DIVIDEND POLICY EFFECT ON SHARE PRICES: A COMPARISON STUDY BETWEEN ISLAMIC AND CONVENTIONAL BANKS IN KUWAIT

Authors

DOI:

https://doi.org/10.26668/businessreview/2024.v9i5.4608

Keywords:

Dividend Policy, Islamic Banks, Kuwait, COVID-19, Retention Ratio, Dividend Yield

Abstract

Ahmad, A., & Hassan, M. (2007). Regulation and performance of Islamic banking in Bangladesh. Thunderbird International Business Review, 492, 251-277.

Ahmed, F., Rafay, A., & Ahmed, A. (2018). Dividend Payout Policy of Conventional Banking and Islamic Banking in Pakistan. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 10(1), 135–152. doi: http//dx.doi.org/10.15408/aiq.v10i1.6103

Alasfour, F., Jaara, B., & Abusaleem, K. (2024). Dividend Payout Policy of the Islamic and Conventional Banks in the Gulf Cooperation Council (GCC) Countries. Migration Letters, 21(4), 908-925.

Al-Amin, A. (2009). Dividend distribution and its impact on public share prices of shares, the case of the Sudane French Bank. Unpublished Master Thesis, University of Sudan and Technology, Sudan. Al-Ammar.

Baker, H., & Weigand, R. (2015). Corporate dividend policy revisited. Managerial Finance, 41(2), 126-144.

Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and 'The Bird In The Hand. Fallacy”. Bell Journal of Economics, 10(1), 259-270

Black, F. (1976). The dividend puzzle. Journal of portfolio management, 2(2), 5-8.

Brealey, R. A. & Myers, S. C. (2003). Principles of corporate finance (7th ed.). New York: McGraw Hill.

Chang, R., & Rhee, S. (1990). The impact of personal taxes on corporate dividend policy and capital structure decisions. Financial Management, 19(2), 21-31.

Dhaliwal, D. S., Erickson, M., & Trezevant, R. (1999). A test of the theory of tax Clienteles for dividend policies. National Tax Journal, 52, 179-194.

Donald, K. (2011). International accounting IFRS. John Wiley & Son. 783-784.

Doumpos, M., Hasan, I., & Pasiouras, F. (2017). Bank overall financial strength: Islamic versus conventional banks. Economic Modelling, 64, 513-523.

Elmagrhi, M., Ntim, C., Crossley, R., Malagila, J., Fosu, S., & Vu, T. (2017). Corporate governance and dividend pay-out policy in UK listed SMEs: The effects of corporate board characteristics. International Journal of Accounting & Information Management, 25(4), 459-483.

Eng, S.H., Yahya, M. H., & Hadi, A. R. (2013). The dividend payout policy–a comparison on Malaysian Islamic and conventional financial institutions. Journal of WEI Business and Economics, 2(2), 12-20.

Fink, C., & Theissen, E. (2014). Dividend taxation and DAX futures prices (No. 14-08). CFR Working Paper.

Hafeez, A. & Attiya, Y. (2009). The Determinants Of Dividend Policy In Pakistan. International Research Journal of Finance Economics, 25, 148-171.

Hafsi, R. (2016). Study and analysis of the effect of the dividend policy on the performance of shares of listed companies in the financial market, the case of the Dubai Financial Market for the period 2011-2014, University of Qasdah Murbah and Oqlala. Algerian Journal of Accounting and Financial Studies, 15(2), 39-49.

Huda, F., & T. Farah. (2011). Determinants of Dividend Decision: A Focus on Banking Sector in Bangladesh. International Research Journal of Finance and Economics, 77, 33-46.

Jaara, O., Jaara, O., Shamieh, J., & Fendi, U. (2017). Liquidity risk exposure in Islamic and Conventional banks. International Journal of Economics and Financial Issues, 7(6), 16-26.

Mashkour, S., & Sadiq, Z. (2018). The relationship between the dividend policy and the market value of the stock and its impact on determining the value of the company. Applied research in a sample of banks registered in the Iraqi market for securities. Journal of the Kufa Studies Center, 50, 221-248.

Miletkov, M., Moskalev, S., & Wintoki, M. B. (2015). Corporate boards and acquirer returns: international evidence. Managerial Finance, 41(3), 244-266.

Nissim, D. & Ziv, A. (2001). Dividend changes and future profitability. The Journal of Finance, 56(6), 2111-2133.

Pal, K., & Goyal, P. (2007). Leading Determinants of Dividend Policy: A Case Study of the Indian Banking Industry. Decision (0304-0941), 34(2), 87-98.

Petit, R. (1977). Taxes, transactions costs and the Clientele effect of dividends. Journal of Financial Economics, 5, 419-436.

Pruitt, S., & Gitman, L. (1991). The interactions between the investment, financing, and dividend decisions of major US firms. Financial Review, 26(33), 409-430.

Rafique, M. (2012). Factors affecting dividend payout: Evidence from listed non-financial firms of Karachi stock exchange. Business Management Dynamics, 1(11), 76-92.

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References

Ahmad, A., & Hassan, M. (2007). Regulation and performance of Islamic banking in Bangladesh. Thunderbird International Business Review, 492, 251-277.

Ahmed, F., Rafay, A., & Ahmed, A. (2018). Dividend Payout Policy of Conventional Banking and Islamic Banking in Pakistan. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 10(1), 135–152. doi: http//dx.doi.org/10.15408/aiq.v10i1.6103

Alasfour, F., Jaara, B., & Abusaleem, K. (2024). Dividend Payout Policy of the Islamic and Conventional Banks in the Gulf Cooperation Council (GCC) Countries. Migration Letters, 21(4), 908-925.

Al-Amin, A. (2009). Dividend distribution and its impact on public share prices of shares, the case of the Sudane French Bank. Unpublished Master Thesis, University of Sudan and Technology, Sudan. Al-Ammar.

Baker, H., & Weigand, R. (2015). Corporate dividend policy revisited. Managerial Finance, 41(2), 126-144.

Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and 'The Bird In The Hand. Fallacy”. Bell Journal of Economics, 10(1), 259-270

Black, F. (1976). The dividend puzzle. Journal of portfolio management, 2(2), 5-8.

Brealey, R. A. & Myers, S. C. (2003). Principles of corporate finance (7th ed.). New York: McGraw Hill.

Chang, R., & Rhee, S. (1990). The impact of personal taxes on corporate dividend policy and capital structure decisions. Financial Management, 19(2), 21-31.

Dhaliwal, D. S., Erickson, M., & Trezevant, R. (1999). A test of the theory of tax Clienteles for dividend policies. National Tax Journal, 52, 179-194.

Donald, K. (2011). International accounting IFRS. John Wiley & Son. 783-784.

Doumpos, M., Hasan, I., & Pasiouras, F. (2017). Bank overall financial strength: Islamic versus conventional banks. Economic Modelling, 64, 513-523.

Elmagrhi, M., Ntim, C., Crossley, R., Malagila, J., Fosu, S., & Vu, T. (2017). Corporate governance and dividend pay-out policy in UK listed SMEs: The effects of corporate board characteristics. International Journal of Accounting & Information Management, 25(4), 459-483.

Eng, S.H., Yahya, M. H., & Hadi, A. R. (2013). The dividend payout policy–a comparison on Malaysian Islamic and conventional financial institutions. Journal of WEI Business and Economics, 2(2), 12-20.

Fink, C., & Theissen, E. (2014). Dividend taxation and DAX futures prices (No. 14-08). CFR Working Paper.

Hafeez, A. & Attiya, Y. (2009). The Determinants Of Dividend Policy In Pakistan. International Research Journal of Finance Economics, 25, 148-171.

Hafsi, R. (2016). Study and analysis of the effect of the dividend policy on the performance of shares of listed companies in the financial market, the case of the Dubai Financial Market for the period 2011-2014, University of Qasdah Murbah and Oqlala. Algerian Journal of Accounting and Financial Studies, 15(2), 39-49.

Huda, F., & T. Farah. (2011). Determinants of Dividend Decision: A Focus on Banking Sector in Bangladesh. International Research Journal of Finance and Economics, 77, 33-46.

Jaara, O., Jaara, O., Shamieh, J., & Fendi, U. (2017). Liquidity risk exposure in Islamic and Conventional banks. International Journal of Economics and Financial Issues, 7(6), 16-26.

Mashkour, S., & Sadiq, Z. (2018). The relationship between the dividend policy and the market value of the stock and its impact on determining the value of the company. Applied research in a sample of banks registered in the Iraqi market for securities. Journal of the Kufa Studies Center, 50, 221-248.

Miletkov, M., Moskalev, S., & Wintoki, M. B. (2015). Corporate boards and acquirer returns: international evidence. Managerial Finance, 41(3), 244-266.

Nissim, D. & Ziv, A. (2001). Dividend changes and future profitability. The Journal of Finance, 56(6), 2111-2133.

Pal, K., & Goyal, P. (2007). Leading Determinants of Dividend Policy: A Case Study of the Indian Banking Industry. Decision (0304-0941), 34(2), 87-98.

Petit, R. (1977). Taxes, transactions costs and the Clientele effect of dividends. Journal of Financial Economics, 5, 419-436.

Pruitt, S., & Gitman, L. (1991). The interactions between the investment, financing, and dividend decisions of major US firms. Financial Review, 26(33), 409-430.

Rafique, M. (2012). Factors affecting dividend payout: Evidence from listed non-financial firms of Karachi stock exchange. Business Management Dynamics, 1(11), 76-92.

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Published

2024-05-15

How to Cite

AlAli, M., AlKulaib, Y., Bash, A., AlDhuaina, H., AlAskar, I., & AlDuwaila, N. (2024). DIVIDEND POLICY EFFECT ON SHARE PRICES: A COMPARISON STUDY BETWEEN ISLAMIC AND CONVENTIONAL BANKS IN KUWAIT. International Journal of Professional Business Review, 9(5), e04608. https://doi.org/10.26668/businessreview/2024.v9i5.4608