[Abdella, A. B., Manual, V. (2016) A Study on the Determinants of Dividend Policies of Commercial Banks in Saudi Arabia. Imperial Journal of Interdisciplinary Research, 2(9): 1064-1073.]Search in Google Scholar
[Abiola, J. O. (2014) Measuring and Analyzing the Effects of Dividend Policy in Banking Profits and Growth. Journal of Policy and Development Studies, 9(1): 167-178.10.12816/0011190]Search in Google Scholar
[Acharya, V. V., Gabarro, M., Volpin, P. F. (2012) Competition for managers, corporate governance and incentive compensation. CEPR Discussion Paper No. DP8936.10.2139/ssrn.1786703]Search in Google Scholar
[Adesina, K. (2017) Dividend policy and share price valuation in Nigerian banks.]Search in Google Scholar
[Agbatogun, T. O., Adewumi, A. A. (2017) The Nexus of Dividend Payout and Profitability Performance of Insurance Firms in Nigeria. https://ssrn.com/abstract=2929492.10.2139/ssrn.2929492]Search 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.v3n4p202]Search in Google Scholar
[Agyemang Badu, E. (2013) Determinants of Dividend Payout Policy of listed Financial Institutions in Ghana. Research Journal of Finance and Accounting, 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-2017-0009]Search in Google Scholar
[Akinlo, A. E., Egbetunde, T. (2010) Financial development and economic growth: The experience of 10 sub-Saharan African countries revisited. The Review of Finance and Banking, 2(1): 017-028.]Search in Google Scholar
[Al-Ajmi, J. (2010) Modelling the dividend policy of banks in Gulf Cooperation Council countries. Applied Economics Letters, 17(14): 1423-1428.10.1080/13504850903018697]Search in Google Scholar
[Al‐Twaijry, A. A., Powers, M. R. (2007) Dividend policy and payout ratio: evidence from the Kuala Lumpur stock exchange. The Journal of Risk Finance, 8(4): 349-363. doi: 10.1108/1526594071077730610.1108/15265940710777306]Open DOISearch in Google Scholar
[Allen, F., Carletti, E., Cull, R., Qian, J. Q., Senbet, L., Valenzuela, P. (2014) The African financial development and financial inclusion gaps. Journal of African economies, 23(5): 614-642.10.1093/jae/eju015]Open DOISearch in Google Scholar
[Allen, F., Michaely, R. (2003) Payout policy. Handbook of the Economics of Finance, 1, 337-429.10.1016/S1574-0102(03)01011-2]Search 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
[Ashraf, B. N., Zheng, C. (2015) Shareholder protection, creditor rights and bank dividend policies. China Finance Review International, 5(2): 161-186.10.1108/CFRI-08-2014-0057]Search in Google Scholar
[Beck, T., Cull, R. (2013) Banking in Africa. World Bank Policy Research Working Paper No. 6684, 1-44.10.1596/1813-9450-6684]Search in Google Scholar
[Beck, T., Demirgüç-Kunt, A., Maksimovic, V. (2004) Bank competition and access to finance: International evidence. Journal of Money, Credit and Banking, 627-648.10.1353/mcb.2004.0039]Open DOISearch in Google Scholar
[Brighi, P., Venturelli, V. (2013) CEFIN Working Papers No. 43. 1-33.]Search in Google Scholar
[Byrne, J., O’Connor, T. (2017) Creditor rights, culture and dividend payout policy. Journal of multinational financial management, 39, 60-77.10.1016/j.mulfin.2016.12.002]Search in Google Scholar
[Chang, T., Lee, C.-C., Chang, C.-H. (2014) Does insurance activity promote economic growth? Further evidence based on bootstrap panel Granger causality test. The European Journal of Finance, 20(12): 1187-1210.10.1080/1351847X.2012.757555]Open DOISearch in Google Scholar
[Crane, L. (2010) Measuring financial performance: A critical key to managing risk. AoE FIELD CROPS TEAM.[online] accessed, 14. doi: www.aec.msu.edu/agecon/blackj/Measuring]Search in Google Scholar
[Damodaran, A. (2009) Valuing financial service firms. Stern Business.]Search in Google Scholar
[Datta, D., Ganguli, S. K., Chaturvedi, M. (2014) Announcement Effect of Dividend in Presence of Dividend Tax: Possible Agency Problem and Macro Level Inefficiency? South Asian Journal of Macroeconomics and Public Finance, 3(2): 195-220.10.1177/2277978714548634]Open DOISearch in Google Scholar
[David, T., Ginglinger, E. (2016) When cutting dividends is not bad news: The case of optional stock dividends. Journal of Corporate Finance, 40, 174-191.10.1016/j.jcorpfin.2016.07.008]Open DOISearch 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, 81(2): 227-254.10.1016/j.jfineco.2005.07.005]Open DOISearch in Google Scholar
[Dhamala, M., Rangarajan, G., Ding, M. (2008) Estimating Granger causality from Fourier and wavelet transforms of time series data. Physical review letters, 100(1): 018701-018730. doi: https://doi.org/10.1103/PhysRevLett.100.01870110.1103/PhysRevLett.100.018701]Open DOISearch 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
[Farsio, F., Geary, A., Moser, J. (2004) The relationship between dividends and earnings. Journal for Economic Educators, 4(4): 1-5.]Search in Google Scholar
[Fisher, A. M. (1993) Integer Cantor sets and an order-two ergodic theorem. Ergodic Theory and Dynamical Systems, 13(01): 45-64.10.1017/S0143385700007197]Open DOISearch 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.10.2139/ssrn.1356442]Search in Google Scholar
[Goddard, J., McMillan, D. G., Wilson, J. O. (2006) Dividend smoothing vs dividend signalling: evidence from UK firms. Managerial Finance, 32(6): 493-504.10.1108/03074350610666229]Open DOISearch 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: http://dx.doi.org/10.1198/07350010328861897210.1198/073500103288618972]Open DOISearch in Google Scholar
[Gujarati, D. N., Porter, D. C. (2003) Basic Econometrics. 4th. New York: McGraw-Hill.]Search in Google Scholar
[Gul, E., Ekinci, A. (2006) The causal relationship between the real exchange rate and export and import in Turkey: 1990–2006. Journal of Social Sciences, 16, 165-183.]Search 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): 263-278.]Search in Google Scholar
[Houston, J. F., Lin, C., Lin, P., Ma, Y. (2010) Creditor rights, information sharing, and bank risk taking. Journal of financial Economics, 96(3): 485-512.10.1016/j.jfineco.2010.02.008]Open DOISearch in Google Scholar
[Hsiao, C. (2014) Analysis of panel data: Cambridge university press.10.1017/CBO9781139839327]Search in Google Scholar
[Hyndman, R. J., Athanasopoulos, G. (2014) Forecasting: principles and practice: OTexts.]Search in Google Scholar
[Ibrahim, M. (2016) Dividend Performance in the United Arab Emirates Banking Sector. International Journal of Finance Banking Studies, 5(6): 1.10.20525/ijfbs.v5i6.612]Search in Google Scholar
[Jiraporn, P., Kim, J. C., Kim, Y. S. (2011) Dividend payouts and corporate governance quality: An empirical investigation. Financial Review, 46(2): 251-279.10.1111/j.1540-6288.2011.00299.x]Search in Google Scholar
[Karpavičius, S. (2014) Dividends: Relevance, rigidity, and signaling. Journal of Corporate Finance, 25, 289-312.10.1016/j.jcorpfin.2013.12.014]Open DOISearch in Google Scholar
[M'rabet, R., Boujjat, W. (2016) The Relationship Between Dividend Payments And Firm Performance: A Study Of Listed Companies In Morocco. European scientific journal, 12(4): 469-482.10.19044/esj.2016.v12n4p469]Search in Google Scholar
[Magret, O. (2016) Capital Base and Operational Efficiency in Nigerian Deposit Money Banks (Evidence from a Two-Way Fixed Effect Approach) Global Journal of Management And Business Research, 16(1): 1-13.]Search 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.2006.08.019]Open DOISearch 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.v6n4p240]Open DOISearch in Google Scholar
[Mizuno, M. (2007) Payout Policy of Japanese Firms: Analysis on the Survey of Four Industries Listed on the Tokyo Stock Exchange. Pacific Economic Review, 12(5): 631-650. doi: 10.1111/j.1468-0106.2007.00376.x10.1111/j.1468-0106.2007.00376.x]Open DOISearch in Google Scholar
[Mlachila, M., Dykes, D., Zajc, S., Aithnard, P.-H., Beck, T., Ncube, M., Nelvin, O. (2013) Banking in sub-Saharan Africa: Challenges and opportunities: Regional Studies and Roundtables, European Investment Bank (EIB)]Search in Google Scholar
[Mougoué, M., Rao, R. P. (2003) The information signaling hypothesis of dividends: evidence from cointegration and causality tests. Journal of Business Finance Accounting, 30(3‐4): 441-478.10.1111/1468-5957.t01-1-00004]Open DOISearch 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/PAN1306725N]Open DOISearch in Google Scholar
[Odhiambo, N. M. (2014) Energy Dependence in Developing Countries: Does the Level of Income Matter? Atlantic Economic Journal, 42(1): 65-77. doi: 10.1007/s11293-013-9402-210.1007/s11293-013-9402-2]Open DOISearch in Google Scholar
[Odunga, R., Nyangweso, P., Carter, D., Mwarumba, M. (2013) Credit Risk,“Capital Adequacy and Operating Efficiency Of Commercial Banks in Kenya”. International Journal of Business and Management Invention, 2(9): 6-12.]Search in Google Scholar
[Omran, M., Pointon, J. (2004) Dividend policy, trading characteristics and share prices: empirical evidence from Egyptian firms. International Journal of Theoretical and Applied Finance, 7(02): 121-133.10.1142/S0219024904002384]Search in Google Scholar
[Onanjiri, R., Korankye, T. (2014a) Dividend Payout and Performance of Quoted Manufacturing Firms in Ghana. Research Journal of Finance and Accounting, 5(15): 442454.]Search in Google Scholar
[Onanjiri, R., Korankye, T. (2014b) 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
[Rubner, A. (1966) The economics of gambling: London, Macmillan.]Search in Google Scholar
[Shao, L., Kwok, C. C., Guedhami, O. (2013) Dividend Policy: Balancing Shareholders' and Creditors' interests. Journal of financial Research, 36(1): 43-66.10.1111/j.1475-6803.2013.12002.x]Open DOISearch in Google Scholar
[Uddin, G. S., Shahbaz, M., Arouri, M., Teulon, F. (2014) Financial development and poverty reduction nexus: A cointegration and causality analysis in Bangladesh. Economic Modelling, 36, 405-412.10.1016/j.econmod.2013.09.049]Search 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
[Waseem, A., Saleh, A., Shukairi, M., Mahmood, N. (2011) The effect of dividend policy stability on the performance of banking sector listed on Amman Stock Exchange. International Journal of Humanities and Social Science, 1, 201-205.]Search in Google Scholar
[Wolde-Rufael, Y. (2014) Electricity consumption and economic growth in transition countries: A revisit using bootstrap panel Granger causality analysis. Energy Economics, 44, 325-330.10.1016/j.eneco.2014.04.019]Open DOISearch in Google Scholar
[Zhou, P., Ruland, W. (2006) Dividend payout and future earnings growth. Financial Analysts Journal, 62(3): 58-69.10.2469/faj.v62.n3.4157]Open DOISearch in Google Scholar