Full Length Research Paper
References
|
Abdolreza G (2016). An investigation on the relationship between corporate governance and growth strategy with value creation in Tehran Stock Exchange (TSE). International Journal of Accounting and Taxation 4(2):79-97. |
|
|
Adefila JJ, Oladipo JA, Adeoti JO (2004). The effect of dividend policy on the market price of shares in Nigeria: Case Study of Fifteen Quoted companies. International Journal of Accounting 2(1):1-10. |
|
|
Adenugba AA, Ige AA, Keshinro OR (2016). Financial leverage and firms' value: a study of selected firms in Nigeria. European Journal of Research and Reflection in Management Sciences 4(1):14-32. |
|
|
Adeyemi SB, Oboh CS (2011). Perceived relationship between corporate capital structure and firm value in Nigeria. International Journal of Business and Social Science 2(1):131-143. |
|
|
Agrawal A, Narayanan J (2014). The dividend policies of allâ€equity firms: A direct test of the free cash flow theory. Managerial and Decision Economics 15(1):139â€148. |
|
|
Ajanthan A (2013). The relation between dividend payout and firm profitability among listed hotels and restaurant in Sri Lanka. International Journal of Scientific and Research Publications 3(6):1-6. |
|
|
Akinkoye EY, Akinadewo IS (2018). Retained earnings and firm market value: Nigeria Experience. The Business and Management Review 9(3):482-496. |
|
|
Al-Hassan MA, Asaduzzaman M, Al-Karim R (2013). The effect of dividend policy on share price: An evaluative study. IOSR Journal of Economics and Finance 1(4):6-11. |
|
|
Al-Nimer M, Alslihat N (2016). The effect of profitability ratios on market capitalization in Jordanian insurance companies listed in Amman Stock Exchange. Journal of Economics and Sustainable Development 8(6):140-146. |
|
|
Al-Zararee AN, Al-Azzawi A (2014). The impact of free cash flow on market value of firm. Global Review of Accounting and Finance 5(2):56-63. |
|
|
Amidu M (2007). How does dividend policy affect performance of the firm on Ghana stock exchange? Investment Management and Financial Innovations 4(2):184-211. |
|
|
Anand M (2004). Factors influencing dividend policy decisions of Corporate India. Journal of Applied Finance 10(2):21-34. |
|
|
Ang JS, Cole RA, Wuh-Lin J (2000). Agency costs and ownership structure. Journal of Finance 55(1):81-106. |
|
|
Antwi S, Mills EFEA, Zhao X (2012). Capital structure and firm value: Empirical evidence from Ghana. International Journal of Business and Social Science 3(22):103-111. |
|
|
Asghar M, Shah AZS, Hamid K, Suleman M (2011). Impact of dividend policy on stock price risk: Empirical evidence from equity market of Pakistan. Far East Journal of Psychology and Business 4(1):1-8. |
|
|
Baltagi BH (2015). Econometric Analysis of Panel Data. Chichester, UK: John Wiley and Sons. |
|
|
Bezawada B, Tati RK (2017). Dividend policy and firm valuation-A study of Indian electrical equipment manufacturing industry. Theoretical Economics Letters 7(1):1233-1243. |
|
|
Bhattacharya S (1979). Imperfect information, dividend policy, and "the bird in the hand" fallacy. Bell Journal of Economics 10(1):259-270. |
|
|
Black BS (2001). Does corporate governance matter: A crude test using Russian data. University of Pennsylvania Law Review 149(1):2131-2150. |
|
|
Black F (1976). The dividend puzzle. Journal of Portfolio Management 2(2):5-8. |
|
|
Brush TH, Bromiley P, Hendrickx M (2000). The free cash flow hypothesis for sales growth and firm performance. Strategic Management Journal 21(4):455-472. |
|
|
Budagaga A (2017). Dividend payment and its impact on the value of firms listed on Istanbul Stock Exchange: A residual income approach. International Journal of Economics and Financial Issues 7(2):370-376. |
|
|
Cheng MC, Tzeng ZC (2011). The effect of leverage on firm value and how the firm financial quality influences on this effect. World Journal of Management 3(2):31-43. |
|
|
Chowdhury A, Chowdhury SP (2010). Impact of capital structure on firm's value: Evidence from Bangladesh. Business and Economic Horizons 3(3):111-122. |
|
|
Collins OS, Filibus IE, Clement AA (2012). Corporate capital structure and corporate market value: Empirical evidence from Nigeria. International Journal of Economics and Finance 4(12):193-201. |
|
|
Cool KO, Schendel D (1988). Performance differences among strategic group members. Strategic Management Journal 9(3):207-230. |
|
|
Damouri D, Khanagha JB, Kaffash M (2013). The relationship between changes in the financial leverage and the values of the Tehran listed firms. International Journal of Academic Research in Accounting, Finance and Management Sciences 3(3):198-210. |
|
|
DeAngelo H, DeAngelo L (2006). The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics 79(2):293-315. |
|
|
Egbeonu OC, Edori IS, Edori D (2016). Effect of dividend policy on the value of firms (Empirical study of quoted firms in Nigeria Stock Exchange). Research Journal of Finance and Accounting 7(3):17-24. Available at: |
|
|
Emeni FK, Ogbulu OM (2015). The effect of dividend policy on the market value of firms in the financial services sector in Nigeria. Archives of Business Research 3(4):15-29. |
|
|
Fama EF, Babiak H (1968). Dividend policy: an empirical analysis. Journal of American Statistical Association 63(4):1132-1161. |
|
|
Fama EF, Miller MH (1971). The Theory of Finance. New York: Holt, Rinehart and Winston. |
|
|
Foong SS, Zakaria NB, Tan HB (2007). Firm performance and dividend related factors: the case of Malaysia. Labuan Bulletin of International Business and Finance 5(1):97-111. |
|
|
Frankfurter G, Wood BG, Wansley J (2003). Dividend Policy: Theory and Practice. Imprint of Elsevier science, San Diego CA, USA: Academic Press. |
|
|
Geoffrey I, Mbithi M, Musiega M (2017). Determinants of shareholders' wealth among listed financial firms' on the Nairobi Securities Exchange. International Journal of Management and Commerce Innovations 4(2):374-388. |
|
|
Gill A, Biger N, Mathur N (2011). The effect of capital structure on profitability: Evidence from the United States. International Journal of Management 28(4):3-14. |
|
|
Girish S, Desai K (2017). Impact of cash flow from operating and financial activities information on share price: Empirical evidence from nifty Pharma index companies, India. International Journal of Management Research and Review 7(11/3):1029-1033. |
|
|
Gompers P, Ishii J, Metrick A (2003). Corporate governance and equity prices. Quarterly Journal of Economics 118(1):107-115. |
|
|
Gordon MJ (1963). Optimal investment and financing policy. The Journal of Finance 18(2):264-272. |
|
|
Gul S, Mughal S, Shabir N, Bukhari SA (2012). The determinants of corporate dividend policy: An investigation of Pakistani Banking Industry. European Journal of Business and Management 4(12):1-5. |
|
|
Habumugisha T, Mulyungi P (2018). Effect of corporate dividend policy on performance of stock prices in Rwanda Stock Exchange. Case study of Bank of Kigali as listed on Rwanda Stock Exchange (2011-2016). International Journal of Research in Management, Economics and Commerce 08(05):183-193. |
|
|
Hansen GS, Wernerfelt B (1989). Determinants of firm performance:The relative importance of economic and firm factors. Strategic Management Journal 10(5):399-411. |
|
|
Hejazi R, Moshtaghin FS (2014). Impact of agency cost of free cash flow on dividend policy, and leverage of firms in Iran. Journal of Novel Applied Sciences 3(1):14-21. |
|
|
Heydari I, Milad M, Javadghayedi M (2014). Investigating the relationship between free cash flows and firm performance: Evidence from Tehran Stock Exchange. Indian Journal of Scientific Research 4(1):269-279. |
|
|
Inyiama OI, Ugah H (2015). Evaluation of the relationships between financial ratios and share price movements in Nigeria oil and gas (2002-2014). International Journal of Technical Research and Applications 3(4):367-375. |
|
|
Iqbal Z, Waseem MA, Asad M (2014). Impact of dividend policy on shareholders' wealth: a study of selected manufacturing industries of Pakistan. International Journal of Innovation and Applied studies 6(2):210-215. |
|
|
Jensen MC (1986). Agency costs of free cash flow, corporate finance, and the market takeovers. American Economic Review 76(1):323-329. |
|
|
Jensen MC, Meckling WH (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3(4):305-360. |
|
|
Jensen MC, Ruback SR (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics 11(1):5-50. |
|
|
Johannes H, Dhanraj K (2007). Unlocking shareholder value by moving closer to the optimal capital structure. Accountancy SA: Accounting and Tax Predictions 2007:28-32. |
|
|
Jose HA, Hongman-Gao J, Xiaochuan Z, Bahram A, Haibo W (2010). A study of the relative efficiency of Chinese Ports: A financial ratio based data envelopment analysis approach. Expert Systems 27(5):349-362. |
|
|
Kadioglu E, Kilic S, Yilmaz EA (2017). Testing the relationship between free cash flow and company performance in Borsa Istanbul. International Business Research 10(5):148-158. |
|
|
Kajola SO, Desu AA, Agbanike TF (2015). Factors influencing dividend payout policy decisions of Nigerian listed firms. International Journal of Economics, Commerce and Management 3(6):539-557. |
|
|
Kapoor S, Anil K, Misra A (2010). Dividend policy determinants of Indian FMCG sector: A factorial analysis. Journal of Modern Accounting and Auditing 6(2):50-64. |
|
|
Khan AB, Qureshi NZ (2018). Does dividend policy affect shareholders' wealth? International Journal of Current Engineering and Scientific Research 5(2):1-7. |
|
|
Khanji IM, Siam AZ (2015). The effect of cash flow on share price of the Jordanian commercial banks listed in Amman Stock Exchange. International Journal of Economics and Finance 7(5):109-115. |
|
|
Khraywesh H (2001). The impact of cash flows on the market value of the shares of Jordanian companies and banks. Arab Journal of Administrative Sciences, Kuwait University 10(1):37-52. |
|
|
Lintner J (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review 46(1):97-113. |
|
|
Lyndon ME, Paymaster FB (2016). The impact of cash flow on stock price in the banking sector of Nigeria. Business, Management and Economics Research 2(7):136-140. |
|
|
M'rabet R, Boujjat W (2016). Determinants of dividend payout ratio: evidence from Malaysian public listed firms. European Scientific Journal 12(4):469-482. |
|
|
Miller MH, Modigliani F (1961). Dividend policy, growth and the valuation of shares. Journal of Business 34(1):411-433. |
|
|
Miller MH, Scholes MS (1978). Dividends and taxes. Journal of Financial Economics 15(6):433-464. |
|
|
Ming-Chang C, Zuwei-Ching T (2011). The effect of leverage on firm value and how the firm financial quality influences on this effect. World Journal of Management 3(2):30-53. |
|
|
Mohammed D (2013). A dynamic panel model of capital structure and agency cost in Nigerian listed companies. Accounting and Taxation 5(2):33-44. |
|
|
Myers SC (1984). The capital structure puzzle. Journal of Finance 39(1):572-592. |
|
|
Nazir MS, Abdullah M, Nawaz M (2012). How dividend policy affects volatility of stock prices of financial sector firms of Pakistan. EuroJournals Publishing Incorporation: American Journal of Scientific Research 61(1):132-139. |
|
|
Ngo TG, Dang AT (2016). Financial performance, dividend payment and firm value: An exploratory research on Vietnam listed firms in the food and drink industry. VNU Journal of Science: Economics and Business 32(2):47-57. |
|
|
Nwaiwu JN, Ali SA (2018). Speaking theorists and searching for facts: Dividend policy and share price in Nigeria. International Journal of Advanced Academic Research, Business Development and Management 4(2):56-78. |
|
|
Nwidobie BM (2016). Corporate governance practices and dividend policies of quoted firms in Nigeria. International Journal of Asian Social Science 6(3):212-223. |
|
|
Ojeme S, Mamidu AI, Ojo JA (2015). Dividend policy and shareholders' wealth in Nigerian quoted banks. Canadian Social Science 11(1):24-29. |
|
|
Okafor CA, Mgbame CO (2011). Dividend policy and share price volatility in Nigeria. Jorind 9(1):202-210. |
|
|
Okpara GC (2010). A diagnosis of the determinant of dividend pay-out policy in Nigeria: A factor analytical approach. American Journal of Scientific Research 8(1):57-67. |
|
|
Ozuomba CN, Ezeabasili V (2017). Effect of dividend policies on firm value: Evidence from quoted firms in Nigeria. International Journal of Management Excellence 8(2):956-967. |
|
|
Pachori S, Totala K (2012). Influence of financial leverage on shareholders return and market capitalization: A study of automotive cluster companies of Pithampur, (M.P.), India. 2nd International Conference on Humanities, Geography and Economics (ICHGE'2012) Singapore pp. 23-26. |
|
|
Paminto A, Setyadi D, Sinaga J (2016). The effect of capital structure, firm growth and dividend policy on profitability and firm value of the oil palm plantation companies in Indonesia. European Journal of Business and Management 8(33):123-134. |
|
|
Park K, Jang S (2013). Effects of within-industry diversification and related diversification strategies on firm performance. International Journal of Hospitality Management 33(1):51-60. |
|
|
Rajni S (2012). Impact of financial leverage on shareholders return and market capitalization: Empirical Evidence of telecommunication sector companies, India. International Journal of Research in IT, Management and Engineering 2(12):55-66. |
|
|
Ramadan I (2015). Leverage and the Jordanian firms' value: Empirical evidence. International Journal of Economics and Finance 7(4):75-81. |
|
|
Ramezani C, Soenen L, Jung A (2002). Growth, corporate profitability and value creation. Financial Analysts Journal 58(2):58-67. |
|
|
Rehman OU (2016). Impact of capital structure and dividend policy on firm value. Journal of Poverty, Investment and Development 21(1):40-57. |
|
|
Rizqia DA, Sumiati SA (2013). Effect of managerial ownership, financial leverage, profitability, firm size, and investment opportunity on dividend policy and firm value. Research Journal of Finance and Accounting 4(11):120-130. |
|
|
Sam-Okere OO, Ologunwa OP (2016). Evaluation of the effect of dividend policy on the performance of corporate firms in Nigeria. Federal University of Technology, Akure (FUTA). Journal of Management and Technology (Maiden Edition):111-120. |
|
|
Setiadharma S, Machali M (2017). The effect of asset structure and firm size on firm value with capital structure as intervening variable. Journal of Business and Financial Affairs 6(4):1-5. |
|
|
Sharma D (2006). Corporate dividend trends: An empirical study of Sensex companies. Indian Journal of Accounting 37(1):14-21. |
|
|
Sharma D (2007). Are dividends in vogue in India? An empirical study of Sensex companies. Journal of Management Research 6(3):22-29. |
|
|
Singh M, Wallace ND (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking and Finance 27(5):793-816. |
|
|
Solomon E (1969). The Theory of Financial Management. Columbia: Columbia Press. |
|
|
Taimi ME (2014). Dividend policy and its impact on firm value: A review of theories and empirical evidence. PhD thesis submitted to the University of Cape Town. |
|
|
Thirumagal PG, Vasantha S (2016). Dividend policy on shareholders Wealth: Evidence from Indian Pharmaceutical Industry. Indian Journal of Science and Technology 4(2):91-105. |
|
|
Trevor J (2014). Leverage and corporate market value: Empirical evidence from Zimbabwe Stock Exchange. International Journal of Economics and Finance 6(4):185-195. |
|
|
Walter JE (1963). Dividend policy: Its influence on the value of the enterprise. Journal of Finance 18(1):280-291. |
|
|
Wang GY (2010). The impacts of free cash flows and agency costs on firm performance. Journal of Service Science and Management 03(04):408 418. |
|
|
Wanjiru NB, Oluoch O (2016). Effect of cash flow management on market performance of public construction companies in Kenya. International Journal of Social Sciences and Information Technology 2(8):778-790. |
|
|
Wernerfelt B (1984). A resource-based view of the firm. Strategic Management Journal 5(2):171-180. |
|
|
Xiong JC (2016). Institutional Investors, Dividend Policy and Firm Value-Evidence from China. Open Journal of Social Sciences 4(8):120. |
|
|
Yartey CA (2006). The stock market and the financing of corporate growth in Africa: The case of Ghana. IMF Working Paper, Washington. Available at: |
|
|
Yustisiana R (2017). The relationship between dividend policy and shareholder's wealth (a case study at mining companies in Indonesia). IOSR Journal of Business and Management 19(2/1):53-57. |
|
|
Zuriawati Z, Muhammad J, Zulkifli AH (2012). The impact of dividend policy on the share price volatility: Malaysian construction and material companies. International Journal of Economics and Management Sciences 2(5):1-8. |
|
Copyright © 2024 Author(s) retain the copyright of this article.
This article is published under the terms of the Creative Commons Attribution License 4.0
