Dividend policy and the bank-firm relationship: evidence from Tunisian context Online publication date: Fri, 23-Oct-2020
by Khaoula Aliani; Lama Al-Kayed; Marwa Gouasmia
International Journal of Monetary Economics and Finance (IJMEF), Vol. 13, No. 5, 2020
Abstract: The Tunisian economy has undergone several changes since independence, such as liberalisation and the opening of the external market. Since then, the financial market has developed gradually. These changes have positively affected banking services and the reforms of the International Monetary Fund (1986-1997) have significantly improved the Tunisian banking sector. This paper aims to study the dividend policy of Tunisian firms, focusing on the relationship between banks and firms, and its impact on the dividend policy (DP) of non-financial firms. Two econometric models have been used to explore the role of banks in Tunisian firms: partial adjustment model (PAM) and fully adjustment model (FAM). The results of both models suggest that the creditor bank positively affects the DP of non-financial firms in Tunisia. Only the results of PAM model have shown that banks play a dual role in nonfinancial Tunisian firms and negatively affect the payment of dividends.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Monetary Economics and Finance (IJMEF):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com
Our Blog 
Follow us on Twitter 
Visit us on Facebook