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Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets

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  • Jabbouri, Imad

Abstract

This study attempts to identify the main factors influencing dividend policy in MENA emerging markets during the period between 2004 and 2013. Using panel data analysis, the study documents that dividend policy is positively related to size, current profit, and liquidity and negatively associated with leverage, growth, free cash flow and the state of the economy. The negative relationship with free cash flow could be indicative of potential agency problems in this region. This relationship is more pronounced in markets with high information asymmetry and weak investors’ protection. Managers of MENA firms seem to increase dividend payouts during economic slumps in an attempt to reassure investors fearing insiders’ expropriation. These signals become irrelevant when country governance mechanisms are powerful and investor protection is factual. Understanding dividend policy enhances the forecast of dividend payments and the choice of the appropriate valuation models, which increase investors’ confidence and boost market activity and economic growth. Evidence of agency problems in MENA markets could persuade regulators to instigate new and foster existing governance mechanisms to address this prominent issue. The results should encourage policy makers, board of directors, analysts, institutional investors as well as other investors to scrutinize corporate governance issues to restore the integrity of local markets.

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  • Jabbouri, Imad, 2016. "Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets," Research in International Business and Finance, Elsevier, vol. 37(C), pages 283-298.
  • Handle: RePEc:eee:riibaf:v:37:y:2016:i:c:p:283-298
    DOI: 10.1016/j.ribaf.2016.01.018
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    2. ElBannan, Mona A., 2017. "Stock market liquidity, family ownership, and capital structure choices in an emerging country," Emerging Markets Review, Elsevier, vol. 33(C), pages 201-231.
    3. Wesson, N. & Smit, E.v.d.M. & Kidd, M. & Hamman, W.D., 2018. "Determinants of the choice between share repurchases and dividend payments," Research in International Business and Finance, Elsevier, vol. 45(C), pages 180-196.
    4. Thi Thai Ha Le & Xuan Hung Nguyen & Manh Dung Tran, 2019. "Determinants of Dividend Payout Policy in Emerging Markets: Evidence from the ASEAN Region," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(4), pages 531-546, April.
    5. Khan, Naimat U. & Shah Jehan, Qurat Ul Ain & Shah, Attaullah, 2017. "Impact of taxation on dividend policy: Evidence from Pakistan," Research in International Business and Finance, Elsevier, vol. 42(C), pages 365-375.
    6. Briano-Turrent, Guadalupe D.C. & Li, Mingsheng & Peng, Hongfeng, 2020. "The impact of family-CEOs and their demographic characteristics on dividend payouts: Evidence from Latin America," Research in International Business and Finance, Elsevier, vol. 51(C).
    7. Peter E. Ayunku & Dumani Markjackson*, 2019. "Determinants of Dividend Payout Policy of Listed Corporations in Nigeria," Business, Management and Economics Research, Academic Research Publishing Group, vol. 5(9), pages 134-141, 09-2019.
    8. Gebka, Bartosz, 2019. "Asymmetric price reactions to dividend announcements: Always irrational?," Economics Letters, Elsevier, vol. 185(C).
    9. Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.

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    Keywords

    Dividend policy; Information asymmetries; Agency problems; Emerging markets;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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