Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/195202 
Year of Publication: 
2017
Citation: 
[Journal:] SPOUDAI - Journal of Economics and Business [ISSN:] 2241-424X [Volume:] 67 [Issue:] 3 [Publisher:] University of Piraeus [Place:] Piraeus [Year:] 2017 [Pages:] 79-94
Publisher: 
University of Piraeus, Piraeus
Abstract: 
This study examines the dynamics of Lintner's model using bank-specific panel data from 15 commercial banks listed on the Nigerian Stock Exchange, using the newly introduced dynamic Panel-Auto Regressive Distributed Lag technique for the Period 2006Q01 to 2015Q04. The study findings from the long-run estimates reveal that Lintner's model holds well, but with a negative effect of profitability on dividend payout of banks in Nigeria during the period in question. The findings further reveal evidence of a co-integrating relationship among past year dividend, profitability, capital adequacy and taxation, and with evidence of unidirectional short-run causality among the variables used to test Lintner's model and the dividend payout ratio. Based on these findings, this study concludes that dividend process in Nigeria support the information-content-hypothesis' argument by strict adherence to Lintner's model in Nigerian banking sector.
Subjects: 
dynamics of Lintner's model
Nigerian banking sector
dividend policy
Panel-ARDL
JEL: 
G11
G21
G35
Document Type: 
Article

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