An empirical investigation of determinants of firm dividend payouts in Egypt: an agency perspective

IF 1.2 Q3 BUSINESS, FINANCE International Journal of Managerial and Financial Accounting Pub Date : 2019-02-14 DOI:10.1504/IJMFA.2019.10019094

Abdelmohsen Desoky, G. Mousa

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引用次数: 2

Abstract

This empirical study aims primarily to examine determinants of the firm dividend payouts (FDP). A number of independent variables namely ownership concentration, institutional shareholding, firm cash flows, investment opportunity, firm growth and firm risk are used as determinants of the FDP of the most active firms listed on the Egyptian Exchange (EGX) after statistically controlling for four control variables which are firm profitability, firm leverage, firm industry and firm size. This investigation uses a sample of 408 firm-year observations during a three-year period (2015-2017). Pearson correlation and hierarchical multiple regression are employed to investigate the impact of the independent variables on FDP. Descriptive statistics shows that across the sampled firms over the three years, the average FDP is 7.6%. Further, excessive variation in the FDP is found across sampled firms over the time period. A number of significant relations between FDP and three independent variables (ownership concentration, institutional shareholding and firm growth) are found. HMR finding support results obtained from Pearson correlation.

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埃及公司股利支付决定因素的实证研究:代理视角

这项实证研究的主要目的是检验企业股息支付（FDP）的决定因素。在对四个控制变量（即公司盈利能力、公司杠杆率、公司行业和公司规模）进行统计控制后，许多自变量，即所有权集中度、机构持股、公司现金流、投资机会、公司增长和公司风险，被用作埃及交易所（EGX）上市最活跃公司FDP的决定因素。本调查使用了三年期间（2015-2017年）408个公司年度观测的样本。采用Pearson相关和层次多元回归方法研究自变量对FDP的影响。描述性统计数据显示，在三年的抽样企业中，平均FDP为7.6%。此外，在一段时间内，抽样企业的FDP变化过大。FDP与三个自变量（股权集中度、机构持股和企业成长）之间存在许多显著关系。从Pearson相关中获得的HMR发现支持结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Managerial and Financial Accounting BUSINESS, FINANCE-

CiteScore

2.10

自引率

7.10%

发文量

期刊介绍： IJMFA covers all aspects of managerial and financial accounting. The key difference between managerial and financial accounting is that managerial accounting information is aimed at helping managers within the organisation, while financial accounting is aimed at providing information to external parties. In today''s advanced manufacturing environment, various issues arise for accounting standard-setting practicing professionals. Solving the separate issues of managerial and financial accounting is a significant challenge, and IJMFA assists researchers in overcoming these challenges in an efficient, effective manner.