Nexus of Market Risk, Dividend Policy and Commercial Banks’ Performance in Sub-Saharan Africa

Abadir, K.M., Taylor, A. (1999). On the Definitions of (Co-) integration. Journal of time series analysis, 20 (2), 129–137.10.1111/1467-9892.00128Search in Google Scholar

Agyei, S.K., Marfo-Yiadom, E. (2011). Dividend policy and bank performance in Ghana. International Journal of Economics and Finance, 3 (4), 202.10.5539/ijef.v3n4p202Search in Google Scholar

Agyemang Badu, E. (2013). Determinants of Dividend Payout Policy of listed Financial Institutions in Ghana. Research Journal of Finance and Accounting. Retrieved from: http://hdl.handle.net/123456789/88.Search in Google Scholar

Ajanthan, A. (2013). The relationship between dividend payout and firm profitability: A study of listed hotels and restaurant companies in Sri Lanka. International Journal of Scientific and Research Publications, 3 (6), 1–6.Search in Google Scholar

Akande, J.O., Kwenda, F. (2017). Competitive Condition of Sub-Saharan Africa Commercial Banks. Studia Universitatis Babes-Bolyai Oeconomica, 62 (2), 55–76.10.1515/subboec-2017-0009Search in Google Scholar

Alencar, L.S., Nakane, M.I. (2004). Bank competition, agency costs, and the performance of the monetary policy. Banco Central do Brasil Working Paper No. 81. Retrieved from: https://ssrn.com/abstract=926337. DOI: 10.2139/ssrn.926337.10.2139/ssrn.926337Search in Google Scholar

Ang, J.S., Cole, R.A., Lin, J.W. (2000). Agency costs and ownership structure. The Journal of Finance, 55 (1), 81–106.10.1111/0022-1082.00201Search in Google Scholar

Asari, F., Baharuddin, N.S., Jusoh, N., Mohamad, Z., Shamsudin, N., Jusoff, K. (2011). A vector error correction model (VECM) approach in explaining the relationship between interest rate and inflation towards exchange rate volatility in Malaysia. World Applied Sciences Journal, 12 (3), 49–56.Search in Google Scholar

Beck, T., Cull, R. (2013). Banking in Africa. World Bank Policy Research Working Paper No. 6684, 1–44.10.1596/1813-9450-6684Search in Google Scholar

Brigham, E.F., Ehrhardt, M.C. (2013). Financial management: Theory & practice: Cengage Learning.Search in Google Scholar

Choi, I. (2001). Unit root tests for panel data. Journal of international money and Finance, 20 (2), 249–272.10.1016/S0261-5606(00)00048-6Search in Google Scholar

Collier, P.M., Agyei-Ampomah, S. (2006). Management Accounting-Risk and Control Strategy: Paper P3. CIMA Learning Systems Strategic Level 2007. Elsevier Science & Technology.Search in Google Scholar

Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset (Vol. 666). John Wiley & Sons.Search in Google Scholar

Ehikioya, B.I. (2015). An Empirical Investigation of the Impact of Dividend Policy on the Performance of Firms in Developing Economies: Evidence from Listed Firms in Nigeria. International Journal of Finance and Accounting, 4 (5), 245–252.Search in Google Scholar

Ekinci, A. (2016). The Effect of Credit and Market Risk on Bank Performance: Evidence from Turkey. International Journal of Economics and Financial Issues, 6 (2), 427–434.Search in Google Scholar

Feldman, R.J., Schmidt, J. (2000). Interest rate risk: What is it, why banks would want it, and how to evaluate it. The Region (Jul), 16–17.Search in Google Scholar

Flamini, V., Schumacher, M.L., McDonald, M.C.A. (2009). The determinants of commercial bank profitability in Sub-Saharan Africa. International Monetary Fund.10.5089/9781451871623.001Search in Google Scholar

Fredrick, O. (2013). The impact of credit risk management on financial performance of commercial banks in Kenya. DBA Africa Management Review, 3 (1), 22–37.Search in Google Scholar

Gilb, T. (2002). Risk Management: A practical toolkit for identifying, analyzing and coping with project risks. Paper presented at the International Symposia of the International Council on Systems Engineering (INCOSE).10.1002/j.2334-5837.2002.tb02482.xSearch in Google Scholar

Groen, J., Kleibergen, F. (2003). Likelihood-Based Cointegration Analysis in Panels of Vector Error Correction Models. Journal of Business and Economic Statistics, 21, 295–318. DOI: 10.1198/073500103288618972.10.1198/073500103288618972Search in Google Scholar

Gul, S., Sajid, M., Razzaq, N., Afzal, F. (2012). Agency cost, corporate governance and ownership structure (the case of Pakistan). International Journal of Business and Social Science, 3 (9), 221–325.Search in Google Scholar

Hamid, R., Yaqub, M.S., Awan, M.M H. (2016). Antecedents of Dividend Policy: Empirical Evidence from Banking Sector of Pakistan. European Online Journal of Natural and Social Sciences, 5 (2), 263.Search in Google Scholar

Haslem, J.A. (1968). A statistical analysis of the relative profitability of commercial banks. The Journal of finance, 23 (1), 167–176.10.1111/j.1540-6261.1968.tb03004.xSearch in Google Scholar

Hyndman, R.J., Athanasopoulos, G. (2014). Forecasting: principles and practice. OTexts.Search in Google Scholar

Johansen, S. (1995). Likelihood-based inference in cointegrated vector autoregressive models. Oxford University Press on Demand.10.1093/0198774508.001.0001Search in Google Scholar

Kargi, H.S. (2011). Credit risk and the performance of Nigerian banks. Ahmadu Bello University, Zaria.Search in Google Scholar

Karkowska, R. (2019). Model of Risk Diversification in the Banking Sector. Folia Oeconomica Stetinensia, 19 (1), 31. DOI: 10.2478/foli-2019-0003.10.2478/foli-2019-0003Search in Google Scholar

Kasman, A., Carvallo, O. (2013). Efficiency and risk in Latin American banking: explaining resilience. Emerging Markets Finance and Trade, 49 (2), 105–130.10.2753/REE1540-496X490207Search in Google Scholar

Levin, A., Lin, C.-F., Chu, C.-S.J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of econometrics, 108 (1), 1–24.10.1016/S0304-4076(01)00098-7Search in Google Scholar

Li, F., Zou, Y. (2014). The Impact of credit risk management on profitability of commercial banks: A study of Europe. Unpublished MBA Thesis. Sweden: UMEA University.Search in Google Scholar

Ling, F.S., Abdull Mutalip, M., Shahrin, A.R., Othman, M.S. (2007). Dividend policy: evidence from public listed companies in Malaysia.Search in Google Scholar

Maddala, G.S., Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and statistics, 61 (S1), 631–652.10.1111/1468-0084.0610s1631Search in Google Scholar

Mahadevan, R., Asafu-Adjaye, J. (2007). Energy consumption, economic growth and prices: A reassessment using panel VECM for developed and developing countries. Energy Policy, 35 (4), 2481–2490.10.1016/j.enpol.2006.08.019Search in Google Scholar

Maldajian, C., El Khoury, R. (2014). Determinants of the dividend policy: an empirical study on the Lebanese listed banks. International Journal of Economics and Finance, 6 (4), 240–255.10.5539/ijef.v6n4p240Search in Google Scholar

Mehta, A., Neukirchen, M., Pfetsch, S., Poppensieker, T. (2012). Managing market risk: Today and tomorrow. McKinsey & Company McKinsey Working Papers on Risk, 32 (1), 24–36.Search in Google Scholar

Musyoki, D., Kadubo, A.S. (2012). The impact of credit risk management on the financial performance of banks in Kenya for the period. International Journal of Business and Public Management, 2 (2), 72–80.Search in Google Scholar

Nazir, M.S., Saita, H.K., Nawaz, M.M. (2012). The Role of Debt in Reducing Agency Cost: Empirical Evidence from Pakistan. Innova Ciencia, 4 (5), 28–43.Search in Google Scholar

Nimalathasan, B., Pratheepkanth, P. (2012). Systematic Risk Management and Profitability: A Case Study of Selected Financial Institutions in Sri Lanka. Global Journal of Management And Business Research, 12 (17), 1–4. Retrieved from: https://www.journalofbusiness.org/index.php/GJMBR/article/view/812.Search in Google Scholar

Nnadi, M., Wogboroma, N., Kabel, B. (2013). Determinants of dividend policy: Evidence from listed firms in the African stock exchanges. Panoeconomicus, 60 (6), 725–741.10.2298/PAN1306725NSearch in Google Scholar

Obalade, A.A., Ebiwonjumi, A., Adaramola, A.O. (2019). Var Modelling of Dynamics of Poverty, Unemployment, Literacy and Per Capita Income in Nigeria. Folia Oeconomica Stetinensia, 19 (1), 73. DOI: 10.2478/foli-2019-0006.10.2478/foli-2019-0006Search in Google Scholar

Omolade, A., Nwosa, P., Ngalawa, H. (2019). Monetary Transmission Channel, Oil Price Shock and the Manufacturing Sector in Nigeria. Folia Oeconomica Stetinensia, 19 (1), 89. DOI: 10.2478/foli-2019-0007.10.2478/foli-2019-0007Search in Google Scholar

Onanjiri, R., Korankye, T. (2014). Dividend Payout and Performance of Quoted Manufacturing Firms in Ghana. Research Journal of Finance and Accounting, 5 (15), 442–454.Search in Google Scholar

Ouma, O.P. (2012). The relationship between dividend payout and firm performance: a study of listed companies in Kenya. European scientific journal, 8 (9), 199–215.Search in Google Scholar

Santomero, A.M. (1997). Commercial bank risk management: an analysis of the process. Journal of Financial Services Research, 12 (2–3), 83–115.10.1023/A:1007971801810Search in Google Scholar

Sargan, J. (1964). Three-stage least-squares and full maximum likelihood estimates. Econometrica: Journal of the Econometric Society, 77–81.10.2307/1913735Search in Google Scholar

Singh, M., Davidson III, W.N. (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking & Finance, 27 (5), 793–816.10.1016/S0378-4266(01)00260-6Search in Google Scholar

Uwuigbe, U., Jafaru, J., Ajayi, A. (2012). Dividend policy and firm performance: A study of listed firms in Nigeria. Accounting and Management Information Systems, 11 (3), 442–455.Search in Google Scholar

Wang, G.Y. (2010). The impacts of free cash flows and agency costs on firm performance. Journal of service science and management, 3 (4), 408–418.10.4236/jssm.2010.34047Search in Google Scholar