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Papers by hassan bucha
IBT Journal of Business Studies, 2016
Purpose: The objective of this study is to examine the impact of investor confidence, corporate g... more Purpose: The objective of this study is to examine the impact of investor confidence, corporate governance and stock liquidity on dividend policy of firms listed on Pakistan stock exchanges from 2010-2015. The liquidity constraint enabled a superior association with the interests of the controlling shareholders, particularly outside investors, which make a significant enhancement in firms’ liquidity and governance. Findings: Our results indicate that dividends have a less significant impact on investor confidence after the corporate governance. Practical Implication: Our interpretation is that the improvement in corporate governance, especially the improvement in the alignment between growth opportunities and cash dividends, may take longer time to emerge. These findings provide strong evidence that shift in corporate governance and stock liquidity influence dividend policy of a firm in a substantial manner. Another implication is that stock liquidity matters in firms’ dividend deci...
IBT Journal of Business Studies, 2016
Good corporate governance practices build equilibrium between management and shareholders and eli... more Good corporate governance practices build equilibrium between management and shareholders and eliminate agency problems, as results managers pursue a suboptimal dividend policy. The aim of this study is to examine the potential relationship between ownership structure, board size, board composition, CEO duality and dividend policy of 176 listed firms at KSE and 280 listed firms at BSI from 2010-2015. We used pooled OLS regression test to analyze the association between corporate governance determinants and dividend policy. Among other methods, VIF and Hausman tests had been used to check the fitting of Random effects and fixed effects, while fixed effect method was chosen to test the hypothesis. We discover a positive association between managerial ownership, board size, board independent and dividend policy, while a negative association of ownership concentration and dividend policy. Finally, it is observed that there is a positive impact of return on assets (ROA) and size on divid...
IBT Journal of Business Studies, 2016
Purpose: The objective of this study is to examine the impact of investor confidence, corporate g... more Purpose: The objective of this study is to examine the impact of investor confidence, corporate governance and stock liquidity on dividend policy of firms listed on Pakistan stock exchanges from 2010-2015. The liquidity constraint enabled a superior association with the interests of the controlling shareholders, particularly outside investors, which make a significant enhancement in firms’ liquidity and governance. Findings: Our results indicate that dividends have a less significant impact on investor confidence after the corporate governance. Practical Implication: Our interpretation is that the improvement in corporate governance, especially the improvement in the alignment between growth opportunities and cash dividends, may take longer time to emerge. These findings provide strong evidence that shift in corporate governance and stock liquidity influence dividend policy of a firm in a substantial manner. Another implication is that stock liquidity matters in firms’ dividend deci...
IBT Journal of Business Studies, 2016
Good corporate governance practices build equilibrium between management and shareholders and eli... more Good corporate governance practices build equilibrium between management and shareholders and eliminate agency problems, as results managers pursue a suboptimal dividend policy. The aim of this study is to examine the potential relationship between ownership structure, board size, board composition, CEO duality and dividend policy of 176 listed firms at KSE and 280 listed firms at BSI from 2010-2015. We used pooled OLS regression test to analyze the association between corporate governance determinants and dividend policy. Among other methods, VIF and Hausman tests had been used to check the fitting of Random effects and fixed effects, while fixed effect method was chosen to test the hypothesis. We discover a positive association between managerial ownership, board size, board independent and dividend policy, while a negative association of ownership concentration and dividend policy. Finally, it is observed that there is a positive impact of return on assets (ROA) and size on divid...