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Dividend policy of firms listed on Casablanca Stock Exchange: a panel data analysis

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  • Imad Jabbouri
  • Abdelillah El Attar

Abstract

This study attempts to identify the main determinants of dividend policy and evaluate the theories that better explain the dividend behaviour of Moroccan listed firms. Data consists of all non-financial firms listed on Casablanca Stock Exchange (CSE) between 2004 and 2015. This study employed panel data analysis to demonstrate that current profits, financial leverage, growth, liquidity, free cash flow, institutional stock holdings and economic conjuncture represent the main determinants of dividend policy of Moroccan listed firms. The results reveal that the level of expected earnings and past dividend patterns does not influence dividend policy. The findings offer analysts, investors and academicians a valuable tool to understand how CFOs, CEOs, and board of directors design dividend policy. Moreover, given the severity of agency problems in CSE and the role of dividend policy in reducing agency problems, understanding the factors influencing dividend policy is fundamental for investors trading in this market.

Suggested Citation

  • Imad Jabbouri & Abdelillah El Attar, 2018. "Dividend policy of firms listed on Casablanca Stock Exchange: a panel data analysis," International Journal of Business and Emerging Markets, Inderscience Enterprises Ltd, vol. 10(1), pages 57-79.
    • Handle: RePEc:ids:ijbema:v:10:y:2018:i:1:p:57-79
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    Citations

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    Cited by:

    1. Jia Jia Hing & Yee Peng Chow, 2022. "Influence of institutional investor heterogeneity on stock liquidity and its underlying liquidity channels," International Journal of Business and Emerging Markets, Inderscience Enterprises Ltd, vol. 14(3), pages 252-278.
    2. Imad Jabbouri & Rachid Jabbouri, 2021. "Ownership identity and firm performance: Pre‐ and post‐crisis evidence from an African emerging market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5963-5976, October.
    3. Imad Jabbouri & Maryem Naili & Hamza Almustafa & Rachid Jabbouri, 2023. "Does ownership concentration affect banks’ credit risk? Evidence from MENA emerging markets," Bulletin of Economic Research, Wiley Blackwell, vol. 75(1), pages 119-140, January.

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