National culture and dividend policy: International evidence from banking

Journal article


Zheng, C. and Ashraf, B.N. (2014). National culture and dividend policy: International evidence from banking. Journal of Behavioral and Experimental Finance. 3, pp. 22-40. https://doi.org/10.1016/j.jbef.2014.07.002
AuthorsZheng, C. and Ashraf, B.N.
Abstract

We examine the relations between three dimensions of national culture and dividend policies of banks using a sample of banks from 51 countries over the period 1998–2007. In our main analysis, we employ three dimensions of Hofstede et al. (2010) and find that banks in high uncertainty avoidance, high long-term orientation and low masculinity countries pay lower amount of dividends and, are less likely to pay dividends. To confirm our main results, we also employ comparable three dimensions of national culture of House et al. (2004) and find that banks in high uncertainty avoidance, high future orientation and low assertiveness countries pay lower amount of dividends and, are less likely to pay dividends, findings confirming our above results. In sum, we find significant influence of the three dimensions of national culture on bank dividend policies.

Year2014
JournalJournal of Behavioral and Experimental Finance
Journal citation3, pp. 22-40
PublisherElsevier
ISSN2214-6350
Digital Object Identifier (DOI)https://doi.org/10.1016/j.jbef.2014.07.002
Publication dates
Online13 Aug 2014
Publication process dates
Accepted21 Jul 2014
Deposited07 Nov 2022
Accepted author manuscript
License
File Access Level
Open
Permalink -

https://openresearch.lsbu.ac.uk/item/92644

Download files


Accepted author manuscript
  • 0
    total views
  • 5
    total downloads
  • 0
    views this month
  • 1
    downloads this month

Export as

Related outputs

The impact of social cohesion on stock market resilience: Evidence from COVID-19
Ashraf, B. (2022). The impact of social cohesion on stock market resilience: Evidence from COVID-19. Journal of Behavioral and Experimental Finance. 36, p. 100749. https://doi.org/10.1016/j.jbef.2022.100749
What does COVID-19 teach us about the role of national culture? Evidence from social distancing restrictions
Ashraf, B. (2022). What does COVID-19 teach us about the role of national culture? Evidence from social distancing restrictions. Journal of International Financial Markets, Institutions and Money. 80, p. 101647. https://doi.org/10.1016/j.intfin.2022.101647
Corporate Dividend Policies during the COVID-19 Pandemic
Ali, N., Rehman, M.Z.U., Ashraf, B. and Shear, F. (2022). Corporate Dividend Policies during the COVID-19 Pandemic. Economies. 10 (11), p. 263. https://doi.org/10.3390/economies10110263
The Impact of Board Internationalization on Real Earnings Management: Evidence From China
Ashraf, B. and Qian, N. (2021). The Impact of Board Internationalization on Real Earnings Management: Evidence From China. SAGE Open. https://doi.org/10.1177/21582440211032640
Is Economic Uncertainty a Risk Factor in Bank Loan Pricing Decisions? International Evidence
Ashraf, B. (2021). Is Economic Uncertainty a Risk Factor in Bank Loan Pricing Decisions? International Evidence. Risks. 9 (5), p. 81. https://doi.org/10.3390/risks9050081
Are Investors’ Attention and Uncertainty Aversion the Risk Factors for Stock Markets? International Evidence from the COVID-19 Crisis
Shear, F., Ashraf, B. and Sadaqat, M. (2020). Are Investors’ Attention and Uncertainty Aversion the Risk Factors for Stock Markets? International Evidence from the COVID-19 Crisis. Risks. 9 (1), p. 2. https://doi.org/10.3390/risks9010002
Does Trade Openness Affect Bank Risk-Taking Behavior? Evidence from BRICS Countries
Rahman, M.M., Begum, M., Ashraf, B. and Masud, M.A.K. (2020). Does Trade Openness Affect Bank Risk-Taking Behavior? Evidence from BRICS Countries. Economies. 8 (3), p. 75. https://doi.org/10.3390/economies8030075
Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets
Ashraf, B. (2020). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance. 27, p. 100371. https://doi.org/10.1016/j.jbef.2020.100371
Teachers’ Conflict-Inducing Attitudes and Their Repercussions on Students’ Psychological Health and Learning Outcomes
Ali, M.A., Ashraf, B. and Shuai, C. (2019). Teachers’ Conflict-Inducing Attitudes and Their Repercussions on Students’ Psychological Health and Learning Outcomes. International Journal of Environmental Research and Public Health. 16 (14), p. 2534. https://doi.org/10.3390/ijerph16142534
The Defining Role of Environmental Self-Identity among Consumption Values and Behavioral Intention to Consume Organic Food
Qasim, H., Yan, L., Guo, R., Saeed, A. and Ashraf, B. (2019). The Defining Role of Environmental Self-Identity among Consumption Values and Behavioral Intention to Consume Organic Food. International Journal of Environmental Research and Public Health. 16 (7), p. 1106. https://doi.org/10.3390/ijerph16071106
The Impact of Revenue Diversification on Bank Profitability and Stability: Empirical Evidence from South Asian Countries
Nisar, S., Peng, K., Wang, S. and Ashraf, B. (2018). The Impact of Revenue Diversification on Bank Profitability and Stability: Empirical Evidence from South Asian Countries. International Journal of Financial Studies. 6 (2), p. 40. https://doi.org/10.3390/ijfs6020040
Do Better Political Institutions Help in Reducing Political Pressure on State-Owned Banks? Evidence from Developing Countries
Ashraf, B., Arshad, S. and Yan, L. (2018). Do Better Political Institutions Help in Reducing Political Pressure on State-Owned Banks? Evidence from Developing Countries. Journal of Risk and Financial Management. 11 (3), p. 43. https://doi.org/10.3390/jrfm11030043
Zipf's law, the coherence of the urban system and city size distribution: Evidence from Pakistan
Arshad, S., Hu, S. and Ashraf, B. (2018). Zipf's law, the coherence of the urban system and city size distribution: Evidence from Pakistan. Physica A: Statistical Mechanics and its Applications. 513, pp. 87-103. https://doi.org/10.1016/j.physa.2018.08.065
Zipf's law and city size distribution: A survey of the literature and future research agenda
Arshad, S., Hu, S. and Ashraf, B.N. (2017). Zipf's law and city size distribution: A survey of the literature and future research agenda. Physica A: Statistical Mechanics and its Applications. 492 (75-92). https://doi.org/10.1016/j.physa.2017.10.005
Do trade and financial openness matter for financial development? Bank-level evidence from emerging market economies
Ashraf, B. (2017). Do trade and financial openness matter for financial development? Bank-level evidence from emerging market economies. Research in International Business and Finance. 44, pp. 434-458. https://doi.org/10.1016/j.ribaf.2017.07.115
Political institutions and bank risk-taking behavior
Ashraf, B. (2017). Political institutions and bank risk-taking behavior. Journal of Financial Stability. 29, pp. 13-35. https://doi.org/10.1016/j.jfs.2017.01.004
Impact of Cost Efficiency on Bank Capital and the Cost of Financial Intermediation: Evidence from BRICS Countries
Rahman, M.M., Ashraf, B., Zheng, C. and Begum, M. (2017). Impact of Cost Efficiency on Bank Capital and the Cost of Financial Intermediation: Evidence from BRICS Countries. International Journal of Financial Studies. 5 (4), p. 32. https://doi.org/10.3390/ijfs5040032
Foreign bank subsidiaries’ risk-taking behavior: Impact of home and host country national culture
Ashraf, B. and Arshad, S. (2017). Foreign bank subsidiaries’ risk-taking behavior: Impact of home and host country national culture. Research in International Business and Finance. 41, pp. 318-355. https://doi.org/10.1016/j.ribaf.2017.04.039
Trade Openness and Bank Risk-Taking Behavior: Evidence from Emerging Economies
Ashraf, B., Arshad, S. and Yan, L. (2017). Trade Openness and Bank Risk-Taking Behavior: Evidence from Emerging Economies. Journal of Risk and Financial Management. 10 (3), p. 15. https://doi.org/10.3390/jrfm10030015
Capital Regulation, the Cost of Financial Intermediation and Bank Profitability: Evidence from Bangladesh
Zheng, C., Rahman, M., Begum, M. and Ashraf, B. (2016). Capital Regulation, the Cost of Financial Intermediation and Bank Profitability: Evidence from Bangladesh. Journal of Risk and Financial Management. 10 (2), p. 9. https://doi.org/10.3390/jrfm10020009
Capital Regulation and Bank Risk-Taking Behavior: Evidence from Pakistan
Ashraf, B., Arshad, S. and Hu, Y. (2016). Capital Regulation and Bank Risk-Taking Behavior: Evidence from Pakistan. International Journal of Financial Studies. 4 (3), p. 16. https://doi.org/10.3390/ijfs4030016
Effects of national culture on bank risk-taking behavior
Ashraf, B., Zheng, C. and Arshad, S. (2016). Effects of national culture on bank risk-taking behavior. Research in International Business and Finance. 37, pp. 309-326. https://doi.org/10.1016/j.ribaf.2016.01.015
How to regulate bank dividends? Is capital regulation an answer?
Ashraf, B., Bibi, B. and Zheng, C. (2016). How to regulate bank dividends? Is capital regulation an answer? Economic Modelling. 57, pp. 281-293. https://doi.org/10.1016/j.econmod.2016.05.005
Bank Size, Risk-taking and Capital Regulation in Bangladesh
Rahman, M.M., Zheng, C. and Ashraf, B. (2015). Bank Size, Risk-taking and Capital Regulation in Bangladesh. Eurasian Journal of Business and Economics. 8 (15), pp. 95-114. https://doi.org/10.17015/ejbe.2015.015.05
Shareholder protection, creditor rights and bank dividend policies
Ashraf, B.N. and Zheng, C. (2015). Shareholder protection, creditor rights and bank dividend policies. China Finance Review International. 5 (2).
Regulatory hypothesis and bank dividend payouts: Empirical evidence from Italian banking sector
Ashraf, B., Arshad, S., Rahman, M.M., Kamal, M.A. and Khan, K. (2015). Regulatory hypothesis and bank dividend payouts: Empirical evidence from Italian banking sector. Journal of Financial Engineering. 2 (1). https://doi.org/10.1142/S2345768615500099