(91)90331-O
- 25. Bozec, R., Dia, M. & Bozec, Y. (2010), Governance–performance relationship: a reexamination using technical efficiency measures. British Journal of Management, 21(3), 684-700.10.1111/j.1467-8551.2008.00624.x
- 26. Bradford, W., Chen, C. & Zhu, S. (2013), Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China. International Review of Economics & Finance, 27, 445-464.10.1016/j.iref.2013.01.003
- 27. Bradley, M., Capozza, D.R. & Seguin, P.J. (1998), Dividend policy and cash-flow uncertainty. Real Estate Economics, 26(4), 555-580.10.1111/1540-6229.00757
- 28. Brown, L.D. & Caylor, M.L. (2004), Corporate governance and firm performance. Available at SSRN 586423.10.2139/ssrn.586423
- 29. Bulan, L.T. & Subramanian, N. (2009), The firm life cycle theory of dividends (pp. 201-213): Citeseer.10.1002/9781118258408.ch12
- 30. Charnes, A. & Cooper, W.W. (1962), Programming with linear fractional functionals. Naval Research Logistics (NRL), 9(3-4), 181-186.10.1002/nav.3800090303
- 31. Charnes, A., Cooper, W.W. & Rhodes, E. (1978), Measuring the efficiency of decision-making units. European Journal of Operational Research, 2(6), 429-444.10.1016/0377-2217(78)90138-8
- 32. Chay, J.B. & Suh, J. (2009), Payout policy and cash-flow uncertainty. Journal of Financial Economics, 93(1), 88-107.10.1016/j.jfineco.2008.12.001
- 33. Chen, C.R. & Steiner, T.L. (1999), Managerial ownership and agency conflicts: A nonlinear simultaneous equation analysis of managerial ownership, risk-taking, debt policy, and dividend policy. Financial Review, 34(1), 119-136.10.1111/j.1540-6288.1999.tb00448.x
- 34. Chen, J., Leung, W.S. & Goergen, M. (2017), The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86-105.10.1016/j.jcorpfin.2017.01.001
- 35. Chen, Y.S. & Chen, B.Y. (2011), Applying DEA, MPI, and grey model to explore the operation performance of the Taiwanese wafer fabrication industry. Technological forecasting and social change, 78(3), 536-546.10.1016/j.techfore.2010.04.013
- 36. Chen, Z., Cheung, Y.L., Stouraitis, A. & Wong, A.W. (2005), Ownership concentration, firm performance, and dividend policy in Hong Kong. Pacific-Basin Finance Journal, 13(4), 431-449.10.1016/j.pacfin.2004.12.001
- 37. Cheng, M.C. & Tzeng, Z.C. (2011), Do leverage and efficiency affect each other. Journal of Accounting, 1(1),
- 38. Claessens, S. & Djankov, S. (1999), Ownership concentration and corporate performance in the Czech Republic. Journal of Comparative Economics, 27(3), 498-513.10.1006/jcec.1999.1598
- 39. Collier, P. & Gregory, A. (2000), Audit committee activity and agency costs. Journal of Accounting and Public Policy, 18(4), 311-332.10.1016/S0278-4254(99)00015-0
- 40. Cotter, J. & Silvester, M. (2003), Board and monitoring committee independence. Abacus, 39(2), 211-232.10.1111/1467-6281.00127
- 41. Crutchley, C.E. & Hansen, R.S. (1989), A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends. Financial Management, 18, 36-46.10.2307/3665795
- 42. Daniel, N.D., Denis, D.J. & Naveen, L. (2007), Dividends, investment, and Financial Flexibility. Paper presented at the AFA 2009 San Francisco Meetings Paper.10.2139/ssrn.1090871
- 43. 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), 227-254.10.1016/j.jfineco.2005.07.005
- 44. DeFusco, A.R., Dunham, M.L. & Geppert, J. (2014), An empirical analysis of the dynamic relation among investment, earnings and dividends. Managerial Finance, 40(2), 118-136.10.1108/MF-04-2013-0090
- 45. Demsetz, H. (1973), Industry structure, market rivalry, and public policy. The Journal of Law & Economics, 16(1), 1-9.10.1086/466752
- 46. Deng, L., Li, S., Liao, M. & Wu, W. (2013), Dividends, investment and cash flow uncertainty: Evidence from China. International Review of Economics & Finance, 27, 112-124.10.1016/j.iref.2012.09.005
- 47. Denis, D.J. & Osobov, I. (2008), Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, 89(1), 62-82.10.1016/j.jfineco.2007.06.006
- 48. Donaldson, L. (1990), The ethereal hand: Organizational economics and management theory. Academy of Management Review, 15(3), 369-381.10.5465/amr.1990.4308806
- 49. Donaldson, L. & Davis, J.H. (1991), Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1), 49-64.10.1177/031289629101600103
- 50. Dyson, R.G., Allen, R., Camanho, A.S., Podinovski, V.V., Sarrico, C.S. & Shale, E.A. (2001), Pitfalls and protocols in DEA. European Journal of Operational Research, 132(2), 245-259.10.1016/S0377-2217(00)00149-1
- 51. Eades, K.M. (1982), Empirical evidence on dividends as a signal of firm value. Journal of Financial and Quantitative Analysis, 17(04), 471-500.10.2307/2330903
- 52. Eckbo, B.E. & Verma, S. (1994), Managerial shareownership, voting power, and cash dividend policy. Journal of Corporate Finance, 1(1), 33-62.10.1016/0929-1199(94)90009-4
- 53. Faccio, M., Lang, L.H. & Young, L. (2001), Dividends and expropriation. American Economic Review, 91, 54-78.10.1257/aer.91.1.54
- 54. Fairchild, R., Guney, Y. & Thanatawee, Y. (2014), Corporate dividend policy in Thailand: Theory and evidence. International Review of Financial Analysis, 31, 129-151.10.1016/j.irfa.2013.10.006
- 55. Fama, E.F. & French, K.R. (2001), Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3-43.10.1016/S0304-405X(01)00038-1
- 56. Fama, E.F. & Jensen, M.C. (1983), Separation of ownership and control. The Journal of Law & Economics, 26(2), 301-325.10.1086/467037
- 57. Farinha, J. (2003), Dividend policy, corporate governance and the managerial entrenchment hypothesis: an empirical analysis. Journal of Business Finance & Accounting, 30(9-10), 1173-1209.10.1111/j.0306-686X.2003.05624.x
- 58. Fenn, G.W. & Liang, N. (2001), Corporate payout policy and managerial stock incentives. Journal of Financial Economics, 60(1), 45-72.10.1016/S0304-405X(01)00039-3
- 59. Ferdous, C. ., Mallin, C. & Ow-Yong, K. (2014), Corporate Governance in Bangladesh: A Comparison with Other Emerging Market Countries Corporate Governance in Emerging Markets (pp. 395-420): Springer.10.1007/978-3-642-44955-0_16
- 60. Firth, M., Gao, J., Shen, J. & Zhang, Y. (2016), Institutional stock ownership and firms’ cash dividend policies: Evidence from China. Journal of Banking & Finance, 65, 91-107.10.1016/j.jbankfin.2016.01.009
- 61. Florackis, C., Kanas, A. & Kostakis, A. (2015), Dividend policy, managerial ownership and debt financing: A non-parametric perspective. European Journal of Operational Research, 241(3), 783-795.10.1016/j.ejor.2014.08.031
- 62. Gaganis, C., Hasan, I. & Pasiouras, F. (2013), Efficiency and stock returns: evidence from the insurance industry. Journal of Productivity Analysis, 40(3), 429-442.10.1007/s11123-013-0347-x
- 63. Gaver, J.J. & Gaver, K.M. (1993), Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics, 16(1), 125-160.10.1016/0165-4101(93)90007-3
- 64. Gendron, Y. & Bédard, J. (2006), On the constitution of audit committee effectiveness. Accounting, Organizations and Society, 31(3), 211-239.10.1016/j.aos.2005.03.002
- 65. Ghosh, C. & Sirmans, C. (2006), Do managerial motives impact dividend decisions in REITs? The Journal of Real Estate Finance and Economics, 32(3), 327-355.10.1007/s11146-006-6805-8
- 66. Glen, J.D., Karmokolias, Y., Miller, R.R. & Shah, S. (1995), Dividend policy and behavior in emerging markets: To pay or not to pay: The World Bank.
- 67. Grinstein, Y. & Michaely, R. (2005), Institutional holdings and payout policy. The Journal of Finance, 60(3), 1389-1426.10.1111/j.1540-6261.2005.00765.x
- 68. Gugler, K. (2003), Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment. Journal of Banking & Finance, 27(7), 1297-1321.10.1016/S0378-4266(02)00258-3
- 69. Gugler, K. & Yurtoglu, B.B. (2003), Corporate governance and dividend pay-out policy in Germany. European Economic Review, 47(4), 731-758.10.1016/S0014-2921(02)00291-X
- 70. Gul, F. A. (1999), Growth opportunities, capital structure and dividend policies in Japan. Journal of Corporate Finance, 5(2), 141-168.10.1016/S0929-1199(99)00003-6
- 71. Guzman, I. & Reverte, C. (2008), Productivity and efficiency change and shareholder value: evidence from the Spanish banking sector. Applied Economics, 40(15), 2037-2044.10.1080/00036840600949413
- 72. Hayes, R., Mehran, H. & Schaefer, S. (2004), Board committee structures, ownership, and firm performance. Paper presented at the Federal Reserve Bank of New York Finance Seminar Series, New York University, New York.
- 73. Holt, R.W. (2003), Investment and dividends under irreversibility and financial constraints. Journal of Economic Dynamics and Control, 27(3), 467-502.10.1016/S0165-1889(01)00057-4
- 74. Hu, A. & Kumar, P. (2004), Managerial entrenchment and payout policy. Journal of Financial and Quantitative Analysis, 39(04), 759-790.10.1017/S0022109000003203
- 75. Hussain, H., Md-Rus, R., Al-Jaifi, H.A. & Hussain, R. Y. (2021), When do mature firms skip dividends? International Journal of Financial Engineering, 2150030.10.1142/S2424786321500304
- 76. Hussain, H., Md-Rus, R. & Al-Jaifi, H.A.A. (2018), Life cycle theory of dividends: A review of literature. International Journal of Business and Tehnopreneurship, 8(1), 45-54.
- 77. Hussain, H., Rus, R.M. & Al-Jaifi, H.A. (2019), Direct Agency Cost of Equity, Cash Flow Volatility and Dividend Pay-out: Evidence from Pakistan. Pertanika Journal of Social Sciences & Humanities, 27(1),
- 78. Hussain, R.Y., Wen, X., Butt, R.S., Hussain, H., Ali Qalati, S. & Abbas, I. (2020a), Are growth led financing decisions causing insolvency in listed firms of Pakistan? Zagreb International Review of Economics & Business, 23(2), 89-115.10.2478/zireb-2020-0015
- 79. Hussain, R.Y., Wen, X., Hussain, H., Saad, M. & Zafar, Z. (2020b), Do leverage decisions mediate the relationship between board structure and insolvency risk? A comparative mediating role of capital structure and debt maturity. South Asian Journal of Business Studies.10.1108/SAJBS-05-2020-0150
- 80. Jensen, G.R., Solberg, D.P. & Zorn, T.S. (1992), Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis, 27(02), 247-263.10.2307/2331370
- 81. Jensen, M. (1986), Agency cost of free cash flow, corporate finance, and takeovers. Corporate Finance, and Takeovers. American Economic Review, 76(2),
- 82. Jing, D. (2005), Cash flow volatility and dividend policy. (Masters Thesis), National University of Singapore.
- 83. Jiraporn, P. & Ning, Y. (2006), Dividend Policy, Shareholder Rights, and Corporate Governance Journal of Applied Finance, 16(2), 24-36.10.2139/ssrn.931290
- 84. Kesner, I.F. (1988), Directors’ characteristics and committee membership: An investigation of type, occupation, tenure, and gender. Academy of Management journal, 31(1), 66-84.10.2307/256498
- 85. Klein, A. (1998), Firm performance and board committee structure 1. The Journal of Law and Economics, 41(1), 275-304.10.1086/467391
- 86. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. & Vishny, R. (2000a), Investor protection and corporate governance. Journal of Financial Economics, 58(1), 3-27.10.1016/S0304-405X(00)00065-9
- 87. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. & Vishny, R.W. (2000b), Agency problems and dividend policies around the world. The Journal of Finance, 55(1), 1-33.10.1111/0022-1082.00199
- 88. Leng, C.A. (2007), The impact of internal and external monitoring measures on firm’s dividend payout: Evidence from selected Malaysian public listed companies. International Journal of Business and Management, 2(5), 31-45.10.22495/cocv5i3p13
- 89. Liadaki, A. & Gaganis, C. (2010), Efficiency and stock performance of EU banks: Is there a relationship? Omega, 38(5), 254-259.10.1016/j.omega.2008.09.003
- 90. Liang, H., Moreau, L. & Park, J.C. (2011), Investment opportunities and dividend omissions. Journal of Business Research, 64(10), 1108-1115.10.1016/j.jbusres.2010.11.012
- 91. Litai, C., Chuan, L. & Kim, Y.C. (2011), Financial Characteristics, Corporate Governance and the Propensity to Pay Cash Dividends of Chinese Listed Companies. International Business and Management, 3(1), 176-188.
- 92. Mahadwartha, P.A. (2007), The association of managerial ownership with dividend policy and leverage policy: Indonesian firms. Available at SSRN 637061.
- 93. Margaritis, D. & Psillaki, M. (2007), Capital structure and firm efficiency. Journal of Business Finance & Accounting, 34(9-10), 1447-1469.10.1111/j.1468-5957.2007.02056.x
- 94. McGuinness, P.B., Lam, K.C. & Vieito, J.P. (2015), Gender and other major board characteristics in China: Explaining corporate dividend policy and governance. Asia Pacific Journal of Management, 32(4), 989-1038.10.1007/s10490-015-9443-y
- 95. Mehar, A. (2005), Corporate governance and dividend policy. Pakistan Economic and Social Review, 93-106.
- 96. Minton, B.A. & Schrand, C. (1999), The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics, 54(3), 423-460.10.1016/S0304-405X(99)00042-2
- 97. Mirza, H.H. & Azfa, T. (2010), Ownership structure and cash flows as determinants of corporate dividend policy in Pakistan. International Business Research, 3(3), 210-221.10.5539/ibr.v3n3p210
- 98. Mitton, T. (2004), Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409-426.10.1016/j.ememar.2004.05.003
- 99. Mok, V., Yeung, G., Han, Z. & Li, Z. (2007), Leverage, Technical Efficiency and Profitability: an application of DEA to foreign-invested toy manufacturing firms in China. Journal of Contemporary China, 16(51), 259-274.10.1080/10670560701194509
- 100. Myers, M. & Bacon, F. (2004), The determinants of corporate dividend policy. Academy of Accounting and Financial Studies Journal, 8(3), 17-28.
- 101. Nimer, K., Warrad, L. & Khuraisat, O. (2012), The effect of audit committee's effectiveness on dividend payout policy: Evidence from the Jordanian firms. International Journal of Business and Management, 7(7), 172.10.5539/ijbm.v7n7p172
- 102. Nizar Al-Malkawi, H.A. (2007), Determinants of corporate dividend policy in Jordan: an application of the Tobit model. Journal of Economic and Administrative Sciences, 23(2), 44-70.10.1108/10264116200700007
- 103. O’Connor, T. & Byrne, J. (2015), Governance and the corporate life-cycle. International Journal of Managerial Finance, 11(1), 23-43.10.1108/IJMF-03-2013-0033
- 104. Officer, M.S. (2011), Overinvestment, corporate governance, and dividend initiations. Journal of Corporate Finance, 17(3), 710-724.10.1016/j.jcorpfin.2010.06.004
- 105. Peltzman, S. (1977), The gains and losses from industrial concentration: National Bureau of Economic Research Cambridge, Mass., USA.10.3386/w0163
- 106. Pordea, D., David, D. & Mateș, D. (2020), The Impact of Operating Cash Flow and Current Ratio on the Profitability in Construction Industry. Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 30(1), 22-32.10.2478/sues-2020-0002
- 107. Rehman, R., Hasan, M., Mangla, I.U. & Sultana, N. (2012), Economic reforms, corporate governance and dividend policy in sectoral economic growth in Pakistan. The Pakistan Development Review, 133-145.10.30541/v51i4IIpp.133-146
- 108. Rozeff, M.S. (1982), Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249-259.10.1111/j.1475-6803.1982.tb00299.x
- 109. Saeed, A. & Sameer, M. (2017), Impact of board gender diversity on dividend payments: Evidence from some emerging economies. International Business Review.10.1016/j.ibusrev.2017.04.005
- 110. Safari, M. (2015), Remuneration committee's impact on firm dividends in Malaysia: A panel approach. Journal of Global Economics, Management and Business Research, 1(1), 1-11.
- 111. Sanni, M., Salami, A.A. & Uthman, A.B. (2020), Determinants of Bank Performance in Nigeria: Do they Behave Differently with Risk-Adjusted Returns? Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 30(3), 1–34-31–34.10.2478/sues-2020-0015
- 112. Setia-Atmaja, L. (2010), Dividend and debt policies of family controlled firms: the impact of board independence. International Journal of Managerial Finance, 6(2), 128-142.10.1108/17439131011032059
- 113. Setia-Atmaja, L., Tanewski, G.A. & Skully, M. (2009), The role of dividends, debt and board structure in the governance of family controlled firms. Journal of Business Finance & Accounting, 36(7-8), 863-898.10.1111/j.1468-5957.2009.02151.x
- 114. Shah, A., Ullah, W. & Hasnain, B. (2011), Impact of ownership sturcture on dividend policy of firm. Paper presented at the International Conference on E-Business, management & economics. IPEDR. Hong Kong.
- 115. Shaheen, R. & Nishat, M. (2005), Corporate Governance and firm performance-An exploratory Analysis. The Journal of Corporate Ownership & Control, 5(1),
- 116. Sheikh, N.A. & Wang, Z. (2012), Effects of corporate governance on capital structure: empirical evidence from Pakistan. Corporate Governance: The International Journal of Business in Society, 12(5), 629-641.10.1108/14720701211275569
- 117. Shleifer, A. & Vishny, R.W. (1997), A survey of corporate governance. The Journal of Finance, 52(2), 737-783.10.1111/j.1540-6261.1997.tb04820.x
- 118. Short, H., Zhang, H. & Keasey, K. (2002), The link between dividend policy and institutional ownership. Journal of Corporate Finance, 8(2), 105-122.10.1016/S0929-1199(01)00030-X
- 119. Smith, C.W. & Watts, R.L. (1992), The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263-292.10.1016/0304-405X(92)90029-W
- 120. Sufian, F. & Majid, M.Z. A. (2007), Banks’ efficiency and stock prices in emerging markets: Evidence from Malaysia. Journal of Asia-Pacific Business, 7(4), 35-53.10.1300/J098v07n04_03
- 121. Thanatawee, Y. (2013), Ownership structure and dividend policy: Evidence from Thailand. International Journal of Economics and Finance, 5(1), 121-132.10.5539/ijef.v5n1p121
- 122. Thanatawee, Y. (2014), Ownership Structure and Dividend Policy: Evidence from China. International Journal of Economics and Finance, 197-204.10.5539/ijef.v6n8p197
- 123. Xie, B., Davidson, W.N. & DaDalt, P.J. (2003), Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295-316.10.1016/S0929-1199(02)00006-8
- 124. Xuezhou, W., Hussain, R.Y., Hussain, H., Saad, M. Butt, R.S., (2020), Interaction of asset tangibility on the relationship between leverage structure and financial distress in agriculture-linked non-financial firms. Scientific Papers Series“Management, Economic Engineering in Agriculture and Rural Development”, 20(3), 649-661.
- 125. Ya, Z. & Safari, M. (2016), The Effect of Remuneration Committee on Dividend Policy in China. Journal of Insurance and Financial Management, 1(2), 1-34.
- 126. Yarram, S.R. (2010), Board Characteristics and Dividend Policy: Australian Evidence. Economics and Public Policy, 1-21.
- 127. Yarram, S.R. & Dollery, B. (2015), Corporate governance and financial policies: Influence of board characteristics on the dividend policy of Australian firms. Managerial Finance, 41(3), 267-285.10.1108/MF-03-2014-0086
- 128. Younas, Z.I., Sarwar, S. & Siddiqi, M.W. (2012), Dividend is a substitute or an outcome of Auditor Monitoring? Another Evidence. Journal of Global Economy, 8(2), 147-152.10.1956/jge.v8i2.196
- 129. Yusof, Y. & Ismail, S. (2016), Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88-99.10.1108/RIBS-02-2014-0030
- 130. Zeckhauser, R.J. & Pound, J. (1990), Are large shareholders effective monitors? An investigation of share ownership and corporate performance Asymmetric information, corporate finance, and investment (pp. 149-180): University of Chicago Press.
Language: English
Page range: 65 - 101
Submitted on: Nov 1, 2021
Accepted on: Jan 1, 2022
Published on: Jul 12, 2022
Published by: Vasile Goldis Western University of Arad
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year
Related subjects:
© 2022 Haroon Hussain, Rohani Md-Rus, Hamdan Amer Al-Jaifi, Rana Yassir Hussain, published by Vasile Goldis Western University of Arad
This work is licensed under the Creative Commons Attribution 4.0 License.