所有权结构与银行股利政策:来自中东和北非国家双重银行体系的新经验证据

IF 2.1 Q2 BUSINESS, FINANCE International Journal of Financial Studies Pub Date : 2024-06-28 DOI:10.3390/ijfs12030063
Hicham Sbai, Slimane Ed-Dafali, Hicham Meghouar, Muhammad Mohiuddin
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引用次数: 0

摘要

本研究调查了 2012 年至 2020 年间 12 个中东、北非和非洲国家以及亚洲国家的 46 家伊斯兰银行和 75 家传统银行的所有权结构与股利政策之间的关系。本研究采用 Logit 回归估算回归方程,重点关注 COVID-19 大流行和国家文化的调节影响。我们使用 probit 和 logistic 回归模型解决了内生性问题,因此我们的研究结果依然稳健。资产增长和 GDP 增长可作为投资机会的代理变量。此外,每股股息可作为股息政策的替代指标。我们的研究结果强调了所有权结构如何影响两个银行体系的股利支付。我们观察到,股利支付与外资所有权、银行规模、年龄和业绩之间存在正相关关系。相反,所有权集中度和杠杆率对股息支付有负面影响。COVID-19 大流行直接促进了传统银行的股利政策,并改变了伊斯兰银行中外资所有权与分配政策之间的关系。具体来说,COVID-19 与外资所有权和国有所有权相互作用,减少了股利支付,但所有权集中度并没有显示出这种影响。本研究提供的证据证实了所有权结构在影响伊斯兰银行和传统银行股利分配政策方面的重要性。无论采用何种估算方法,研究结果都能保持其可靠性。此外,本研究还将危机时期作为影响股息支付的一个调节因素。
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Ownership Structure and Bank Dividend Policies: New Empirical Evidence from the Dual Banking Systems of MENA Countries
This study investigates the relationship between ownership structures and dividend policies for 46 Islamic and 75 conventional banks from 12 MENA and Asian countries between 2012 and 2020. Logit regression is employed to estimate the regression equation, centering on the moderating impacts of the COVID-19 pandemic and national culture. Our findings remain robust as we tackle the endogeneity issue using probit and logistic regression models. Asset growth and GDP growth serve as proxies for investment opportunities. Additionally, dividend per share acts as a proxy for dividend policy. Our findings emphasize how the ownership structure impacts dividend payouts in both banking systems. We observed positive relationships between dividend payouts and foreign ownership, bank size, age, and performance. Conversely, concentration of ownership and leverage negatively influence dividend payouts. The COVID-19 pandemic directly boosts the dividend policy for conventional banks and alters the relationship between foreign ownership and distribution policy in Islamic banks. Specifically, COVID-19 interacts with foreign and state ownership to reduce dividend payouts, but concentration of ownership does not show this effect. This study furnishes evidence affirming the significance of the ownership structure in shaping the dividend payout policy within Islamic and conventional banking. The results maintain their reliability across various estimation approaches. Moreover, this study accounts for the crisis period as a moderating factor influencing dividend payments.
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来源期刊
CiteScore
3.70
自引率
8.70%
发文量
100
审稿时长
11 weeks
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