Determinants of Dividend Payout of Commercial Banks Listed At Dar Es Salaam Stock Exchange (DSE)
Downloads
The study is about the analysis of the determinants of dividend payout of commercial banks listed at Dar es salaam Stock Exchange (DSE) over the period 2010-2016.Balanced panel data from three selected commercial banks listed at Dar es salaam Stock Exchange (DSE) used were obtained from companies audited financial statements. The variables used were Dividend payout. Profitability, liquidity, firm size, growth and financial leverage. Multiple Linear Regression was used to analyze the collected data. The key findings of this research is that profitability, liquidity, growth and financial leverage are statistically significant determinants of dividend payout of the commercial banks while firm size is not a statistically significant variable for determining dividend payout.
Amidu M, Abor J. Determinants of dividend payout ratios in Ghana. J Risk Finance 2006; 7: 136-45.
Ajmi, JA & Hussain, HA 2011, Corporate dividend decisions: evidence from Saudi Arabia, Journal of Risk Finance, vol. 11, no. 1, pp. 41-56.
Anil K, Kapoor S. Determinants of dividend payout ratios - a study of Indian information technology sector. Int Res J Finance Econ 2008; 15: 1- 9.
Alam Khan, Intikhab., & Salaria, Rashid (2009). ―Determinants and Dynamics of Dividend Policy: Evidence from Pakistan’s Banking Sector‖, Journal of Independent Studies and Research (MSSE), Vol.7 No.1.
Allen, F., and R. Michaely, 1995, .Dividend Policy, Handbook in OR and MS, Vol 9, (R.Jarrow et al., Eds), Elsevier Science.
Al-Malkawi, Husam A N 2007, Factors Influencing Corporate Dividend Decision: Evidence from Jordanian Panel Data International Journal of Business.
Al-Kuwari, D 2009, ‘Determinants of the Dividend Payout Ratio of Companies Listed on Emerging Stock Exchanges: The Case of the Gulf Cooperation Council (GCC) Countries,
Badu, A. E (2014), Determinants of Dividend Payout Policy of Listed Financial Institutions in Ghana. Research Journal of Finance and Accounting, 4(7)
Baker, H., & Powell, G. (2000, Spring/ Summer2000). Determinants of Corporate Dividend Policy: A Survey of NYSE Firms. Financial Practice & Education, 10(1), 29-40.
Baker, H. K., E. T. Veit& G. E. Powell. (2001). Factors Influencing Dividend Policy Decisions of Nasdaq Firms. The Financial Review, Eastern Finance Association, (August)
Bhattacharya S., (1979), Imperfect Information, Dividend Policy, and The Bird in the Hand Fallacy, The Bell Journal of Economics Vol. 10 No. 1, pp. 259-270.
Black, Fischer (1976), The Dividend Puzzle, The Journal of Portfolio Management, winter, pp.634-639.
Brealey R. and S. Myers, 2005, Principles of corporate finance (8th edition), London: McGraw-Hill. Carlson, J. B. (April 2001). Why is the Dividend Yield so Low? Federal Reserve Bank of Cleveland.
Brennan, M (1970) Taxes, Market Valuation and Financial Policy”, National Tax Jounal
Davies, T and Pain B (2002) Business Accounting and Financial Berkshire; Mc Hraw Hall.
Cresswell, (2009) Research design; quantitative, quantitative and mixed approaches, 3rd Ed. SAGE publication, India
Droughty, (2000), The Joy of Money. London: Simon & Schuster Ltd.
Easterbrook, F.H. (1984). Two Agency-cost Explanations on Dividends. American Economic Review.
Gibson C. (2009). Financial Reporting & Analysis: Using Financial Accounting Information, International Student.
Gill, A., Biger, N., & Tibrewala, R. (2010). Determinants of Dividend Payout Ratios: Evidence from United States. The Open Business Journal, 3, 8-13.
Glen, Jack D., Yannis Karmokolias, Robert R. Miller, and Sanjay Shah,( 1995), Dividend Policy and Behavior in Emerging Markets, Discussion Paper No. 26, (International Financial Corporation).
Gujarati, N (2004), Basic Econometrics, McGraw Hi ll Books Company, Singapore
Hafeez Ahmed and Attiya Javid. ‘Dynamics and Determinants of Dividend Policy in Pakistan (Evidence from Karachi Stock Exchange Non-Financial Listed Firms), International Research Journal of Finance and Economics, ISSN 1450-2887 Issue 25 (2009)
Imran, K 2011, Determinants of dividend payout policy: a case of Pakistan engineering sector, Romanian Economic Journal, vol. 14, no. 41, pp. 47-60.
Jensen, G, Solberg, D and Zom, T (1992) Simu Haneous Determination of insider ownership, Debt and Dividend Polices. Journal of Financial and Quantitative Analysis
Kinfe, T (2011) Determinants of dividend payout. An empirical Study on Banking Industry in Ethiopia(2006-2010) (Unpublished Master Thesis) Addis Ababa University
Kisuguru, A (2013) Determinants of dividend payout policy of manufacturing companies listed at DSE (Unpublished Master Thesis) Open University of Tanzania
Lease, R. C., John, K,. Kalay, A., Loewenstein, U., & Sarig, O. D. (2000). Dividend Policy: It’s Impacts on Firm’s Value. Harward Business School Press, Boston, MA.
Lee, S.W (2009), Determinants of Dividend policy in Korean Banking Industry, Banks and Banking systems
Lintner, John, (1956), Distribution of Incomes of Corporations Among Dividends, Retained Earnings and Taxes, American Economics Review 46 (No. 2, May), 97-1 13.
Litzenberger R.H, & Ramaswamy, K (1979). The Effects of Personal Taxes and Dividends on Capital Assets Prices. Theory and Empirical Evidence Journal of Financial Economics
Lloyd W.P, Jahera S.J (1985) Agency cost and Dividend payout ratios; Journal of Business Economics.
Maladjan, C& El Khoury, R(2014) Determinants of Dividend Policy: An empirical study on the Lebanese Listed Banks. International Journal of Economics and Finance,6(4)
Miller, Merton and Franco Modigliani, (1961), Dividend Policy, Growth, and the Valuation of Shares, Journal of Business-34 (No. 4, October), 411-433.
Miller, M. H. & Scholes, M. S. (1978) Dividends and taxes. Journal of Financial Economics, 6, 333-364.
Mahira Rafique (2012) Factors Affecting Dividend Payout: Evidence From Listed Non-Financial Firms of Karachi Stock Exchange Business Management Dynamics Vol.1, No.11, May 2012, pp.76-92
Pandey M (2004) Financial Management, Vikas Publishing House. PVT Ltd.
Pruitt, Stephen W & Lawrence J. Gitman. (1991). The Interactions between the Investment, Financing, and Dividend Decisions of Major U.S. Firms‖, Financial Review, Vol. 26 No.3
Rozeff,, M. S 1982, Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research.
Saunders, M., Lewis, P., & Thornhill, A. (2009). Research Methods for Business Students. 5 ed. Harlow: Pearson Education.
Sawicki: J (2005) An Investigations into the Dividend of Firms in East Asia, working paper, Nanyang technological University, Singapore
Terzungwe, N& Adekunle, A.A (2013) What accounts for Dividend Payments in Nigerian Banks. International Journal of Business, Humanities and Technology, 3(8)
U.uwuigbe, J. Jafaru and A. Ajayi ( 2012) Dividend policy and firm performance; A study of listed firms in Nigeria-Accounting and management information systems vol.11 No.3 pp 442-454.2012.
Yusuph, A & Muhammed, N (2015), Determinants of Dividend Payout in Nigerian Banking Industry. Scholars Bulletin, 1(9), pp 253-259.
