Access the full text.
Sign up today, get DeepDyve free for 14 days.
I. Pandey, R. Bhat (2011)
Dividend Behaviour of Indian Companies Under Monetary Policy RestrictionsCorporate Finance: Capital Structure & Payout Policies eJournal
M. Ariff
The issue of dividend policy
S. Bhattacharya (1979)
Imperfect Information, Dividend Policy, and "The Bird in the Hand" FallacyThe Bell Journal of Economics, 10
Alon Brav, Campbell Harvey, J. Graham, Roni Michaely (2003)
Payout Policy in the 21st CenturyPublic Economics eJournal
Gustavo Grullon, Roni Michaely (2000)
Dividends, Share Repurchases, and the Substitution HypothesisSamuel Curtis Johnson Graduate School of Management at Cornell University Research Paper Series
Todd Mitton (2004)
Corporate Governance and Dividend Policy in Emerging MarketsCorporate Finance: Governance
Franklin Allen, Antonio Bernardo, I. Welch (1998)
A Theory of Dividends Based on Tax ClientelesJournal of Finance, 55
J. Brittain (1966)
Corporate Dividend Policy
M. Goergen, Luis Silva, L. Renneboog (2003)
When Do German Firms Change Their Dividends?Tilburg Law & Economics Center (TILEC) Law & Economics Research Paper Series
R. Brealey, S.C. Myers
Principles of Corporate Finance
Cahit Adaoglu (2000)
Instability in the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations: Evidence from an Emerging MarketCorporate Finance: Capital Structure & Payout Policies eJournal
B. Eckbo, S. Verma (1994)
Managerial Shareownership, Voting Power, and Cash Dividend PolicyAuditing
Igor Osobov, David Denis (2007)
Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend PolicyCorporate Finance: Capital Structure & Payout Policies
F.M. Nor, Z. Sulong
An investigation of the effects of ownership structure on Malaysian firm's payout policy: the moderating effects of board governance
M. Bond, M. Mougoué (1991)
Corporate dividend policy and the partial adjustment modelJournal of Economics and Business, 43
L. Renneboog, P.G. Szilagyi
How relevant is dividend policy under low shareholder protection?
Sami Naceur, M. Goaied, Amel Belanès (2006)
On the Determinants and Dynamics of Dividend PolicyIO: Empirical Studies of Firms & Markets
Andrei Shleifer, Robert Vishny (1996)
A Survey of Corporate GovernanceOrganizations & Markets eJournal
S. Ross (1978)
Some Notes on Financial Incentive-Signalling Models, Activity Choice and Risk PreferencesJournal of Finance, 33
C.B. Maury, A. Pajuste
Controlling shareholders, agency problems, and dividend policy in Finland
Institute of International Finance
Comparative Survey of Corporate Governance in the Gulf Cooperation Council – An Investor Perspective
H. Al-Malkawi (2008)
Factors Influencing Corporate Dividend Decision: Evidence from Jordanian Panel DataInternational journal of business, 13
M. Amidu, J. Abor (2006)
Determinants of dividend payout ratios in GhanaThe Journal of Risk Finance, 7
H. DeAngelo, L. DeAngelo (1990)
Dividend Policy and Financial Distress: An Empirical Investigation of Troubled NYSE FirmsJournal of Finance, 45
J. Baskin (1989)
An Empirical Investigation of the Pecking Order HypothesisFinancial Management, 18
Rajen Mookerjee (1992)
An empirical investigation of corporate dividend pay-out behaviour in an emerging marketApplied Financial Economics, 2
H. DeAngelo, L. DeAngelo, René Stulz (2006)
Dividend policy and the earned/contributed capital mix: a test of the life-cycle theoryJournal of Financial Economics, 81
C. Andres, A. Betzer, M. Goergen, L. Renneboog (2009)
Dividend policy of German firms: A panel data analysis of partial adjustment modelsJournal of Empirical Finance, 16
A.A. Bevan, J. Danbolt
Testing for inconsistencies in the estimation of the determinants of capital structure in the UK
Gang Wei, Weiguo Zhang, J. Xiao (2003)
Dividends Policy and Ownership Structure in ChinaCorporate Finance: Governance
L. Booth, V. Aivazian, A. Demirguc-Kunt, Vojislav Maksimovic (2001)
Capital Structures in Developing CountriesJournal of Finance, 56
Nalinaksha Bhattacharyya, J. Elston (2009)
Dividends, Executive Compensation, and Agency Costs: Empirical Evidence from GermanyERN: CEO & Executive Motivation & Incentives (Topic)
Anup Agrawal, Narayanan Jayaraman (1994)
The dividend policies of all‐equity firms: A direct test of the free cash flow theoryManagerial and Decision Economics, 15
R. Bhat, I. Pandey (1993)
Dividend Decision: A Study of Managers Perceptions
L. Renneboog, G. Trojanowski
Control structures and payout policy
Masao Nakamura (1989)
Asymmetry in the dividend behavior of US and Japanese firmsManagerial and Decision Economics, 10
F. Black (1976)
The Dividend Puzzle, 2
R. Higgins (1972)
The Corporate Dividend-Saving DecisionJournal of Financial and Quantitative Analysis, 7
Bogdan Stacescu (2006)
Payout and Investment Decisions Under Managerial DiscretionERN: Behavioral Economics (Topic)
V. Aivazian, L. Booth, S. Cleary (2006)
Dividend Smoothing and Debt RatingsJournal of Financial and Quantitative Analysis, 41
Florencio Silanes, Andrei Shleifer, Robert Vishny (1998)
Agency Problems and Dividend Policies Around the WorldChicago Booth: Fama-Miller Working Paper Series
Carl Oreland (2007)
Family Control in Swedish Public Companies : Implications for Firm Performance, Dividends and CEO Cash Compensation
J. Al‐Ajmi
Modeling the dividend policy of GCC banks
Tehmina Khan (2006)
Company Dividends and Ownership Structure: Evidence from UK Panel DataWiley-Blackwell: Economic Journal
V. Aivazian, L. Booth, S. Cleary (2003)
Dividend Policy and the Organization of Capital MarketsJournal of Multinational Financial Management, 13
H. Baker, G. Powell, E. Veit (2002)
Revisiting the dividend puzzle: Do all of the pieces now fit?Review of Financial Economics, 11
Nalinaksha Bhattacharyya (2007)
Dividend policy: a reviewManagerial Finance, 33
B. Baltagi
Econometric Analysis of Panel Data
André Carvalhal, R. Leal (2003)
Corporate Governance, Market Valuation and Dividend Policy in BrazilInternational Finance
Merton Miller, F. Modigliani (1961)
DIVIDEND POLICY, GROWTH, AND THE VALUATION OF SHARESThe Journal of Business, 34
S.A. Ross
The determination of financial structure: the incentive‐signaling models, activity choice and risk preferences
K. Gugler (2003)
Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investmentJournal of Banking and Finance, 27
B. Julio, D. Ikenberry
Reappearing dividends
Gerald Jensen, Donald Solberg, Thomas Zorn (1992)
Simultaneous Determination of Insider Ownership, Debt, and Dividend PoliciesJournal of Financial and Quantitative Analysis, 27
M. Jensen
Agency cost free cash flow, corporate finance, and takeovers
Michael Rozeff (1982)
Growth, Beta and Agency Costs as Determinants of Dividend Payout RatiosCorporate Finance: Capital Structure & Payout Policies
Thomas Anastassiou (2007)
A dividend function for Greek manufacturingManagerial Finance, 33
H. Short, Hao Zhang, K. Keasey (2002)
The Link between Dividend Policy and Institutional OwnershipCGN: Distributions: Dividends
H. DeAngelo, L. DeAngelo, Douglas Skinner (1992)
Dividends and LossesJournal of Finance, 47
E. Fama, Harvey Babiak (1968)
Dividend Policy: An Empirical AnalysisJournal of the American Statistical Association, 63
J. Lintner (1956)
DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES, 46
B. Bodla, K. Pal, Jasvir Sura (2007)
Examining Application of Lintner’s Dividend Model in Indian Banking IndustryThe IUP Journal of Bank Management
A. Bevan, J. Danbolt (2004)
Testing for inconsistencies in the estimation of UK capital structure determinantsApplied Financial Economics, 14
K. Al‐Yahyaee, T. Pham, T. Walter
Dividend policy in the absence of taxes
F.H. Easterbrook
Two agency‐cost explanations of dividends
Ghassan Omet (2004)
Dividend Policy Behaviour in the Jordanian Capital MarketInternational Finance
K. Gugler, B. Yurtoglu (2003)
Corporate Governance and Dividend Pay-Out Policy in GermanyEuropean Finance Association Meetings (EFA) (Archive)
L. Booth, V. Demirgu-Kunt, Vojislav Maksimovic (1999)
Capital Structure in Developing Countries
Purpose – The paper aims to test the stability of dividend policy, test the effect of cash flow on the company's dividend policy, identify the factors that determine a firm's cash dividend payments, and examine the characteristics of dividend‐paying and non‐paying firms. Design/methodology/approach – The hypotheses are tested using unbalance panel data for a sample of 54 Saudi‐listed firms during 1990‐2006. Findings – Saudi firms pay out a lower proportion of their cash flows compared to the proportion of dividends of reported earnings. Firms have more flexible dividend policies since they are willing to cut or skip dividends when profit declines and pay no dividends when losses are reported. Lagged dividend payments, profitability, cash flows, and life cycle are determinants of dividend payments. Agency costs are not a critical driver of dividend policy of Saudi firms. Zakat is found to play a role in explaining firm's dividend decisions. Originality/value – This paper is the first to study the determinants of dividend policy in a country where companies are required to pay Islamic zakat.
The Journal of Risk Finance – Emerald Publishing
Published: Jan 4, 2011
Keywords: Saudi Arabia; Islam; Dividends; Cash flow; Business policy
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.