الفهرس 
Factors affecting dividend payout ratio in the Egyptian listed banks
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Abstract
The primary objective of the study is to identify the determinants of dividend payout ratio of listed banks in Egyptian stock exchange. The study considers the impact of eight explanatory variables, namely, profitability, growth opportunity, size, earned equity, liquidity, credit quality, total equity-to-total assets, and financial leverage as independent variables on dividend payout ratio as dependent variable using an unbalanced panel dataset of twelve listed banks in Egyptian stock exchange covered the period from 2003 to 2015. Dynamic Multiple Regression model is employed using Generalized Method of Moments (GMM) with random effects through Eviews software. Empirical regression results verify that dividend payout ratio is significantly positively affected by growth opportunity, and earned equity whereas significantly negatively affected by liquidity, credit quality, total equity to total assets and leverage. As a result of employing a dynamic Multiple Regression model, the results reveal that the previous year{u2019}s dividend payout has a significant positive impact on the current dividend payout. However, two variables appeared to be statistically insignificant; profitability and size. This study has practical implications for investors, financial analysts, boards, supervisory authorities and regulators