Cite

Aivazian, V., Booth, L., Cleary, S. (2003). Do emerging markets follow different dividend policies from U.S. firms? The Journal of Financial Research.Vol.16, No. 3, pp. 372–387.10.1111/1475-6803.00064 Search in Google Scholar

Arellano, M. and S. Bond(1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58, pp. 277–297.10.2307/2297968 Search in Google Scholar

Bai, J. (2009). Panel Data Models With Interactive Fixed Effects. Econometrica, 4, pp. 1229-127910.3982/ECTA6135 Search in Google Scholar

Baker, H. K., Farrelly, G. E., Edelman, R.B. (1985). A survey of management views of dividend policy, Financial Management. Vol. 14, No. 3, pp. 78-84.10.2307/3665062 Search in Google Scholar

Baker, H., Veit, E., Powell G.E. (2001). Factors influencing dividend policy decisions of NASDAQ firms, The Financial Review. Vol. 36, No. 3, pp. 19-37.10.1111/j.1540-6288.2001.tb00018.x Search in Google Scholar

Banja Luka Stock Exchange 2021, electronic dataset, viewed on 10 September 2021, <http://www.blberza.com/Pages/dailymediareports.aspx>. Search in Google Scholar

Banking Agency of the Federation of Bosnia and Herzegovina (2019).Information on the banking system entities of the Federation of Bosnia and Herzegovina. Available at: https://www.fba.ba/hr/informacija-o-subjektima-bankovnog-sustava-federacije-bih-sa-stanjem-nadan-31122018 (28 April 2019). Search in Google Scholar

Bebczuk, R. N. (2004). Explaining dividend policies in Argentina. Working Paper. Available at https://econpapers.repec.org/paper/lapwpaper/050.htm (15 May, 2019). Search in Google Scholar

Belgrade Stock Exchange 2021, electronic dataset, viewed on 8 September 2021, <https://www.belex.rs/eng/trgovanje/dnevni_podaci>. Search in Google Scholar

Bhattacharya, D. Li, W. & Rhee, S. G. (2016). Does Better Corporate Governance Encourage Higher Payout? : Risk, Agency Cost, and Dividend Policy. HIAS discussion papers, available at https://pdfs.semanticscholar.org/f48e/112c450660ec27f60e45094d96a20a1bc13b.pdf. Search in Google Scholar

Bhattacharya, S. (1979). Imperfect information, dividend policy and the “bird-in-hand” fallacy. The Bell Journal of Economics, Vol. 10, pp. 259-270.10.2307/3003330 Search in Google Scholar

Black, F. (1976). The dividend puzzle, Journal of Portfolio Management. Vol. 2, pp. 5-8.10.3905/jpm.1976.408558 Search in Google Scholar

Bratislava Stock Exchange 2021, electronic dataset, viewed on 3 October 2021, <http://www.bsse.sk/bcpben/Statistics/Monthly/tabid/170/language/en-US/Default.aspx>. Search in Google Scholar

Brav, A., Graham, J. R., Harvey, C. R., Michaely, R. (2005). Payout policy in the 21st century, Journal of Financial Economics. Vol. 77, pp.483–527.10.1016/j.jfineco.2004.07.004 Search in Google Scholar

Budapest Stock Exchange 2021, electronic dataset, viewed on 4 October 2021, <https://www.bse.hu/Prices-and-Markets/Data-download/Monthly-and-yearly-statistics>. Search in Google Scholar

Bulgarian Stock Exchange 2021, electronic dataset, viewed on 7 October 2021, <https://www.bse-sofia.bg/en/statistics>. Search in Google Scholar

Damodaran, A. (2019a). S&P earnings: 1960-current. Available at: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/spearn.htm (10 March, 2019). Search in Google Scholar

Damodaran, A. (2019b). Return on equity by sector (US). Available at: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/roe.html (10 March, 2019). Search in Google Scholar

Damodaran, A. (2022). Price to book value ratio by sector (US). Available at: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/pbvdata.html (10 March, 2022). Search in Google Scholar

DeAngelo, H., DeAngelo, L. & Skinner, D. (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics, 72, 425–45610.1016/S0304-405X(03)00186-7 Search in Google Scholar

DeAngelo, H., DeAngelo, L., Stulz, R.M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory, Journal of Financial Economics. Vol. 81, pp. 227–254.10.1016/j.jfineco.2005.07.005 Search in Google Scholar

Denis, D. J., Osobov, I. (2007). Why do firms pay dividends? International evidence in the determinants of dividend policy, Journal of Financial Economics.Vol.89, No.1, pp. 62–82.10.1016/j.jfineco.2007.06.006 Search in Google Scholar

Djankov, S., La Porta, R., Lopez-de Silanes, F. & Shleifer A. (2008), The Law and Economics of Self Dealing. Journal of Financial Economics, 88 (3), 430-465.10.1016/j.jfineco.2007.02.007 Search in Google Scholar

Driscoll, J. C., and A. C. Kraay (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics 80, pp. 549–560.10.1162/003465398557825 Search in Google Scholar

Džidić, A. and Orsag, S. (2019). Dividend Smoothing and Investor Protection, Zagreb International Review of Economics & Business, Vol. 22, No. 2, pp. 55-70, 201910.2478/zireb-2019-0020 Search in Google Scholar

Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. American Economic Review, Vol.74, pp. 650-669.10.2307/1073082 Search in Google Scholar

Fama, E., Babiak, H. (1968). Dividend policy: an empirical analysis, Journal of the American Statistical Association. Vol. 63, pp. 1132-1161.10.1080/01621459.1968.10480917 Search in Google Scholar

Fama, E.F., French, K.R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay, Journal of Financial Economics. Vol. 60, pp. 3-43.10.1016/S0304-405X(01)00038-1 Search in Google Scholar

Glen, J., Karmokolias, Y., Miller, R., Shah, S. (1995). Dividend policy and behaviour in Emerging Markets, Discussion. Paper No. 26, International Financial Corporation. Available at http://documents.worldbank.org/curated/en/325441468741588836/pdf/multi-page.pdf (15 May 2019). Search in Google Scholar

Gugler, K., Yurtoglu, B.B. (2003). Corporate governance and dividend pay-out policy in Germany, European Economic Review.Vol. 47, No. 4, pp. 731–758.10.1016/S0014-2921(02)00291-X Search in Google Scholar

Hedensted, J. S., Raaballe, J. (2006). Dividend determinants in Denmark, Working Paper, University of Aarhus. Available at ftp://ftp.econ.au.dk/afv/wp/08/wp08_03.pdf (15 May, 2019). Search in Google Scholar

Holder, M. E., Langrehr, F. W., Hexter, L. (1998). Dividend policy determinants: an investigation of the influences of stakeholder theory, Financial Management. Vol. 27, No. 3, pp. 73-85.10.2307/3666276 Search in Google Scholar

Huber, P. J. (1967) The behavior of maximum likelihood estimates under nonstandard conditions. In Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability. Berkeley, CA: University of California Press, vol. 1, 221–233. Search in Google Scholar

Jensen, M., Meckling, W.(1976). Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics. Vol. 3, 305–360.10.1016/0304-405X(76)90026-X Search in Google Scholar

Jensen, Michael C., (1986). Agency costs of free cash flow, corporate finance, and the market for takeovers. American Economic Review 76, 323-329. Search in Google Scholar

Kowalewski, O., Stetsyuk, I., Talavera, O. (2007). Corporate governance and dividend policy in Poland. Social Science Research Network. Available at https://www.researchgate.net/publication/4797893_Corporate_Governance_and_Dividend_Policy_in_Poland (15 May 2019).10.2139/ssrn.986111 Search in Google Scholar

Kožul, A., Mihalina, E. (2013). The determinants of the dividend size in Croatia, UTMS Journal of Economics. Vol. 2, pp. 143-151. Search in Google Scholar

Kožul, A., Orsag, S. (2012). Firm-level factors influencing dividend policy: Cross country analysis. Special Issue, Corporate Governance in Southeast Europe: In search for transparency and efficiency. International Journal of Management Cases, Vol. 14, No. 3: pp. 107–144.10.5848/APBJ.2012.00076 Search in Google Scholar

La Porta, R., Lopez-de-Silanes, F., Shleifer, A. (1999). Corporate ownership around the World, Journal of Finance. Vol. 54, No.2, pp. 471-517.10.1111/0022-1082.00115 Search in Google Scholar

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny R. (1998). Law and finance. Journal of Political Economy, Vol. 106, pp. 1113-1155.10.1086/250042 Search in Google Scholar

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R. (2000). Agency problems and dividend policies around the world, Journal of Finance. Vol. 55 No.1, pp: 1-33.10.1111/0022-1082.00199 Search in Google Scholar

Lintner, J. (1956). Distribution of incomes of corporation among dividends, retained earnings and taxes, The American Economic Review. Vol. 46, No. 2, pp. 97-113. Search in Google Scholar

Ljubljana Stock Exchange 2021, electronic dataset, viewed on 7 September 2021, <https://ljse.si/en/market-data/8>. Search in Google Scholar

Lloyd, W.P., Jaherajr, J.S., Page, D.E. (1985). Agency costs and dividend payout ratios, Quarterly Journal of Business and Economics. Vol. 24, pp. 19-29. Search in Google Scholar

Macedonian Stock Exchange 2021, electronic dataset, viewed on 8 September 2021, <https://www.mse.mk/ReportDetail.aspx>. Search in Google Scholar

Michaely, R. &Roberts, M. (2012). Corporate Dividend Policies: Lessons from Private Firms. Review of Financial Studies, (25) 3, 711-746.10.1093/rfs/hhr108 Search in Google Scholar

Montenegro Stock Exchange 2021, electronic dataset, viewed on 9 September 2021, <https://www.mnse.me/code/navigate.asp?Id=18>. Search in Google Scholar

Myers, S., Majluf, N.S. (1984). Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics. Vol. 13, No. 2, pp. 187–221.10.1016/0304-405X(84)90023-0 Search in Google Scholar

Nasdaq Baltic Exchange 2021, electronic dataset, viewed on 4 September 2021, <https://nasdaqbaltic.com/statistics/en/statistics>. Search in Google Scholar

Prague Stock Exchange 2021, electronic dataset, viewed on 3 October 2021, <https://www.pse.cz/en/market-data/statistics/statistics-files>. Search in Google Scholar

Rozeff, M.S., (1982). Growth, beta and agency costs as determinants of dividend payout ratios, Journal of Financial Research. Vol. 5, No. 3, pp. 249-259.10.1111/j.1475-6803.1982.tb00299.x Search in Google Scholar

Sarajevo Stock Exchange 2021, electronic dataset, viewed on 10 September 2021, <http://www.sase.ba/v1/en-us/Reports/Trading-reports/Price-Lists>. Search in Google Scholar

Shleifer, A., Vishny, R.W. (1997). A survey of corporate governance, The Journal of Finance. Vol. 52, No. 2, pp. 737-783.10.1111/j.1540-6261.1997.tb04820.x Search in Google Scholar

Statescu, B. (2006). Dividend policy in Switzerland, Financial Markets and Portfolio Management. Vol.20, No. 2, pp. 153–183.10.1007/s11408-006-0013-7 Search in Google Scholar

The Bucharest Stock Exchange 2021, electronic dataset, viewed on 2 October 2021, <https://www.bvb.ro/TradingAndStatistics/Statistics/GeneralStatistics#>. Search in Google Scholar

Warsaw Stock Exchange 2021, electronic dataset, viewed on 1 October 2021, <https://www.gpw.pl/gpw-statistics>. Search in Google Scholar

Weston, J. F., & Brigham, E. F. (1979). Managerial Finance (7th ed.): Dryden Press. Search in Google Scholar

White, H. (1980) A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48: 817–830.10.2307/1912934 Search in Google Scholar

Zagreb Stock Exchange 2021, electronic dataset, viewed on 7 September 2021, <https://zse.hr/en/market-data/8>. Search in Google Scholar