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Determinants of dividend payout policy: Evidence from Bangladesh

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  • Sheikh Taher Abu

    ()
    (Department of Finance and Banking, Jahangirnagar University)

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    Abstract

    Dividend payout policy has potential roles to be considered as part of the firm’s strength to operate smoothly in the corporate world. Profitability along with other essential factors has significant impact on dividend decisions of a corporation. Thus, it becomes an important issue for firm’s to identify the factors determining dividend payout policy. Considering the existing literatures on dividend determinants, the paper attempts to construct an empirical model for selected commercial banks in Bangladesh and provide recommendations which will further develop the dividend payout policy for banks and other industry listed in Dhaka and Chittagong Stock Exchange (DSE & CSE). The empirical findings reveal that current earnings and liquidity has potential roles for firms to determine payout policy.

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    Bibliographic Info

    Article provided by Academy of Economic Studies - Bucharest, Romania in its journal International Journal of Economic Practices and Theories.

    Volume (Year): 2 (2012)
    Issue (Month): 3 (July)
    Pages: 119-126

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    Handle: RePEc:aes:ijeptp:v:2:y:2012:i:3:p:119-126

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    Related research

    Keywords: dividend policy; econometric model; DSE & CSE; commercial banks;

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    1. Pruitt, Stephen W & Gitman, Lawrence J, 1991. "The Interactions between the Investment, Financing, and Dividend Decisions of Major U.S. Firms," The Financial Review, Eastern Finance Association, vol. 26(3), pages 409-30, August.
    2. Malcolm Baker & Jeffrey Wurgler, 2000. "The Equity Share in New Issues and Aggregate Stock Returns," Journal of Finance, American Finance Association, vol. 55(5), pages 2219-2257, October.
    3. Franklin Allen & Antonio Bernardo & Ivo Welch, . "A Theory of Dividends Based on Tax Clienteles," Rodney L. White Center for Financial Research Working Papers 15-98, Wharton School Rodney L. White Center for Financial Research.
    4. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    5. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411.
    6. Black, Fischer & Scholes, Myron, 1974. "The effects of dividend yield and dividend policy on common stock prices and returns," Journal of Financial Economics, Elsevier, vol. 1(1), pages 1-22, May.
    7. Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-51, September.
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