id	sid	tid	token	lemma	pos
afbr-404	1	1	copyright	copyright	NOUN
afbr-404	1	2	©	©	PROPN
afbr-404	1	3	cc	cc	PROPN
afbr-404	1	4	-	-	PUNCT
afbr-404	1	5	by	by	ADP
afbr-404	1	6	-	-	PUNCT
afbr-404	1	7	nc	nc	PROPN
afbr-404	1	8	2019	2019	NUM
afbr-404	1	9	,	,	PUNCT
afbr-404	1	10	cribfb	cribfb	PROPN
afbr-404	1	11	|	|	ADV
afbr-404	1	12	afbr	afbr	SCONJ
afbr-404	1	13	australian	australian	ADJ
afbr-404	1	14	finance	finance	NOUN
afbr-404	1	15	&	&	CCONJ
afbr-404	1	16	banking	banking	PROPN
afbr-404	1	17	review	review	PROPN
afbr-404	1	18	;	;	PUNCT
afbr-404	1	19	vol	vol	NOUN
afbr-404	1	20	.	.	PROPN
afbr-404	2	1	3	3	NUM
afbr-404	2	2	,	,	PUNCT
afbr-404	2	3	no	no	INTJ
afbr-404	2	4	.	.	NOUN
afbr-404	2	5	2	2	NUM
afbr-404	2	6	;	;	PUNCT
afbr-404	2	7	2019	2019	NUM
afbr-404	2	8	research	research	NOUN
afbr-404	2	9	paper	paper	NOUN
afbr-404	2	10	issn	issn	PROPN
afbr-404	2	11	2576	2576	NUM
afbr-404	2	12	-	-	SYM
afbr-404	2	13	1196	1196	NUM
afbr-404	2	14	e	e	NOUN
afbr-404	2	15	-	-	PROPN
afbr-404	2	16	issn	issn	ADJ
afbr-404	2	17	2576	2576	NUM
afbr-404	2	18	-	-	PUNCT
afbr-404	2	19	120x	120x	NUM
afbr-404	2	20	published	publish	VERB
afbr-404	2	21	by	by	ADP
afbr-404	2	22	centre	centre	NOUN
afbr-404	2	23	for	for	ADP
afbr-404	2	24	research	research	NOUN
afbr-404	2	25	on	on	ADP
afbr-404	2	26	islamic	islamic	ADJ
afbr-404	2	27	banking	banking	PROPN
afbr-404	2	28	&	&	CCONJ
afbr-404	2	29	finance	finance	PROPN
afbr-404	2	30	and	and	CCONJ
afbr-404	2	31	business	business	NOUN
afbr-404	2	32	,	,	PUNCT
afbr-404	2	33	usa	usa	PROPN
afbr-404	2	34	16	16	NUM
afbr-404	2	35	dividend	dividend	NOUN
afbr-404	2	36	policy	policy	NOUN
afbr-404	2	37	and	and	CCONJ
afbr-404	2	38	value	value	NOUN
afbr-404	2	39	of	of	ADP
afbr-404	2	40	quoted	quote	VERB
afbr-404	2	41	firms	firm	NOUN
afbr-404	2	42	in	in	ADP
afbr-404	2	43	nigeria	nigeria	PROPN
afbr-404	2	44	:	:	PUNCT
afbr-404	2	45	a	a	DET
afbr-404	2	46	test	test	NOUN
afbr-404	2	47	of	of	ADP
afbr-404	2	48	miller	miller	PROPN
afbr-404	2	49	and	and	CCONJ
afbr-404	2	50	modigliani	modigliani	PROPN
afbr-404	2	51	irrelevant	irrelevant	ADJ
afbr-404	2	52	hypothesis	hypothesis	NOUN
afbr-404	2	53	lucky	lucky	ADJ
afbr-404	2	54	anyike	anyike	ADP
afbr-404	2	55	lucky	lucky	ADJ
afbr-404	2	56	department	department	NOUN
afbr-404	2	57	of	of	ADP
afbr-404	2	58	banking	banking	NOUN
afbr-404	2	59	and	and	CCONJ
afbr-404	2	60	finance	finance	NOUN
afbr-404	2	61	rivers	river	NOUN
afbr-404	2	62	state	state	PROPN
afbr-404	2	63	university	university	PROPN
afbr-404	2	64	,	,	PUNCT
afbr-404	2	65	port	port	NOUN
afbr-404	2	66	harcourt	harcourt	PROPN
afbr-404	2	67	,	,	PUNCT
afbr-404	2	68	nigeria	nigeria	PROPN
afbr-404	2	69	e	e	NOUN
afbr-404	2	70	-	-	NOUN
afbr-404	2	71	mail	mail	NOUN
afbr-404	2	72	:	:	PUNCT
afbr-404	2	73	lucky.anyike@yahoo.com	lucky.anyike@yahoo.com	X
afbr-404	2	74	uzokwe	uzokwe	VERB
afbr-404	2	75	grace	grace	PROPN
afbr-404	2	76	onyinyechi	onyinyechi	PROPN
afbr-404	2	77	department	department	PROPN
afbr-404	2	78	of	of	ADP
afbr-404	2	79	banking	banking	NOUN
afbr-404	2	80	and	and	CCONJ
afbr-404	2	81	finance	finance	NOUN
afbr-404	2	82	rivers	river	NOUN
afbr-404	2	83	state	state	PROPN
afbr-404	2	84	university	university	PROPN
afbr-404	2	85	,	,	PUNCT
afbr-404	2	86	port	port	NOUN
afbr-404	2	87	harcourt	harcourt	PROPN
afbr-404	2	88	,	,	PUNCT
afbr-404	2	89	nigeria	nigeria	PROPN
afbr-404	2	90	abstract	abstract	ADV
afbr-404	2	91	this	this	DET
afbr-404	2	92	study	study	NOUN
afbr-404	2	93	tested	test	VERB
afbr-404	2	94	miller	miller	PROPN
afbr-404	2	95	and	and	CCONJ
afbr-404	2	96	modigliani	modigliani	ADJ
afbr-404	2	97	dividend	dividend	NOUN
afbr-404	2	98	policy	policy	NOUN
afbr-404	2	99	irrelevant	irrelevant	ADJ
afbr-404	2	100	hypothesis	hypothesis	NOUN
afbr-404	2	101	in	in	ADP
afbr-404	2	102	nigeria	nigeria	PROPN
afbr-404	2	103	.	.	PUNCT
afbr-404	3	1	the	the	DET
afbr-404	3	2	objective	objective	NOUN
afbr-404	3	3	was	be	AUX
afbr-404	3	4	to	to	PART
afbr-404	3	5	examine	examine	VERB
afbr-404	3	6	the	the	DET
afbr-404	3	7	validity	validity	NOUN
afbr-404	3	8	of	of	ADP
afbr-404	3	9	the	the	DET
afbr-404	3	10	irrelevant	irrelevant	ADJ
afbr-404	3	11	hypothesis	hypothesis	NOUN
afbr-404	3	12	.	.	PUNCT
afbr-404	4	1	tobins	tobin	VERB
afbr-404	4	2	q	q	NOUN
afbr-404	4	3	measure	measure	NOUN
afbr-404	4	4	of	of	ADP
afbr-404	4	5	market	market	NOUN
afbr-404	4	6	value	value	NOUN
afbr-404	4	7	was	be	AUX
afbr-404	4	8	modeled	model	VERB
afbr-404	4	9	as	as	ADP
afbr-404	4	10	the	the	DET
afbr-404	4	11	function	function	NOUN
afbr-404	4	12	of	of	ADP
afbr-404	4	13	dividend	dividend	NOUN
afbr-404	4	14	payout	payout	NOUN
afbr-404	4	15	ratio	ratio	NOUN
afbr-404	4	16	,	,	PUNCT
afbr-404	4	17	retention	retention	NOUN
afbr-404	4	18	ratio	ratio	NOUN
afbr-404	4	19	,	,	PUNCT
afbr-404	4	20	dividend	dividend	NOUN
afbr-404	4	21	per	per	ADP
afbr-404	4	22	share	share	NOUN
afbr-404	4	23	and	and	CCONJ
afbr-404	4	24	dividend	dividend	NOUN
afbr-404	4	25	yield	yield	NOUN
afbr-404	4	26	.	.	PUNCT
afbr-404	5	1	20	20	NUM
afbr-404	5	2	firms	firm	NOUN
afbr-404	5	3	were	be	AUX
afbr-404	5	4	selected	select	VERB
afbr-404	5	5	on	on	ADP
afbr-404	5	6	the	the	DET
afbr-404	5	7	basis	basis	NOUN
afbr-404	5	8	of	of	ADP
afbr-404	5	9	availability	availability	NOUN
afbr-404	5	10	of	of	ADP
afbr-404	5	11	information	information	NOUN
afbr-404	5	12	necessary	necessary	ADJ
afbr-404	5	13	for	for	ADP
afbr-404	5	14	conducting	conduct	VERB
afbr-404	5	15	the	the	DET
afbr-404	5	16	study	study	NOUN
afbr-404	5	17	and	and	CCONJ
afbr-404	5	18	the	the	DET
afbr-404	5	19	readiness	readiness	NOUN
afbr-404	5	20	of	of	ADP
afbr-404	5	21	annual	annual	ADJ
afbr-404	5	22	financial	financial	ADJ
afbr-404	5	23	reports	report	NOUN
afbr-404	5	24	for	for	ADP
afbr-404	5	25	the	the	DET
afbr-404	5	26	period	period	NOUN
afbr-404	5	27	of	of	ADP
afbr-404	5	28	10	10	NUM
afbr-404	5	29	years	year	NOUN
afbr-404	5	30	from	from	ADP
afbr-404	5	31	2008	2008	NUM
afbr-404	5	32	-	-	SYM
afbr-404	5	33	2017	2017	NUM
afbr-404	5	34	.	.	PUNCT
afbr-404	6	1	cross	cross	PROPN
afbr-404	6	2	sectional	sectional	ADJ
afbr-404	6	3	data	datum	NOUN
afbr-404	6	4	was	be	AUX
afbr-404	6	5	sourced	source	VERB
afbr-404	6	6	from	from	ADP
afbr-404	6	7	financial	financial	ADJ
afbr-404	6	8	statement	statement	NOUN
afbr-404	6	9	and	and	CCONJ
afbr-404	6	10	annual	annual	ADJ
afbr-404	6	11	reports	report	NOUN
afbr-404	6	12	of	of	ADP
afbr-404	6	13	the	the	DET
afbr-404	6	14	firms	firm	NOUN
afbr-404	6	15	.	.	PUNCT
afbr-404	7	1	based	base	VERB
afbr-404	7	2	on	on	ADP
afbr-404	7	3	the	the	DET
afbr-404	7	4	analysis	analysis	NOUN
afbr-404	7	5	of	of	ADP
afbr-404	7	6	fixed	fix	VERB
afbr-404	7	7	and	and	CCONJ
afbr-404	7	8	random	random	ADJ
afbr-404	7	9	effect	effect	NOUN
afbr-404	7	10	results	result	NOUN
afbr-404	7	11	,	,	PUNCT
afbr-404	7	12	random	random	ADJ
afbr-404	7	13	effect	effect	NOUN
afbr-404	7	14	was	be	AUX
afbr-404	7	15	used	use	VERB
afbr-404	7	16	.	.	PUNCT
afbr-404	8	1	the	the	DET
afbr-404	8	2	study	study	NOUN
afbr-404	8	3	revealed	reveal	VERB
afbr-404	8	4	that	that	SCONJ
afbr-404	8	5	75	75	NUM
afbr-404	8	6	percent	percent	NOUN
afbr-404	8	7	variation	variation	NOUN
afbr-404	8	8	on	on	ADP
afbr-404	8	9	the	the	DET
afbr-404	8	10	market	market	NOUN
afbr-404	8	11	value	value	NOUN
afbr-404	8	12	can	can	AUX
afbr-404	8	13	be	be	AUX
afbr-404	8	14	predicted	predict	VERB
afbr-404	8	15	by	by	ADP
afbr-404	8	16	variation	variation	NOUN
afbr-404	8	17	on	on	ADP
afbr-404	8	18	independent	independent	ADJ
afbr-404	8	19	variables	variable	NOUN
afbr-404	8	20	in	in	ADP
afbr-404	8	21	the	the	DET
afbr-404	8	22	regression	regression	NOUN
afbr-404	8	23	model	model	NOUN
afbr-404	8	24	.	.	PUNCT
afbr-404	9	1	the	the	DET
afbr-404	9	2	beta	beta	ADJ
afbr-404	9	3	coefficient	coefficient	NOUN
afbr-404	9	4	of	of	ADP
afbr-404	9	5	the	the	DET
afbr-404	9	6	variables	variable	NOUN
afbr-404	9	7	found	find	VERB
afbr-404	9	8	that	that	SCONJ
afbr-404	9	9	all	all	DET
afbr-404	9	10	the	the	DET
afbr-404	9	11	independent	independent	ADJ
afbr-404	9	12	variables	variable	NOUN
afbr-404	9	13	have	have	VERB
afbr-404	9	14	positive	positive	ADJ
afbr-404	9	15	and	and	CCONJ
afbr-404	9	16	significant	significant	ADJ
afbr-404	9	17	relationship	relationship	NOUN
afbr-404	9	18	with	with	ADP
afbr-404	9	19	market	market	NOUN
afbr-404	9	20	value	value	NOUN
afbr-404	9	21	of	of	ADP
afbr-404	9	22	the	the	DET
afbr-404	9	23	selected	select	VERB
afbr-404	9	24	quoted	quote	VERB
afbr-404	9	25	firms	firm	NOUN
afbr-404	9	26	.	.	PUNCT
afbr-404	10	1	the	the	DET
afbr-404	10	2	study	study	NOUN
afbr-404	10	3	concludes	conclude	VERB
afbr-404	10	4	that	that	SCONJ
afbr-404	10	5	dividend	dividend	NOUN
afbr-404	10	6	policy	policy	NOUN
afbr-404	10	7	is	be	AUX
afbr-404	10	8	relevant	relevant	ADJ
afbr-404	10	9	as	as	SCONJ
afbr-404	10	10	oppose	oppose	VERB
afbr-404	10	11	to	to	ADP
afbr-404	10	12	the	the	DET
afbr-404	10	13	irrelevant	irrelevant	ADJ
afbr-404	10	14	hypothesis	hypothesis	NOUN
afbr-404	10	15	of	of	ADP
afbr-404	10	16	miller	miller	PROPN
afbr-404	10	17	and	and	CCONJ
afbr-404	10	18	modigliani	modigliani	PROPN
afbr-404	10	19	.	.	PUNCT
afbr-404	11	1	its	its	PRON
afbr-404	11	2	therefore	therefore	ADV
afbr-404	11	3	recommend	recommend	VERB
afbr-404	11	4	that	that	SCONJ
afbr-404	11	5	managers	manager	NOUN
afbr-404	11	6	should	should	AUX
afbr-404	11	7	manage	manage	VERB
afbr-404	11	8	their	their	PRON
afbr-404	11	9	dividend	dividend	NOUN
afbr-404	11	10	policies	policy	NOUN
afbr-404	11	11	effectively	effectively	ADV
afbr-404	11	12	since	since	SCONJ
afbr-404	11	13	it	it	PRON
afbr-404	11	14	is	be	AUX
afbr-404	11	15	relevant	relevant	ADJ
afbr-404	11	16	and	and	CCONJ
afbr-404	11	17	has	have	VERB
afbr-404	11	18	significant	significant	ADJ
afbr-404	11	19	effect	effect	NOUN
afbr-404	11	20	on	on	ADP
afbr-404	11	21	market	market	NOUN
afbr-404	11	22	value	value	NOUN
afbr-404	11	23	and	and	CCONJ
afbr-404	11	24	optimal	optimal	ADJ
afbr-404	11	25	dividend	dividend	NOUN
afbr-404	11	26	policy	policy	NOUN
afbr-404	11	27	which	which	PRON
afbr-404	11	28	implies	imply	VERB
afbr-404	11	29	policy	policy	NOUN
afbr-404	11	30	of	of	ADP
afbr-404	11	31	trade	trade	NOUN
afbr-404	11	32	-	-	PUNCT
afbr-404	11	33	off	off	NOUN
afbr-404	11	34	between	between	ADP
afbr-404	11	35	dividend	dividend	NOUN
afbr-404	11	36	payout	payout	NOUN
afbr-404	11	37	and	and	CCONJ
afbr-404	11	38	retain	retain	VERB
afbr-404	11	39	earnings	earning	NOUN
afbr-404	11	40	should	should	AUX
afbr-404	11	41	be	be	AUX
afbr-404	11	42	well	well	ADV
afbr-404	11	43	managed	manage	VERB
afbr-404	11	44	and	and	CCONJ
afbr-404	11	45	investors	investor	NOUN
afbr-404	11	46	should	should	AUX
afbr-404	11	47	have	have	VERB
afbr-404	11	48	adequate	adequate	ADJ
afbr-404	11	49	knowledge	knowledge	NOUN
afbr-404	11	50	of	of	ADP
afbr-404	11	51	dividend	dividend	NOUN
afbr-404	11	52	policy	policy	NOUN
afbr-404	11	53	of	of	ADP
afbr-404	11	54	quoted	quote	VERB
afbr-404	11	55	firms	firm	NOUN
afbr-404	11	56	that	that	PRON
afbr-404	11	57	will	will	AUX
afbr-404	11	58	correspond	correspond	VERB
afbr-404	11	59	with	with	ADP
afbr-404	11	60	their	their	PRON
afbr-404	11	61	investment	investment	NOUN
afbr-404	11	62	objectives	objective	NOUN
afbr-404	11	63	of	of	ADP
afbr-404	11	64	avoid	avoid	VERB
afbr-404	11	65	conflict	conflict	NOUN
afbr-404	11	66	in	in	ADP
afbr-404	11	67	dividend	dividend	NOUN
afbr-404	11	68	policy	policy	NOUN
afbr-404	11	69	.	.	PUNCT
afbr-404	12	1	keywords	keyword	NOUN
afbr-404	12	2	:	:	PUNCT
afbr-404	12	3	dividend	dividend	NOUN
afbr-404	12	4	policy	policy	NOUN
afbr-404	12	5	,	,	PUNCT
afbr-404	12	6	value	value	NOUN
afbr-404	12	7	of	of	ADP
afbr-404	12	8	quoted	quote	VERB
afbr-404	12	9	firms	firm	NOUN
afbr-404	12	10	,	,	PUNCT
afbr-404	12	11	nigeria	nigeria	PROPN
afbr-404	12	12	,	,	PUNCT
afbr-404	12	13	miller	miller	PROPN
afbr-404	12	14	and	and	CCONJ
afbr-404	12	15	modigliani	modigliani	ADJ
afbr-404	12	16	,	,	PUNCT
afbr-404	12	17	irrelevant	irrelevant	ADJ
afbr-404	12	18	hypothesis	hypothesis	NOUN
afbr-404	12	19	.	.	PUNCT
afbr-404	13	1	1	1	X
afbr-404	13	2	.	.	X
afbr-404	13	3	introduction	introduction	NOUN
afbr-404	13	4	dividend	dividend	NOUN
afbr-404	13	5	policy	policy	NOUN
afbr-404	13	6	behavior	behavior	NOUN
afbr-404	13	7	assumes	assume	VERB
afbr-404	13	8	that	that	SCONJ
afbr-404	13	9	the	the	DET
afbr-404	13	10	change	change	NOUN
afbr-404	13	11	in	in	ADP
afbr-404	13	12	dividend	dividend	NOUN
afbr-404	13	13	can	can	AUX
afbr-404	13	14	be	be	AUX
afbr-404	13	15	explained	explain	VERB
afbr-404	13	16	by	by	ADP
afbr-404	13	17	previous	previous	ADJ
afbr-404	13	18	period	period	NOUN
afbr-404	13	19	dividends	dividend	NOUN
afbr-404	13	20	and	and	CCONJ
afbr-404	13	21	target	target	NOUN
afbr-404	13	22	dividends	dividend	NOUN
afbr-404	13	23	,	,	PUNCT
afbr-404	13	24	which	which	PRON
afbr-404	13	25	can	can	AUX
afbr-404	13	26	be	be	AUX
afbr-404	13	27	expressed	express	VERB
afbr-404	13	28	as	as	ADP
afbr-404	13	29	a	a	DET
afbr-404	13	30	fraction	fraction	NOUN
afbr-404	13	31	of	of	ADP
afbr-404	13	32	the	the	DET
afbr-404	13	33	profit	profit	NOUN
afbr-404	13	34	for	for	ADP
afbr-404	13	35	that	that	DET
afbr-404	13	36	period	period	NOUN
afbr-404	13	37	.	.	PUNCT
afbr-404	14	1	lintner	lintner	NOUN
afbr-404	14	2	(	(	PUNCT
afbr-404	14	3	1956	1956	NUM
afbr-404	14	4	)	)	PUNCT
afbr-404	14	5	first	first	ADV
afbr-404	14	6	published	publish	VERB
afbr-404	14	7	a	a	DET
afbr-404	14	8	basic	basic	ADJ
afbr-404	14	9	model	model	NOUN
afbr-404	14	10	of	of	ADP
afbr-404	14	11	this	this	DET
afbr-404	14	12	type	type	NOUN
afbr-404	14	13	of	of	ADP
afbr-404	14	14	dividend	dividend	NOUN
afbr-404	14	15	policy	policy	NOUN
afbr-404	14	16	.	.	PUNCT
afbr-404	15	1	his	his	PRON
afbr-404	15	2	model	model	NOUN
afbr-404	15	3	is	be	AUX
afbr-404	15	4	based	base	VERB
afbr-404	15	5	on	on	ADP
afbr-404	15	6	a	a	DET
afbr-404	15	7	series	series	NOUN
afbr-404	15	8	of	of	ADP
afbr-404	15	9	interviews	interview	NOUN
afbr-404	15	10	with	with	ADP
afbr-404	15	11	executives	executive	NOUN
afbr-404	15	12	about	about	ADP
afbr-404	15	13	their	their	PRON
afbr-404	15	14	dividend	dividend	NOUN
afbr-404	15	15	policy	policy	NOUN
afbr-404	15	16	.	.	PUNCT
afbr-404	16	1	according	accord	VERB
afbr-404	16	2	to	to	ADP
afbr-404	16	3	lintner	lintner	PROPN
afbr-404	16	4	's	's	PART
afbr-404	16	5	interviews	interview	NOUN
afbr-404	16	6	,	,	PUNCT
afbr-404	16	7	it	it	PRON
afbr-404	16	8	was	be	AUX
afbr-404	16	9	clear	clear	ADJ
afbr-404	16	10	that	that	SCONJ
afbr-404	16	11	the	the	DET
afbr-404	16	12	corporate	corporate	ADJ
afbr-404	16	13	dividend	dividend	NOUN
afbr-404	16	14	policy	policy	NOUN
afbr-404	16	15	was	be	AUX
afbr-404	16	16	not	not	PART
afbr-404	16	17	uniform	uniform	ADJ
afbr-404	16	18	.	.	PUNCT
afbr-404	17	1	the	the	DET
afbr-404	17	2	complexity	complexity	NOUN
afbr-404	17	3	of	of	ADP
afbr-404	17	4	dividend	dividend	NOUN
afbr-404	17	5	distribution	distribution	NOUN
afbr-404	17	6	has	have	AUX
afbr-404	17	7	left	leave	VERB
afbr-404	17	8	many	many	ADJ
afbr-404	17	9	questions	question	NOUN
afbr-404	17	10	unanswered	unanswered	ADJ
afbr-404	17	11	about	about	ADP
afbr-404	17	12	the	the	DET
afbr-404	17	13	impact	impact	NOUN
afbr-404	17	14	of	of	ADP
afbr-404	17	15	dividends	dividend	NOUN
afbr-404	17	16	on	on	ADP
afbr-404	17	17	company	company	NOUN
afbr-404	17	18	value	value	NOUN
afbr-404	17	19	and	and	CCONJ
afbr-404	17	20	the	the	DET
afbr-404	17	21	conditions	condition	NOUN
afbr-404	17	22	under	under	ADP
afbr-404	17	23	which	which	PRON
afbr-404	17	24	such	such	ADJ
afbr-404	17	25	effects	effect	NOUN
afbr-404	17	26	are	be	AUX
afbr-404	17	27	felt	feel	VERB
afbr-404	17	28	.	.	PUNCT
afbr-404	18	1	in	in	ADP
afbr-404	18	2	a	a	DET
afbr-404	18	3	company	company	NOUN
afbr-404	18	4	,	,	PUNCT
afbr-404	18	5	management	management	NOUN
afbr-404	18	6	determines	determine	VERB
afbr-404	18	7	the	the	DET
afbr-404	18	8	amount	amount	NOUN
afbr-404	18	9	or	or	CCONJ
afbr-404	18	10	portion	portion	NOUN
afbr-404	18	11	of	of	ADP
afbr-404	18	12	profit	profit	NOUN
afbr-404	18	13	to	to	PART
afbr-404	18	14	be	be	AUX
afbr-404	18	15	distributed	distribute	VERB
afbr-404	18	16	as	as	ADP
afbr-404	18	17	dividends	dividend	NOUN
afbr-404	18	18	through	through	ADP
afbr-404	18	19	its	its	PRON
afbr-404	18	20	dividend	dividend	NOUN
afbr-404	18	21	policy	policy	NOUN
afbr-404	18	22	and	and	CCONJ
afbr-404	18	23	the	the	DET
afbr-404	18	24	amount	amount	NOUN
afbr-404	18	25	withheld	withhold	VERB
afbr-404	18	26	for	for	ADP
afbr-404	18	27	internal	internal	ADJ
afbr-404	18	28	operations	operation	NOUN
afbr-404	18	29	.	.	PUNCT
afbr-404	19	1	the	the	DET
afbr-404	19	2	post	post	ADJ
afbr-404	19	3	-	-	ADJ
afbr-404	19	4	tax	tax	ADJ
afbr-404	19	5	profits	profit	NOUN
afbr-404	19	6	of	of	ADP
afbr-404	19	7	corporate	corporate	ADJ
afbr-404	19	8	organizations	organization	NOUN
afbr-404	19	9	contribute	contribute	VERB
afbr-404	19	10	to	to	ADP
afbr-404	19	11	the	the	DET
afbr-404	19	12	source	source	NOUN
afbr-404	19	13	of	of	ADP
afbr-404	19	14	dividend	dividend	NOUN
afbr-404	19	15	payments	payment	NOUN
afbr-404	19	16	(	(	PUNCT
afbr-404	19	17	toby	toby	NOUN
afbr-404	19	18	,	,	PUNCT
afbr-404	19	19	2014	2014	NUM
afbr-404	19	20	)	)	PUNCT
afbr-404	19	21	.	.	PUNCT
afbr-404	20	1	there	there	PRON
afbr-404	20	2	are	be	VERB
afbr-404	20	3	some	some	DET
afbr-404	20	4	areas	area	NOUN
afbr-404	20	5	of	of	ADP
afbr-404	20	6	finance	finance	NOUN
afbr-404	20	7	that	that	PRON
afbr-404	20	8	have	have	AUX
afbr-404	20	9	intrigued	intrigue	VERB
afbr-404	20	10	researchers	researcher	NOUN
afbr-404	20	11	.	.	PUNCT
afbr-404	21	1	one	one	NUM
afbr-404	21	2	is	be	AUX
afbr-404	21	3	corporate	corporate	ADJ
afbr-404	21	4	dividend	dividend	NOUN
afbr-404	21	5	behavior	behavior	NOUN
afbr-404	21	6	.	.	PUNCT
afbr-404	22	1	along	along	ADP
afbr-404	22	2	with	with	ADP
afbr-404	22	3	its	its	PRON
afbr-404	22	4	capital	capital	NOUN
afbr-404	22	5	structure	structure	NOUN
afbr-404	22	6	,	,	PUNCT
afbr-404	22	7	dividend	dividend	NOUN
afbr-404	22	8	policy	policy	NOUN
afbr-404	22	9	has	have	AUX
afbr-404	22	10	been	be	AUX
afbr-404	22	11	one	one	NUM
afbr-404	22	12	of	of	ADP
afbr-404	22	13	the	the	DET
afbr-404	22	14	first	first	ADJ
afbr-404	22	15	areas	area	NOUN
afbr-404	22	16	of	of	ADP
afbr-404	22	17	corporate	corporate	ADJ
afbr-404	22	18	finance	finance	NOUN
afbr-404	22	19	to	to	PART
afbr-404	22	20	be	be	AUX
afbr-404	22	21	analyzed	analyze	VERB
afbr-404	22	22	in	in	ADP
afbr-404	22	23	a	a	DET
afbr-404	22	24	rigorous	rigorous	ADJ
afbr-404	22	25	model	model	NOUN
afbr-404	22	26	,	,	PUNCT
afbr-404	22	27	and	and	CCONJ
afbr-404	22	28	has	have	AUX
afbr-404	22	29	since	since	ADV
afbr-404	22	30	been	be	AUX
afbr-404	22	31	one	one	NUM
afbr-404	22	32	of	of	ADP
afbr-404	22	33	the	the	DET
afbr-404	22	34	most	most	ADV
afbr-404	22	35	studied	study	VERB
afbr-404	22	36	topics	topic	NOUN
afbr-404	22	37	in	in	ADP
afbr-404	22	38	modern	modern	ADJ
afbr-404	22	39	finance	finance	NOUN
afbr-404	22	40	.	.	PUNCT
afbr-404	23	1	dividend	dividend	NOUN
afbr-404	23	2	policy	policy	NOUN
afbr-404	23	3	evolved	evolve	VERB
afbr-404	23	4	with	with	ADP
afbr-404	23	5	prescribed	prescribed	ADJ
afbr-404	23	6	legal	legal	ADJ
afbr-404	23	7	framework	framework	NOUN
afbr-404	23	8	.	.	PUNCT
afbr-404	24	1	in	in	ADP
afbr-404	24	2	nigeria	nigeria	PROPN
afbr-404	24	3	part	part	PROPN
afbr-404	24	4	xiii	xiii	PROPN
afbr-404	24	5	,	,	PUNCT
afbr-404	24	6	section	section	NOUN
afbr-404	24	7	379	379	NUM
afbr-404	24	8	–	–	PUNCT
afbr-404	24	9	385	385	NUM
afbr-404	24	10	spell	spell	VERB
afbr-404	24	11	out	out	ADP
afbr-404	24	12	the	the	DET
afbr-404	24	13	legal	legal	ADJ
afbr-404	24	14	framework	framework	NOUN
afbr-404	24	15	for	for	ADP
afbr-404	24	16	dividend	dividend	NOUN
afbr-404	24	17	policy	policy	NOUN
afbr-404	24	18	.	.	PUNCT
afbr-404	25	1	"	"	PUNCT
afbr-404	25	2	section	section	NOUN
afbr-404	25	3	381	381	NUM
afbr-404	25	4	of	of	ADP
afbr-404	25	5	cama	cama	NOUN
afbr-404	25	6	stated	state	VERB
afbr-404	25	7	that	that	SCONJ
afbr-404	25	8	company	company	NOUN
afbr-404	25	9	shall	shall	AUX
afbr-404	25	10	not	not	PART
afbr-404	25	11	declare	declare	VERB
afbr-404	25	12	or	or	CCONJ
afbr-404	25	13	pay	pay	VERB
afbr-404	25	14	dividend	dividend	NOUN
afbr-404	25	15	if	if	SCONJ
afbr-404	25	16	there	there	PRON
afbr-404	25	17	are	be	VERB
afbr-404	25	18	reasonable	reasonable	ADJ
afbr-404	25	19	ground	ground	NOUN
afbr-404	25	20	for	for	ADP
afbr-404	25	21	believing	believe	VERB
afbr-404	25	22	the	the	DET
afbr-404	25	23	company	company	NOUN
afbr-404	25	24	would	would	AUX
afbr-404	25	25	be	be	AUX
afbr-404	25	26	unable	unable	ADJ
afbr-404	25	27	to	to	PART
afbr-404	25	28	meet	meet	VERB
afbr-404	25	29	up	up	ADP
afbr-404	25	30	with	with	ADP
afbr-404	25	31	or	or	CCONJ
afbr-404	25	32	pay	pay	VERB
afbr-404	25	33	its	its	PRON
afbr-404	25	34	liabilities	liability	NOUN
afbr-404	25	35	as	as	SCONJ
afbr-404	25	36	they	they	PRON
afbr-404	25	37	become	become	VERB
afbr-404	25	38	due	due	ADJ
afbr-404	25	39	.	.	PUNCT
afbr-404	26	1	section	section	NOUN
afbr-404	26	2	382	382	NUM
afbr-404	26	3	states	state	NOUN
afbr-404	26	4	that	that	SCONJ
afbr-404	26	5	companies	company	NOUN
afbr-404	26	6	can	can	AUX
afbr-404	26	7	not	not	PART
afbr-404	26	8	pay	pay	VERB
afbr-404	26	9	dividend	dividend	NOUN
afbr-404	26	10	out	out	ADP
afbr-404	26	11	of	of	ADP
afbr-404	26	12	capital	capital	NOUN
afbr-404	26	13	since	since	SCONJ
afbr-404	26	14	it	it	PRON
afbr-404	26	15	will	will	AUX
afbr-404	26	16	lead	lead	VERB
afbr-404	26	17	to	to	ADP
afbr-404	26	18	depletion	depletion	NOUN
afbr-404	26	19	of	of	ADP
afbr-404	26	20	capital	capital	NOUN
afbr-404	26	21	which	which	PRON
afbr-404	26	22	is	be	AUX
afbr-404	26	23	against	against	ADP
afbr-404	26	24	the	the	DET
afbr-404	26	25	legal	legal	ADJ
afbr-404	26	26	principle	principle	NOUN
afbr-404	26	27	that	that	SCONJ
afbr-404	26	28	the	the	DET
afbr-404	26	29	capital	capital	NOUN
afbr-404	26	30	must	must	AUX
afbr-404	26	31	maintain	maintain	VERB
afbr-404	26	32	.	.	PUNCT
afbr-404	27	1	the	the	DET
afbr-404	27	2	decision	decision	NOUN
afbr-404	27	3	to	to	PART
afbr-404	27	4	pay	pay	VERB
afbr-404	27	5	dividend	dividend	NOUN
afbr-404	27	6	is	be	AUX
afbr-404	27	7	important	important	ADJ
afbr-404	27	8	for	for	ADP
afbr-404	27	9	firms	firm	NOUN
afbr-404	27	10	as	as	SCONJ
afbr-404	27	11	it	it	PRON
afbr-404	27	12	may	may	AUX
afbr-404	27	13	affect	affect	VERB
afbr-404	27	14	the	the	DET
afbr-404	27	15	financial	financial	ADJ
afbr-404	27	16	structure	structure	NOUN
afbr-404	27	17	and	and	CCONJ
afbr-404	27	18	stock	stock	NOUN
afbr-404	27	19	price	price	NOUN
afbr-404	27	20	of	of	ADP
afbr-404	27	21	the	the	DET
afbr-404	27	22	firm	firm	NOUN
afbr-404	27	23	"	"	PUNCT
afbr-404	27	24	pandy	pandy	NOUN
afbr-404	27	25	(	(	PUNCT
afbr-404	27	26	2005	2005	NUM
afbr-404	27	27	)	)	PUNCT
afbr-404	27	28	.	.	PUNCT
afbr-404	28	1	the	the	DET
afbr-404	28	2	classical	classical	ADJ
afbr-404	28	3	opinion	opinion	NOUN
afbr-404	28	4	has	have	AUX
afbr-404	28	5	been	be	AUX
afbr-404	28	6	that	that	DET
afbr-404	28	7	dividend	dividend	NOUN
afbr-404	28	8	policy	policy	NOUN
afbr-404	28	9	influenced	influence	VERB
afbr-404	28	10	share	share	NOUN
afbr-404	28	11	prices	price	NOUN
afbr-404	28	12	and	and	CCONJ
afbr-404	28	13	market	market	NOUN
afbr-404	28	14	prices	price	NOUN
afbr-404	28	15	of	of	ADP
afbr-404	28	16	an	an	DET
afbr-404	28	17	equity	equity	NOUN
afbr-404	28	18	represents	represent	VERB
afbr-404	28	19	the	the	DET
afbr-404	28	20	present	present	ADJ
afbr-404	28	21	value	value	NOUN
afbr-404	28	22	of	of	ADP
afbr-404	28	23	estimated	estimate	VERB
afbr-404	28	24	cash	cash	NOUN
afbr-404	28	25	dividend	dividend	NOUN
afbr-404	28	26	hat	hat	NOUN
afbr-404	28	27	can	can	AUX
afbr-404	28	28	be	be	AUX
afbr-404	28	29	generated	generate	VERB
afbr-404	28	30	by	by	ADP
afbr-404	28	31	the	the	DET
afbr-404	28	32	equity	equity	NOUN
afbr-404	28	33	gordon	gordon	PROPN
afbr-404	28	34	(	(	PUNCT
afbr-404	28	35	1959	1959	NUM
afbr-404	28	36	)	)	PUNCT
afbr-404	28	37	,	,	PUNCT
afbr-404	28	38	while	while	SCONJ
afbr-404	28	39	miller	miller	PROPN
afbr-404	28	40	and	and	CCONJ
afbr-404	28	41	modiliglani	modiliglani	ADJ
afbr-404	28	42	(	(	PUNCT
afbr-404	28	43	1961	1961	NUM
afbr-404	28	44	)	)	PUNCT
afbr-404	28	45	opined	opine	VERB
afbr-404	28	46	that	that	SCONJ
afbr-404	28	47	stock	stock	NOUN
afbr-404	28	48	prices	price	NOUN
afbr-404	28	49	is	be	AUX
afbr-404	28	50	function	function	NOUN
afbr-404	28	51	of	of	ADP
afbr-404	28	52	the	the	DET
afbr-404	28	53	earnings	earning	NOUN
afbr-404	28	54	of	of	ADP
afbr-404	28	55	the	the	DET
afbr-404	28	56	firm	firm	ADJ
afbr-404	28	57	dividend	dividend	NOUN
afbr-404	28	58	policy	policy	NOUN
afbr-404	28	59	is	be	AUX
afbr-404	28	60	irrelevant	irrelevant	ADJ
afbr-404	28	61	.	.	PUNCT
afbr-404	29	1	the	the	DET
afbr-404	29	2	controversies	controversy	NOUN
afbr-404	29	3	on	on	ADP
afbr-404	29	4	the	the	DET
afbr-404	29	5	effect	effect	NOUN
afbr-404	29	6	of	of	ADP
afbr-404	29	7	dividend	dividend	NOUN
afbr-404	29	8	policy	policy	NOUN
afbr-404	29	9	on	on	ADP
afbr-404	29	10	stock	stock	NOUN
afbr-404	29	11	price	price	NOUN
afbr-404	29	12	have	have	AUX
afbr-404	29	13	deepened	deepen	VERB
afbr-404	29	14	on	on	ADP
afbr-404	29	15	the	the	DET
afbr-404	29	16	stock	stock	NOUN
afbr-404	29	17	market	market	NOUN
afbr-404	29	18	of	of	ADP
afbr-404	29	19	the	the	DET
afbr-404	29	20	emerging	emerge	VERB
afbr-404	29	21	economics	economic	NOUN
afbr-404	29	22	such	such	ADJ
afbr-404	29	23	as	as	ADP
afbr-404	29	24	nigeria	nigeria	PROPN
afbr-404	29	25	.	.	PUNCT
afbr-404	30	1	the	the	DET
afbr-404	30	2	theoretical	theoretical	ADJ
afbr-404	30	3	assumptions	assumption	NOUN
afbr-404	30	4	underlying	underlie	VERB
afbr-404	30	5	the	the	DET
afbr-404	30	6	different	different	ADJ
afbr-404	30	7	argument	argument	NOUN
afbr-404	30	8	are	be	AUX
afbr-404	30	9	based	base	VERB
afbr-404	30	10	on	on	ADP
afbr-404	30	11	the	the	DET
afbr-404	30	12	stock	stock	NOUN
afbr-404	30	13	market	market	NOUN
afbr-404	30	14	of	of	ADP
afbr-404	30	15	the	the	DET
afbr-404	30	16	developed	develop	VERB
afbr-404	30	17	countries	country	NOUN
afbr-404	30	18	which	which	PRON
afbr-404	30	19	is	be	AUX
afbr-404	30	20	more	more	ADV
afbr-404	30	21	efficient	efficient	ADJ
afbr-404	30	22	compared	compare	VERB
afbr-404	30	23	with	with	ADP
afbr-404	30	24	the	the	DET
afbr-404	30	25	nigerian	nigerian	ADJ
afbr-404	30	26	capital	capital	NOUN
afbr-404	30	27	market	market	NOUN
afbr-404	30	28	which	which	PRON
afbr-404	30	29	is	be	AUX
afbr-404	30	30	characterized	characterize	VERB
afbr-404	30	31	with	with	ADP
afbr-404	30	32	insider	insider	NOUN
afbr-404	30	33	dealings	dealing	NOUN
afbr-404	30	34	and	and	CCONJ
afbr-404	30	35	undefined	undefined	ADJ
afbr-404	30	36	regime	regime	NOUN
afbr-404	30	37	.	.	PUNCT
afbr-404	31	1	the	the	DET
afbr-404	31	2	market	market	NOUN
afbr-404	31	3	can	can	AUX
afbr-404	31	4	not	not	PART
afbr-404	31	5	be	be	AUX
afbr-404	31	6	considered	consider	VERB
afbr-404	31	7	deregulated	deregulated	ADJ
afbr-404	31	8	or	or	CCONJ
afbr-404	31	9	regulated	regulate	VERB
afbr-404	31	10	to	to	PART
afbr-404	31	11	determine	determine	VERB
afbr-404	31	12	the	the	DET
afbr-404	31	13	effect	effect	NOUN
afbr-404	31	14	of	of	ADP
afbr-404	31	15	dividend	dividend	NOUN
afbr-404	31	16	policy	policy	NOUN
afbr-404	31	17	on	on	ADP
afbr-404	31	18	stock	stock	NOUN
afbr-404	31	19	prices	price	NOUN
afbr-404	31	20	.	.	PUNCT
afbr-404	32	1	copyright	copyright	NOUN
afbr-404	32	2	©	©	PROPN
afbr-404	32	3	cc	cc	PROPN
afbr-404	32	4	-	-	PUNCT
afbr-404	32	5	by	by	ADP
afbr-404	32	6	-	-	PUNCT
afbr-404	32	7	nc	nc	PROPN
afbr-404	32	8	2019	2019	NUM
afbr-404	32	9	,	,	PUNCT
afbr-404	32	10	cribfb	cribfb	PROPN
afbr-404	32	11	|	|	ADV
afbr-404	32	12	afbr	afbr	PROPN
afbr-404	32	13	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	32	14	australian	australian	ADJ
afbr-404	32	15	finance	finance	PROPN
afbr-404	32	16	&	&	CCONJ
afbr-404	32	17	banking	banking	PROPN
afbr-404	32	18	review	review	PROPN
afbr-404	32	19	vol	vol	NOUN
afbr-404	32	20	.	.	PROPN
afbr-404	33	1	3	3	NUM
afbr-404	33	2	,	,	PUNCT
afbr-404	33	3	no	no	INTJ
afbr-404	33	4	.	.	NOUN
afbr-404	33	5	2	2	NUM
afbr-404	33	6	;	;	PUNCT
afbr-404	33	7	2019	2019	NUM
afbr-404	33	8	17	17	NUM
afbr-404	33	9	dividend	dividend	NOUN
afbr-404	33	10	policy	policy	NOUN
afbr-404	33	11	remains	remain	VERB
afbr-404	33	12	one	one	NUM
afbr-404	33	13	of	of	ADP
afbr-404	33	14	the	the	DET
afbr-404	33	15	most	most	ADV
afbr-404	33	16	controversial	controversial	ADJ
afbr-404	33	17	issues	issue	NOUN
afbr-404	33	18	in	in	ADP
afbr-404	33	19	corporate	corporate	ADJ
afbr-404	33	20	finance	finance	NOUN
afbr-404	33	21	.	.	PUNCT
afbr-404	34	1	the	the	DET
afbr-404	34	2	relationship	relationship	NOUN
afbr-404	34	3	between	between	ADP
afbr-404	34	4	dividend	dividend	NOUN
afbr-404	34	5	policy	policy	NOUN
afbr-404	34	6	and	and	CCONJ
afbr-404	34	7	stock	stock	NOUN
afbr-404	34	8	prices	price	NOUN
afbr-404	34	9	of	of	ADP
afbr-404	34	10	listed	list	VERB
afbr-404	34	11	firms	firm	NOUN
afbr-404	34	12	has	have	AUX
afbr-404	34	13	remained	remain	VERB
afbr-404	34	14	very	very	ADV
afbr-404	34	15	sharp	sharp	ADJ
afbr-404	34	16	point	point	NOUN
afbr-404	34	17	of	of	ADP
afbr-404	34	18	departure	departure	NOUN
afbr-404	34	19	among	among	ADP
afbr-404	34	20	scholars	scholar	NOUN
afbr-404	34	21	in	in	ADP
afbr-404	34	22	corporate	corporate	ADJ
afbr-404	34	23	finance	finance	NOUN
afbr-404	34	24	.	.	PUNCT
afbr-404	35	1	the	the	DET
afbr-404	35	2	intensity	intensity	NOUN
afbr-404	35	3	of	of	ADP
afbr-404	35	4	the	the	DET
afbr-404	35	5	debate	debate	NOUN
afbr-404	35	6	has	have	AUX
afbr-404	35	7	remained	remain	VERB
afbr-404	35	8	largely	largely	ADV
afbr-404	35	9	unresolved	unresolved	ADJ
afbr-404	35	10	in	in	ADP
afbr-404	35	11	both	both	CCONJ
afbr-404	35	12	the	the	DET
afbr-404	35	13	global	global	ADJ
afbr-404	35	14	and	and	CCONJ
afbr-404	35	15	local	local	ADJ
afbr-404	35	16	arena	arena	NOUN
afbr-404	35	17	.	.	PUNCT
afbr-404	36	1	empirical	empirical	ADJ
afbr-404	36	2	evidence	evidence	NOUN
afbr-404	36	3	has	have	AUX
afbr-404	36	4	shown	show	VERB
afbr-404	36	5	that	that	SCONJ
afbr-404	36	6	dividend	dividend	NOUN
afbr-404	36	7	policy	policy	NOUN
afbr-404	36	8	is	be	AUX
afbr-404	36	9	relevant	relevant	ADJ
afbr-404	36	10	as	as	SCONJ
afbr-404	36	11	formulated	formulate	VERB
afbr-404	36	12	by	by	ADP
afbr-404	36	13	gordon	gordon	PROPN
afbr-404	36	14	.	.	PUNCT
afbr-404	37	1	the	the	DET
afbr-404	37	2	age	age	NOUN
afbr-404	37	3	-	-	PUNCT
afbr-404	37	4	long	long	ADJ
afbr-404	37	5	debate	debate	NOUN
afbr-404	37	6	on	on	ADP
afbr-404	37	7	the	the	DET
afbr-404	37	8	relationship	relationship	NOUN
afbr-404	37	9	between	between	ADP
afbr-404	37	10	dividend	dividend	NOUN
afbr-404	37	11	policy	policy	NOUN
afbr-404	37	12	and	and	CCONJ
afbr-404	37	13	stock	stock	NOUN
afbr-404	37	14	prices	price	NOUN
afbr-404	37	15	or	or	CCONJ
afbr-404	37	16	put	put	VERB
afbr-404	37	17	differently	differently	ADV
afbr-404	37	18	,	,	PUNCT
afbr-404	37	19	the	the	DET
afbr-404	37	20	value	value	NOUN
afbr-404	37	21	of	of	ADP
afbr-404	37	22	the	the	DET
afbr-404	37	23	firm	firm	NOUN
afbr-404	37	24	rages	rage	VERB
afbr-404	37	25	on	on	ADP
afbr-404	37	26	and	and	CCONJ
afbr-404	37	27	dates	date	VERB
afbr-404	37	28	back	back	ADV
afbr-404	37	29	to	to	ADP
afbr-404	37	30	walter	walter	NOUN
afbr-404	37	31	and	and	CCONJ
afbr-404	37	32	the	the	DET
afbr-404	37	33	“	"	PUNCT
afbr-404	37	34	bird	bird	NOUN
afbr-404	37	35	in	in	ADP
afbr-404	37	36	hand	hand	NOUN
afbr-404	37	37	”	"	PUNCT
afbr-404	37	38	theory	theory	NOUN
afbr-404	37	39	in	in	ADP
afbr-404	37	40	1928	1928	NUM
afbr-404	37	41	,	,	PUNCT
afbr-404	37	42	gordon	gordon	PROPN
afbr-404	37	43	(	(	PUNCT
afbr-404	37	44	1960	1960	NUM
afbr-404	37	45	)	)	PUNCT
afbr-404	37	46	and	and	CCONJ
afbr-404	37	47	the	the	DET
afbr-404	37	48	dividend	dividend	NOUN
afbr-404	37	49	relevance	relevance	NOUN
afbr-404	37	50	hypotheses	hypothesis	NOUN
afbr-404	37	51	and	and	CCONJ
afbr-404	37	52	miller	miller	NOUN
afbr-404	37	53	and	and	CCONJ
afbr-404	37	54	modigliani	modigliani	PROPN
afbr-404	37	55	(	(	PUNCT
afbr-404	37	56	1962	1962	NUM
afbr-404	37	57	)	)	PUNCT
afbr-404	37	58	and	and	CCONJ
afbr-404	37	59	the	the	DET
afbr-404	37	60	dividend	dividend	NOUN
afbr-404	37	61	irrelevance	irrelevance	NOUN
afbr-404	37	62	hypotheses	hypothesis	NOUN
afbr-404	37	63	which	which	PRON
afbr-404	37	64	have	have	AUX
afbr-404	37	65	presented	present	VERB
afbr-404	37	66	a	a	DET
afbr-404	37	67	serious	serious	ADJ
afbr-404	37	68	challenge	challenge	NOUN
afbr-404	37	69	to	to	PART
afbr-404	37	70	academia	academia	VERB
afbr-404	37	71	and	and	CCONJ
afbr-404	37	72	practitioners	practitioner	NOUN
afbr-404	37	73	alike	alike	ADV
afbr-404	37	74	.	.	PUNCT
afbr-404	38	1	prior	prior	ADJ
afbr-404	38	2	academic	academic	ADJ
afbr-404	38	3	literatures	literature	NOUN
afbr-404	38	4	have	have	AUX
afbr-404	38	5	attempted	attempt	VERB
afbr-404	38	6	to	to	PART
afbr-404	38	7	provide	provide	VERB
afbr-404	38	8	answers	answer	NOUN
afbr-404	38	9	to	to	ADP
afbr-404	38	10	questions	question	NOUN
afbr-404	38	11	on	on	ADP
afbr-404	38	12	dividend	dividend	NOUN
afbr-404	38	13	policy	policy	NOUN
afbr-404	38	14	and	and	CCONJ
afbr-404	38	15	harmonize	harmonize	VERB
afbr-404	38	16	the	the	DET
afbr-404	38	17	theories	theory	NOUN
afbr-404	38	18	but	but	CCONJ
afbr-404	38	19	mystery	mystery	NOUN
afbr-404	38	20	still	still	ADV
afbr-404	38	21	shrouds	shroud	VERB
afbr-404	38	22	the	the	DET
afbr-404	38	23	dividend	dividend	NOUN
afbr-404	38	24	policy	policy	NOUN
afbr-404	38	25	decisions	decision	NOUN
afbr-404	38	26	of	of	ADP
afbr-404	38	27	corporate	corporate	ADJ
afbr-404	38	28	organizations	organization	NOUN
afbr-404	38	29	in	in	ADP
afbr-404	38	30	general	general	ADJ
afbr-404	38	31	and	and	CCONJ
afbr-404	38	32	more	more	ADJ
afbr-404	38	33	on	on	ADP
afbr-404	38	34	the	the	DET
afbr-404	38	35	emerging	emerge	VERB
afbr-404	38	36	financial	financial	ADJ
afbr-404	38	37	market	market	NOUN
afbr-404	38	38	like	like	ADP
afbr-404	38	39	nigeria	nigeria	PROPN
afbr-404	38	40	.	.	PUNCT
afbr-404	39	1	the	the	DET
afbr-404	39	2	"	"	PUNCT
afbr-404	39	3	complexity	complexity	NOUN
afbr-404	39	4	of	of	ADP
afbr-404	39	5	dividend	dividend	NOUN
afbr-404	39	6	issues	issue	NOUN
afbr-404	39	7	has	have	AUX
afbr-404	39	8	left	leave	VERB
afbr-404	39	9	many	many	ADJ
afbr-404	39	10	questions	question	NOUN
afbr-404	39	11	unanswered	unanswered	ADJ
afbr-404	39	12	regarding	regard	VERB
afbr-404	39	13	the	the	DET
afbr-404	39	14	relationship	relationship	NOUN
afbr-404	39	15	between	between	ADP
afbr-404	39	16	dividend	dividend	NOUN
afbr-404	39	17	policy	policy	NOUN
afbr-404	39	18	and	and	CCONJ
afbr-404	39	19	the	the	DET
afbr-404	39	20	stock	stock	NOUN
afbr-404	39	21	price	price	NOUN
afbr-404	39	22	of	of	ADP
afbr-404	39	23	the	the	DET
afbr-404	39	24	firms	firm	NOUN
afbr-404	39	25	and	and	CCONJ
afbr-404	39	26	the	the	DET
afbr-404	39	27	direction	direction	NOUN
afbr-404	39	28	of	of	ADP
afbr-404	39	29	impact	impact	NOUN
afbr-404	39	30	.	.	PUNCT
afbr-404	40	1	the	the	DET
afbr-404	40	2	opinion	opinion	NOUN
afbr-404	40	3	of	of	ADP
afbr-404	40	4	this	this	DET
afbr-404	40	5	study	study	NOUN
afbr-404	40	6	based	base	VERB
afbr-404	40	7	on	on	ADP
afbr-404	40	8	theory	theory	NOUN
afbr-404	40	9	is	be	AUX
afbr-404	40	10	that	that	SCONJ
afbr-404	40	11	dividend	dividend	NOUN
afbr-404	40	12	policy	policy	NOUN
afbr-404	40	13	is	be	AUX
afbr-404	40	14	relevant	relevant	ADJ
afbr-404	40	15	.	.	PUNCT
afbr-404	40	16	"	"	PUNCT
afbr-404	41	1	2	2	X
afbr-404	41	2	.	.	X
afbr-404	41	3	literature	literature	NOUN
afbr-404	41	4	review	review	VERB
afbr-404	41	5	theoretical	theoretical	ADJ
afbr-404	41	6	models	model	NOUN
afbr-404	41	7	of	of	ADP
afbr-404	41	8	dividend	dividend	NOUN
afbr-404	41	9	policy	policy	PROPN
afbr-404	41	10	walter	walter	PROPN
afbr-404	41	11	’s	’s	PART
afbr-404	41	12	model	model	NOUN
afbr-404	41	13	of	of	ADP
afbr-404	41	14	dividend	dividend	NOUN
afbr-404	41	15	policy	policy	NOUN
afbr-404	41	16	"	"	PUNCT
afbr-404	41	17	walter	walter	NOUN
afbr-404	41	18	argues	argue	VERB
afbr-404	41	19	that	that	SCONJ
afbr-404	41	20	choosing	choose	VERB
afbr-404	41	21	a	a	DET
afbr-404	41	22	dividend	dividend	NOUN
afbr-404	41	23	policy	policy	NOUN
afbr-404	41	24	almost	almost	ADV
afbr-404	41	25	always	always	ADV
afbr-404	41	26	affects	affect	VERB
afbr-404	41	27	the	the	DET
afbr-404	41	28	value	value	NOUN
afbr-404	41	29	of	of	ADP
afbr-404	41	30	the	the	DET
afbr-404	41	31	company	company	NOUN
afbr-404	41	32	.	.	PUNCT
afbr-404	42	1	his	his	PRON
afbr-404	42	2	model	model	NOUN
afbr-404	42	3	,	,	PUNCT
afbr-404	42	4	one	one	NUM
afbr-404	42	5	of	of	ADP
afbr-404	42	6	the	the	DET
afbr-404	42	7	earliest	early	ADJ
afbr-404	42	8	theoretical	theoretical	ADJ
afbr-404	42	9	works	work	NOUN
afbr-404	42	10	,	,	PUNCT
afbr-404	42	11	demonstrates	demonstrate	VERB
afbr-404	42	12	the	the	DET
afbr-404	42	13	importance	importance	NOUN
afbr-404	42	14	of	of	ADP
afbr-404	42	15	the	the	DET
afbr-404	42	16	relationship	relationship	NOUN
afbr-404	42	17	between	between	ADP
afbr-404	42	18	the	the	DET
afbr-404	42	19	rate	rate	NOUN
afbr-404	42	20	of	of	ADP
afbr-404	42	21	return	return	NOUN
afbr-404	42	22	on	on	ADP
afbr-404	42	23	a	a	DET
afbr-404	42	24	company	company	NOUN
afbr-404	42	25	and	and	CCONJ
afbr-404	42	26	the	the	DET
afbr-404	42	27	cost	cost	NOUN
afbr-404	42	28	of	of	ADP
afbr-404	42	29	capital	capital	NOUN
afbr-404	42	30	,	,	PUNCT
afbr-404	42	31	k	k	PROPN
afbr-404	42	32	,	,	PUNCT
afbr-404	42	33	in	in	ADP
afbr-404	42	34	determining	determine	VERB
afbr-404	42	35	a	a	DET
afbr-404	42	36	dividend	dividend	NOUN
afbr-404	42	37	policy	policy	NOUN
afbr-404	42	38	that	that	PRON
afbr-404	42	39	would	would	AUX
afbr-404	42	40	increase	increase	VERB
afbr-404	42	41	shareholder	shareholder	NOUN
afbr-404	42	42	wealth	wealth	NOUN
afbr-404	42	43	.	.	PUNCT
afbr-404	42	44	"	"	PUNCT
afbr-404	43	1	the	the	DET
afbr-404	43	2	model	model	NOUN
afbr-404	43	3	is	be	AUX
afbr-404	43	4	specified	specify	VERB
afbr-404	43	5	as	as	SCONJ
afbr-404	43	6	follows	follow	VERB
afbr-404	43	7	:	:	PUNCT
afbr-404	44	1	k	k	PROPN
afbr-404	44	2	kdivepsr	kdivepsr	PROPN
afbr-404	44	3	k	k	PROPN
afbr-404	44	4	div	div	PROPN
afbr-404	44	5	p	p	NOUN
afbr-404	44	6	/	/	PUNCT
afbr-404	44	7	)	)	PUNCT
afbr-404	44	8	(	(	PUNCT
afbr-404	44	9			NOUN
afbr-404	44	10			PROPN
afbr-404	44	11	1	1	NUM
afbr-404	44	12	where	where	SCONJ
afbr-404	44	13	:	:	PUNCT
afbr-404	44	14	p	p	X
afbr-404	44	15	=	=	NOUN
afbr-404	44	16	market	market	NOUN
afbr-404	44	17	price	price	NOUN
afbr-404	44	18	per	per	ADP
afbr-404	44	19	share	share	NOUN
afbr-404	44	20	div	div	X
afbr-404	44	21	=	=	PUNCT
afbr-404	44	22	dividend	dividend	NOUN
afbr-404	44	23	per	per	ADP
afbr-404	44	24	share	share	NOUN
afbr-404	44	25	eps	eps	X
afbr-404	44	26	=	=	NOUN
afbr-404	44	27	earnings	earning	NOUN
afbr-404	44	28	per	per	ADP
afbr-404	44	29	share	share	NOUN
afbr-404	44	30	r	r	NOUN
afbr-404	44	31	=	=	SYM
afbr-404	44	32	firm	firm	NOUN
afbr-404	44	33	’s	’s	PART
afbr-404	44	34	rate	rate	NOUN
afbr-404	44	35	of	of	ADP
afbr-404	44	36	return	return	NOUN
afbr-404	44	37	(	(	PUNCT
afbr-404	44	38	average	average	ADJ
afbr-404	44	39	)	)	PUNCT
afbr-404	44	40	k	k	NOUN
afbr-404	44	41	=	=	PUNCT
afbr-404	44	42	firm	firm	NOUN
afbr-404	44	43	’s	’s	PART
afbr-404	44	44	cost	cost	NOUN
afbr-404	44	45	of	of	ADP
afbr-404	44	46	capital	capital	NOUN
afbr-404	44	47	or	or	CCONJ
afbr-404	44	48	capitalization	capitalization	NOUN
afbr-404	44	49	rate	rate	NOUN
afbr-404	44	50	k	k	PROPN
afbr-404	44	51	kdivepskrdiv	kdivepskrdiv	PROPN
afbr-404	45	1	p	p	PROPN
afbr-404	45	2	/)()/	/)()/	NOUN
afbr-404	45	3	(	(	PUNCT
afbr-404	45	4			PROPN
afbr-404	45	5			NOUN
afbr-404	45	6	2	2	NUM
afbr-404	45	7	earning	earning	NOUN
afbr-404	45	8	,	,	PUNCT
afbr-404	45	9	investment	investment	NOUN
afbr-404	45	10	and	and	CCONJ
afbr-404	45	11	new	new	ADJ
afbr-404	45	12	financing	financing	NOUN
afbr-404	45	13	e1	e1	NOUN
afbr-404	45	14	1	1	NUM
afbr-404	45	15	*	*	NOUN
afbr-404	45	16	e2	e2	PROPN
afbr-404	45	17	r	r	NOUN
afbr-404	45	18	(	(	PUNCT
afbr-404	45	19	rs	rs	NOUN
afbr-404	45	20	)	)	PUNCT
afbr-404	45	21	k	k	NOUN
afbr-404	45	22	=	=	PUNCT
afbr-404	45	23	ka	ka	PROPN
afbr-404	45	24	=	=	SYM
afbr-404	45	25	km	km	PROPN
afbr-404	45	26	r	r	NOUN
afbr-404	45	27	=	=	PUNCT
afbr-404	46	1	k	k	NOUN
afbr-404	46	2	r	r	NOUN
afbr-404	46	3	<	<	X
afbr-404	46	4	k	k	X
afbr-404	46	5	r	r	X
afbr-404	46	6	>	>	PUNCT
afbr-404	46	7	k	k	X
afbr-404	46	8	r	r	NOUN
afbr-404	46	9	et	et	NOUN
afbr-404	46	10	ur	ur	INTJ
afbr-404	46	11	n	n	ADV
afbr-404	46	12	an	an	DET
afbr-404	46	13	d	d	X
afbr-404	46	14	c	c	X
afbr-404	46	15	os	os	NOUN
afbr-404	46	16	ts	ts	X
afbr-404	46	17	(	(	PUNCT
afbr-404	46	18	%	%	NOUN
afbr-404	46	19	)	)	PUNCT
afbr-404	46	20	copyright	copyright	NOUN
afbr-404	46	21	©	©	PROPN
afbr-404	46	22	cc	cc	PROPN
afbr-404	46	23	-	-	PUNCT
afbr-404	46	24	by	by	ADP
afbr-404	46	25	-	-	PUNCT
afbr-404	46	26	nc	nc	PROPN
afbr-404	46	27	2019	2019	NUM
afbr-404	46	28	,	,	PUNCT
afbr-404	46	29	cribfb	cribfb	PROPN
afbr-404	46	30	|	|	ADV
afbr-404	46	31	afbr	afbr	PROPN
afbr-404	46	32	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	46	33	australian	australian	ADJ
afbr-404	46	34	finance	finance	PROPN
afbr-404	46	35	&	&	CCONJ
afbr-404	46	36	banking	banking	PROPN
afbr-404	46	37	review	review	PROPN
afbr-404	46	38	vol	vol	NOUN
afbr-404	46	39	.	.	PROPN
afbr-404	47	1	3	3	NUM
afbr-404	47	2	,	,	PUNCT
afbr-404	47	3	no	no	INTJ
afbr-404	47	4	.	.	NOUN
afbr-404	47	5	2	2	NUM
afbr-404	47	6	;	;	PUNCT
afbr-404	47	7	2019	2019	NUM
afbr-404	47	8	18	18	NUM
afbr-404	47	9	relevance	relevance	NOUN
afbr-404	47	10	of	of	ADP
afbr-404	47	11	dividend	dividend	NOUN
afbr-404	47	12	policy	policy	NOUN
afbr-404	47	13	the	the	DET
afbr-404	47	14	relevance	relevance	NOUN
afbr-404	47	15	of	of	ADP
afbr-404	47	16	dividend	dividend	NOUN
afbr-404	47	17	policy	policy	NOUN
afbr-404	47	18	based	base	VERB
afbr-404	47	19	on	on	ADP
afbr-404	47	20	future	future	ADJ
afbr-404	47	21	dividend	dividend	NOUN
afbr-404	47	22	uncertainty	uncertainty	NOUN
afbr-404	47	23	gordon	gordon	PROPN
afbr-404	47	24	(	(	PUNCT
afbr-404	47	25	1962	1962	NUM
afbr-404	47	26	)	)	PUNCT
afbr-404	47	27	proposed	propose	VERB
afbr-404	47	28	valuation	valuation	NOUN
afbr-404	47	29	models	model	NOUN
afbr-404	47	30	that	that	PRON
afbr-404	47	31	associate	associate	VERB
afbr-404	47	32	the	the	DET
afbr-404	47	33	market	market	NOUN
afbr-404	47	34	value	value	NOUN
afbr-404	47	35	of	of	ADP
afbr-404	47	36	shares	share	NOUN
afbr-404	47	37	with	with	ADP
afbr-404	47	38	dividend	dividend	NOUN
afbr-404	47	39	policy	policy	NOUN
afbr-404	47	40	.	.	PUNCT
afbr-404	48	1	gordon	gordon	PROPN
afbr-404	48	2	examined	examine	VERB
afbr-404	48	3	the	the	DET
afbr-404	48	4	stock	stock	NOUN
afbr-404	48	5	market	market	NOUN
afbr-404	48	6	price	price	NOUN
afbr-404	48	7	and	and	CCONJ
afbr-404	48	8	the	the	DET
afbr-404	48	9	dividend	dividend	NOUN
afbr-404	48	10	policy	policy	NOUN
afbr-404	48	11	and	and	CCONJ
afbr-404	48	12	suggested	suggest	VERB
afbr-404	48	13	that	that	SCONJ
afbr-404	48	14	the	the	DET
afbr-404	48	15	dividend	dividend	NOUN
afbr-404	48	16	policy	policy	NOUN
afbr-404	48	17	should	should	AUX
afbr-404	48	18	be	be	AUX
afbr-404	48	19	appropriate	appropriate	ADJ
afbr-404	48	20	.	.	PUNCT
afbr-404	49	1	the	the	DET
afbr-404	49	2	miller	miller	NOUN
afbr-404	49	3	-	-	PUNCT
afbr-404	49	4	modigliani	modigliani	ADJ
afbr-404	49	5	(	(	PUNCT
afbr-404	49	6	mm	mm	NOUN
afbr-404	49	7	)	)	PUNCT
afbr-404	49	8	hypothesis	hypothesis	NOUN
afbr-404	49	9	according	accord	VERB
afbr-404	49	10	to	to	ADP
afbr-404	49	11	"	"	PUNCT
afbr-404	49	12	miller	miller	PROPN
afbr-404	49	13	and	and	CCONJ
afbr-404	49	14	modigliani	modigliani	PROPN
afbr-404	49	15	(	(	PUNCT
afbr-404	49	16	mm	mm	PROPN
afbr-404	49	17	)	)	PUNCT
afbr-404	49	18	,	,	PUNCT
afbr-404	49	19	under	under	ADP
afbr-404	49	20	a	a	DET
afbr-404	49	21	perfect	perfect	ADJ
afbr-404	49	22	market	market	NOUN
afbr-404	49	23	situation	situation	NOUN
afbr-404	49	24	,	,	PUNCT
afbr-404	49	25	the	the	DET
afbr-404	49	26	dividend	dividend	NOUN
afbr-404	49	27	policy	policy	NOUN
afbr-404	49	28	of	of	ADP
afbr-404	49	29	a	a	DET
afbr-404	49	30	firm	firm	NOUN
afbr-404	49	31	is	be	AUX
afbr-404	49	32	irrelevant	irrelevant	ADJ
afbr-404	49	33	,	,	PUNCT
afbr-404	49	34	as	as	SCONJ
afbr-404	49	35	it	it	PRON
afbr-404	49	36	does	do	AUX
afbr-404	49	37	not	not	PART
afbr-404	49	38	affect	affect	VERB
afbr-404	49	39	the	the	DET
afbr-404	49	40	value	value	NOUN
afbr-404	49	41	of	of	ADP
afbr-404	49	42	the	the	DET
afbr-404	49	43	firm	firm	NOUN
afbr-404	49	44	.	.	PUNCT
afbr-404	50	1	iceshare	iceshare	PROPN
afbr-404	50	2	lossorgainscapitaldividends	lossorgainscapitaldividend	NOUN
afbr-404	50	3	r	r	NOUN
afbr-404	50	4	pr	pr	NOUN
afbr-404	50	5	)	)	PUNCT
afbr-404	50	6	(	(	PUNCT
afbr-404	50	7			X
afbr-404	50	8			NUM
afbr-404	50	9	3	3	NUM
afbr-404	50	10	0	0	NUM
afbr-404	50	11	011	011	NUM
afbr-404	50	12	)	)	PUNCT
afbr-404	50	13	(	(	PUNCT
afbr-404	50	14	p	p	NOUN
afbr-404	50	15	ppdiv	ppdiv	NOUN
afbr-404	50	16	r	r	NOUN
afbr-404	50	17	n	n	NUM
afbr-404	50	18			NUM
afbr-404	50	19	4	4	NUM
afbr-404	50	20	0	0	NUM
afbr-404	50	21	011	011	NUM
afbr-404	50	22	)	)	PUNCT
afbr-404	50	23	(	(	PUNCT
afbr-404	50	24	p	p	NOUN
afbr-404	50	25	ppdiv	ppdiv	NOUN
afbr-404	50	26	r	r	NOUN
afbr-404	50	27	n	n	NUM
afbr-404	50	28			NUM
afbr-404	50	29	5	5	NUM
afbr-404	50	30	)	)	PUNCT
afbr-404	50	31	1()1	1()1	NUM
afbr-404	50	32	(	(	PUNCT
afbr-404	50	33	1111	1111	NUM
afbr-404	50	34	0	0	NUM
afbr-404	51	1	k	k	PROPN
afbr-404	51	2	pdiv	pdiv	PROPN
afbr-404	51	3	r	r	PROPN
afbr-404	51	4	pdiv	pdiv	PROPN
afbr-404	51	5	p	p	PROPN
afbr-404	51	6			PROPN
afbr-404	51	7			PROPN
afbr-404	51	8			PROPN
afbr-404	51	9			ADV
afbr-404	51	10			PUNCT
afbr-404	51	11			NUM
afbr-404	51	12	6	6	NUM
afbr-404	51	13	)	)	SYM
afbr-404	51	14	1	1	NUM
afbr-404	51	15	(	(	PUNCT
afbr-404	51	16	)	)	PUNCT
afbr-404	51	17	(	(	PUNCT
afbr-404	51	18	11	11	NUM
afbr-404	51	19	k	k	PROPN
afbr-404	51	20	pdivn	pdivn	PROPN
afbr-404	51	21	npv	npv	PROPN
afbr-404	51	22	n	n	ADP
afbr-404	51	23	o	o	NOUN
afbr-404	51	24			ADV
afbr-404	51	25			VERB
afbr-404	51	26			NUM
afbr-404	51	27	7	7	NUM
afbr-404	51	28	if	if	SCONJ
afbr-404	51	29	the	the	DET
afbr-404	51	30	firm	firm	NOUN
afbr-404	51	31	sells	sell	VERB
afbr-404	51	32	m	m	PROPN
afbr-404	51	33	number	number	NOUN
afbr-404	51	34	of	of	ADP
afbr-404	51	35	new	new	ADJ
afbr-404	51	36	shares	share	NOUN
afbr-404	51	37	at	at	ADP
afbr-404	51	38	time	time	NOUN
afbr-404	51	39	1	1	NUM
afbr-404	51	40	at	at	ADP
afbr-404	51	41	a	a	DET
afbr-404	51	42	price	price	NOUN
afbr-404	51	43	of	of	ADP
afbr-404	51	44	p1	p1	NOUN
afbr-404	51	45	,	,	PUNCT
afbr-404	51	46	value	value	NOUN
afbr-404	51	47	of	of	ADP
afbr-404	51	48	the	the	DET
afbr-404	51	49	firm	firm	NOUN
afbr-404	51	50	at	at	ADP
afbr-404	51	51	time	time	NOUN
afbr-404	51	52	0	0	NUM
afbr-404	51	53	will	will	AUX
afbr-404	51	54	be	be	AUX
afbr-404	51	55	:	:	PUNCT
afbr-404	51	56	)	)	PUNCT
afbr-404	51	57	1	1	NUM
afbr-404	51	58	(	(	PUNCT
afbr-404	51	59	)	)	PUNCT
afbr-404	51	60	(	(	PUNCT
afbr-404	51	61	1111	1111	NUM
afbr-404	51	62	0	0	NUM
afbr-404	52	1	k	k	PROPN
afbr-404	52	2	mpmppdivn	mpmppdivn	PROPN
afbr-404	52	3	np	np	PROPN
afbr-404	52	4			PROPN
afbr-404	52	5			NOUN
afbr-404	52	6			PROPN
afbr-404	52	7	8	8	NUM
afbr-404	52	8	)	)	PUNCT
afbr-404	52	9	1	1	NUM
afbr-404	52	10	(	(	PUNCT
afbr-404	52	11	1111	1111	NUM
afbr-404	52	12	k	k	PROPN
afbr-404	52	13	mpmpnpndiv	mpmpnpndiv	PROPN
afbr-404	52	14			PROPN
afbr-404	52	15			VERB
afbr-404	52	16			PROPN
afbr-404	52	17	9	9	NUM
afbr-404	52	18	)	)	PUNCT
afbr-404	52	19	1	1	NUM
afbr-404	52	20	(	(	PUNCT
afbr-404	52	21	)	)	PUNCT
afbr-404	52	22	(	(	PUNCT
afbr-404	52	23	111	111	NUM
afbr-404	52	24	k	k	PROPN
afbr-404	52	25	mppmnndiv	mppmnndiv	PROPN
afbr-404	52	26			PROPN
afbr-404	52	27			NOUN
afbr-404	52	28			PROPN
afbr-404	52	29	10	10	NUM
afbr-404	52	30	mm	mm	PROPN
afbr-404	52	31	’s	’s	PART
afbr-404	52	32	valuation	valuation	NOUN
afbr-404	52	33	equation	equation	NOUN
afbr-404	52	34	(	(	PUNCT
afbr-404	52	35	18	18	NUM
afbr-404	52	36	)	)	PUNCT
afbr-404	52	37	allows	allow	VERB
afbr-404	52	38	for	for	ADP
afbr-404	52	39	the	the	DET
afbr-404	52	40	issue	issue	NOUN
afbr-404	52	41	of	of	ADP
afbr-404	52	42	new	new	ADJ
afbr-404	52	43	shares	share	NOUN
afbr-404	52	44	,	,	PUNCT
afbr-404	52	45	unlike	unlike	ADP
afbr-404	52	46	walter	walter	PROPN
afbr-404	52	47	’s	’s	PROPN
afbr-404	52	48	and	and	CCONJ
afbr-404	52	49	gordon	gordon	PROPN
afbr-404	52	50	’s	’s	PART
afbr-404	52	51	models	model	NOUN
afbr-404	52	52	.	.	PUNCT
afbr-404	52	53	"	"	PUNCT
afbr-404	53	1	1111111	1111111	NUM
afbr-404	53	2	1)(1	1)(1	NUM
afbr-404	53	3	ndivxndivxmp	ndivxndivxmp	NOUN
afbr-404	53	4			NOUN
afbr-404	53	5	11	11	NUM
afbr-404	53	6	"	"	PUNCT
afbr-404	53	7	by	by	ADP
afbr-404	53	8	substituting	substitute	VERB
afbr-404	53	9	equation	equation	NOUN
afbr-404	53	10	(	(	PUNCT
afbr-404	53	11	19	19	NUM
afbr-404	53	12	)	)	PUNCT
afbr-404	53	13	into	into	ADP
afbr-404	53	14	equation	equation	NOUN
afbr-404	53	15	(	(	PUNCT
afbr-404	53	16	18	18	NUM
afbr-404	53	17	)	)	PUNCT
afbr-404	53	18	,	,	PUNCT
afbr-404	53	19	mm	mm	PROPN
afbr-404	53	20	showed	show	VERB
afbr-404	53	21	that	that	SCONJ
afbr-404	53	22	the	the	DET
afbr-404	53	23	value	value	NOUN
afbr-404	53	24	of	of	ADP
afbr-404	53	25	the	the	DET
afbr-404	53	26	firm	firm	NOUN
afbr-404	53	27	is	be	AUX
afbr-404	53	28	unaffected	unaffected	ADJ
afbr-404	53	29	by	by	ADP
afbr-404	53	30	its	its	PRON
afbr-404	53	31	dividend	dividend	NOUN
afbr-404	53	32	policy	policy	NOUN
afbr-404	53	33	,	,	PUNCT
afbr-404	53	34	thus	thus	ADV
afbr-404	53	35	:	:	PUNCT
afbr-404	53	36	)	)	PUNCT
afbr-404	53	37	1	1	NUM
afbr-404	53	38	(	(	PUNCT
afbr-404	53	39	)	)	PUNCT
afbr-404	53	40	(	(	PUNCT
afbr-404	53	41	111	111	NUM
afbr-404	53	42	0	0	NUM
afbr-404	53	43	k	k	PROPN
afbr-404	53	44	mppmnndiv	mppmnndiv	PROPN
afbr-404	54	1	np	np	PROPN
afbr-404	54	2			PROPN
afbr-404	54	3			VERB
afbr-404	54	4			NUM
afbr-404	54	5	12	12	NUM
afbr-404	54	6	)	)	SYM
afbr-404	54	7	1	1	NUM
afbr-404	54	8	(	(	PUNCT
afbr-404	54	9	)	)	PUNCT
afbr-404	54	10	(	(	PUNCT
afbr-404	54	11	)	)	PUNCT
afbr-404	54	12	(	(	PUNCT
afbr-404	54	13	11111	11111	NUM
afbr-404	54	14	k	k	PROPN
afbr-404	54	15	ndivxipmnndiv	ndivxipmnndiv	PROPN
afbr-404	54	16			CCONJ
afbr-404	54	17			PROPN
afbr-404	54	18			PROPN
afbr-404	54	19	13	13	NUM
afbr-404	54	20	copyright	copyright	NOUN
afbr-404	54	21	©	©	PROPN
afbr-404	54	22	cc	cc	PROPN
afbr-404	54	23	-	-	PUNCT
afbr-404	54	24	by	by	ADP
afbr-404	54	25	-	-	PUNCT
afbr-404	54	26	nc	nc	PROPN
afbr-404	54	27	2019	2019	NUM
afbr-404	54	28	,	,	PUNCT
afbr-404	54	29	cribfb	cribfb	PROPN
afbr-404	54	30	|	|	ADV
afbr-404	54	31	afbr	afbr	PROPN
afbr-404	54	32	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	54	33	australian	australian	ADJ
afbr-404	54	34	finance	finance	PROPN
afbr-404	54	35	&	&	CCONJ
afbr-404	54	36	banking	banking	PROPN
afbr-404	54	37	review	review	PROPN
afbr-404	54	38	vol	vol	NOUN
afbr-404	54	39	.	.	PROPN
afbr-404	55	1	3	3	NUM
afbr-404	55	2	,	,	PUNCT
afbr-404	55	3	no	no	INTJ
afbr-404	55	4	.	.	NOUN
afbr-404	55	5	2	2	NUM
afbr-404	55	6	;	;	PUNCT
afbr-404	55	7	2019	2019	NUM
afbr-404	55	8	19	19	NUM
afbr-404	55	9	)	)	PUNCT
afbr-404	55	10	1	1	NUM
afbr-404	55	11	(	(	PUNCT
afbr-404	55	12	)	)	PUNCT
afbr-404	55	13	(	(	PUNCT
afbr-404	55	14	1111	1111	NUM
afbr-404	55	15	k	k	PROPN
afbr-404	55	16	xippmn	xippmn	PROPN
afbr-404	55	17			PROPN
afbr-404	55	18			PROPN
afbr-404	55	19			PROPN
afbr-404	55	20	14	14	NUM
afbr-404	55	21	the	the	DET
afbr-404	55	22	price	price	NOUN
afbr-404	55	23	of	of	ADP
afbr-404	55	24	the	the	DET
afbr-404	55	25	share	share	NOUN
afbr-404	55	26	at	at	ADP
afbr-404	55	27	the	the	DET
afbr-404	55	28	end	end	NOUN
afbr-404	55	29	of	of	ADP
afbr-404	55	30	the	the	DET
afbr-404	55	31	current	current	ADJ
afbr-404	55	32	fiscal	fiscal	ADJ
afbr-404	55	33	year	year	NOUN
afbr-404	55	34	is	be	AUX
afbr-404	55	35	determined	determine	VERB
afbr-404	55	36	as	as	SCONJ
afbr-404	55	37	follows	follow	VERB
afbr-404	55	38	:	:	PUNCT
afbr-404	55	39	)	)	PUNCT
afbr-404	55	40	1	1	X
afbr-404	55	41	(	(	PUNCT
afbr-404	55	42	11	11	NUM
afbr-404	55	43	0	0	NUM
afbr-404	55	44	k	k	PROPN
afbr-404	55	45	pdiv	pdiv	PROPN
afbr-404	55	46	p	p	PROPN
afbr-404	55	47			PROPN
afbr-404	55	48			PUNCT
afbr-404	55	49			NUM
afbr-404	55	50	15	15	NUM
afbr-404	55	51	101	101	NUM
afbr-404	55	52	)	)	PUNCT
afbr-404	55	53	1	1	NUM
afbr-404	55	54	(	(	PUNCT
afbr-404	55	55	divkpp	divkpp	NOUN
afbr-404	55	56			PRON
afbr-404	55	57	16	16	NUM
afbr-404	55	58	the	the	DET
afbr-404	55	59	value	value	NOUN
afbr-404	55	60	of	of	ADP
afbr-404	55	61	p1	p1	NOUN
afbr-404	55	62	when	when	SCONJ
afbr-404	55	63	dividend	dividend	NOUN
afbr-404	55	64	is	be	AUX
afbr-404	55	65	not	not	PART
afbr-404	55	66	paid	pay	VERB
afbr-404	55	67	is	be	AUX
afbr-404	55	68	:	:	PUNCT
afbr-404	55	69	p1	p1	NOUN
afbr-404	55	70	=	=	PUNCT
afbr-404	55	71	rs	rs	NOUN
afbr-404	55	72	100(1.10	100(1.10	NUM
afbr-404	55	73	)	)	PUNCT
afbr-404	55	74	–	–	PUNCT
afbr-404	55	75	0	0	NUM
afbr-404	56	1	=	=	SYM
afbr-404	56	2	rs	rs	NOUN
afbr-404	56	3	110	110	NUM
afbr-404	56	4	18	18	NUM
afbr-404	56	5	the	the	DET
afbr-404	56	6	value	value	NOUN
afbr-404	56	7	of	of	ADP
afbr-404	56	8	p1	p1	NOUN
afbr-404	56	9	when	when	SCONJ
afbr-404	56	10	dividend	dividend	NOUN
afbr-404	56	11	is	be	AUX
afbr-404	56	12	paid	pay	VERB
afbr-404	56	13	is	be	AUX
afbr-404	56	14	:	:	PUNCT
afbr-404	56	15	p1	p1	NOUN
afbr-404	56	16	=	=	PUNCT
afbr-404	56	17	rs	rs	NOUN
afbr-404	56	18	100(1.10	100(1.10	NUM
afbr-404	56	19	)	)	PUNCT
afbr-404	56	20	rs5=	rs5=	PROPN
afbr-404	56	21	rs105	rs105	PROPN
afbr-404	56	22	"	"	PUNCT
afbr-404	56	23	19	19	NUM
afbr-404	56	24	gordon	gordon	PROPN
afbr-404	56	25	’s	’s	PART
afbr-404	56	26	model	model	NOUN
afbr-404	56	27	myron	myron	PROPN
afbr-404	56	28	gordon	gordon	PROPN
afbr-404	56	29	is	be	AUX
afbr-404	56	30	developing	develop	VERB
afbr-404	56	31	a	a	DET
afbr-404	56	32	very	very	ADV
afbr-404	56	33	popular	popular	ADJ
afbr-404	56	34	model	model	NOUN
afbr-404	56	35	that	that	PRON
afbr-404	56	36	is	be	AUX
afbr-404	56	37	directly	directly	ADV
afbr-404	56	38	related	relate	VERB
afbr-404	56	39	to	to	ADP
afbr-404	56	40	the	the	DET
afbr-404	56	41	market	market	NOUN
afbr-404	56	42	value	value	NOUN
afbr-404	56	43	of	of	ADP
afbr-404	56	44	the	the	DET
afbr-404	56	45	company	company	NOUN
afbr-404	56	46	's	's	PART
afbr-404	56	47	dividend	dividend	NOUN
afbr-404	56	48	policy	policy	NOUN
afbr-404	56	49	.	.	PUNCT
afbr-404	57	1			X
afbr-404	58	1			NUM
afbr-404	58	2			PROPN
afbr-404	58	3			ADV
afbr-404	58	4			PUNCT
afbr-404	58	5			PROPN
afbr-404	58	6			PUNCT
afbr-404	58	7			PUNCT
afbr-404	58	8			PROPN
afbr-404	58	9	00	00	NUM
afbr-404	58	10	1	1	NUM
afbr-404	58	11	00	00	NUM
afbr-404	58	12	00	00	NUM
afbr-404	58	13	2	2	NUM
afbr-404	58	14	21	21	NUM
afbr-404	58	15	0	0	NUM
afbr-404	58	16	)	)	PUNCT
afbr-404	58	17	1()1	1()1	NUM
afbr-404	58	18	(	(	PUNCT
afbr-404	58	19	...	...	PUNCT
afbr-404	58	20	)	)	PUNCT
afbr-404	58	21	1()1	1()1	NUM
afbr-404	58	22	(	(	PUNCT
afbr-404	58	23	t	t	PROPN
afbr-404	58	24	t	t	PROPN
afbr-404	58	25	t	t	PROPN
afbr-404	58	26	k	k	PROPN
afbr-404	58	27	div	div	X
afbr-404	58	28	k	k	PROPN
afbr-404	58	29	div	div	X
afbr-404	58	30	k	k	PROPN
afbr-404	58	31	div	div	X
afbr-404	58	32	k	k	PROPN
afbr-404	58	33	div	div	PROPN
afbr-404	58	34	p	p	PROPN
afbr-404	58	35	20	20	NUM
afbr-404	58	36			X
afbr-404	58	37			NUM
afbr-404	58	38			ADV
afbr-404	58	39			PUNCT
afbr-404	58	40			PROPN
afbr-404	58	41			ADJ
afbr-404	58	42			PRON
afbr-404	58	43			PROPN
afbr-404	58	44			PROPN
afbr-404	58	45			PUNCT
afbr-404	58	46			PROPN
afbr-404	58	47			PROPN
afbr-404	58	48			PROPN
afbr-404	58	49			PROPN
afbr-404	58	50			PUNCT
afbr-404	58	51			PROPN
afbr-404	58	52			PROPN
afbr-404	58	53	n	n	NUM
afbr-404	58	54	t	t	NOUN
afbr-404	58	55	t	t	PROPN
afbr-404	58	56	t	t	PROPN
afbr-404	58	57	n	n	CCONJ
afbr-404	58	58	n	n	PROPN
afbr-404	58	59	k	k	PROPN
afbr-404	58	60	gdiv	gdiv	PROPN
afbr-404	59	1	k	k	PROPN
afbr-404	59	2	gdiv	gdiv	PROPN
afbr-404	59	3	k	k	PROPN
afbr-404	59	4	gdiv	gdiv	PROPN
afbr-404	59	5	k	k	PROPN
afbr-404	59	6	gdiv	gdiv	PROPN
afbr-404	59	7	k	k	PROPN
afbr-404	59	8	gdiv	gdiv	PROPN
afbr-404	59	9	p	p	PROPN
afbr-404	59	10	1	1	NUM
afbr-404	59	11	3	3	NUM
afbr-404	59	12	3	3	NUM
afbr-404	59	13	2	2	NUM
afbr-404	59	14	2	2	NUM
afbr-404	59	15	0	0	NUM
afbr-404	59	16	)	)	PUNCT
afbr-404	59	17	1	1	NUM
afbr-404	59	18	(	(	PUNCT
afbr-404	59	19	)	)	PUNCT
afbr-404	59	20	1	1	NUM
afbr-404	59	21	(	(	PUNCT
afbr-404	59	22	)	)	PUNCT
afbr-404	59	23	1	1	NUM
afbr-404	59	24	(	(	PUNCT
afbr-404	59	25	)	)	PUNCT
afbr-404	59	26	1	1	NUM
afbr-404	59	27	(	(	PUNCT
afbr-404	59	28	...	...	PUNCT
afbr-404	59	29	)	)	PUNCT
afbr-404	59	30	1	1	NUM
afbr-404	59	31	(	(	PUNCT
afbr-404	59	32	)	)	PUNCT
afbr-404	59	33	1	1	NUM
afbr-404	59	34	(	(	PUNCT
afbr-404	59	35	)	)	PUNCT
afbr-404	59	36	1	1	NUM
afbr-404	59	37	(	(	PUNCT
afbr-404	59	38	)	)	PUNCT
afbr-404	59	39	1	1	NUM
afbr-404	59	40	(	(	PUNCT
afbr-404	59	41	)	)	PUNCT
afbr-404	59	42	1	1	NUM
afbr-404	59	43	(	(	PUNCT
afbr-404	59	44	)	)	PUNCT
afbr-404	59	45	1	1	NUM
afbr-404	59	46	(	(	PUNCT
afbr-404	59	47	21	21	NUM
afbr-404	59	48	from	from	ADP
afbr-404	59	49	equation	equation	NOUN
afbr-404	59	50	(	(	PUNCT
afbr-404	59	51	4	4	NUM
afbr-404	59	52	):	):	PUNCT
afbr-404	59	53	gk	gk	PROPN
afbr-404	59	54	div	div	PROPN
afbr-404	59	55	p	p	PROPN
afbr-404	59	56			PROPN
afbr-404	59	57			NOUN
afbr-404	59	58	1	1	NUM
afbr-404	59	59	0	0	NUM
afbr-404	59	60	22	22	NUM
afbr-404	59	61	from	from	ADP
afbr-404	59	62	equation	equation	NOUN
afbr-404	59	63	5	5	NUM
afbr-404	59	64	:	:	PUNCT
afbr-404	59	65	brk	brk	PROPN
afbr-404	59	66	beps	bep	VERB
afbr-404	59	67	p	p	PROPN
afbr-404	59	68			PROPN
afbr-404	59	69			PROPN
afbr-404	59	70			NUM
afbr-404	59	71	)	)	PUNCT
afbr-404	59	72	1(1	1(1	NUM
afbr-404	59	73	0	0	NUM
afbr-404	59	74	23	23	NUM
afbr-404	60	1	"	"	PUNCT
afbr-404	60	2	the	the	DET
afbr-404	60	3	equation	equation	NOUN
afbr-404	60	4	above	above	ADP
afbr-404	60	5	explicitly	explicitly	ADV
afbr-404	60	6	shows	show	VERB
afbr-404	60	7	the	the	DET
afbr-404	60	8	relationship	relationship	NOUN
afbr-404	60	9	of	of	ADP
afbr-404	60	10	expected	expect	VERB
afbr-404	60	11	earnings	earning	NOUN
afbr-404	60	12	per	per	ADP
afbr-404	60	13	share	share	NOUN
afbr-404	60	14	,	,	PUNCT
afbr-404	60	15	eps1	eps1	PROPN
afbr-404	60	16	,	,	PUNCT
afbr-404	60	17	dividend	dividend	NOUN
afbr-404	60	18	policy	policy	NOUN
afbr-404	60	19	as	as	SCONJ
afbr-404	60	20	reflected	reflect	VERB
afbr-404	60	21	by	by	ADP
afbr-404	60	22	retention	retention	NOUN
afbr-404	60	23	ration	ration	NOUN
afbr-404	60	24	,	,	PUNCT
afbr-404	60	25	β	β	X
afbr-404	60	26	,	,	PUNCT
afbr-404	60	27	internal	internal	ADJ
afbr-404	60	28	profitability	profitability	NOUN
afbr-404	60	29	,	,	PUNCT
afbr-404	60	30	r	r	NOUN
afbr-404	60	31	,	,	PUNCT
afbr-404	60	32	and	and	CCONJ
afbr-404	60	33	the	the	DET
afbr-404	60	34	all	all	DET
afbr-404	60	35	-	-	PUNCT
afbr-404	60	36	equity	equity	NOUN
afbr-404	60	37	firm	firm	NOUN
afbr-404	60	38	’s	’s	PART
afbr-404	60	39	cost	cost	NOUN
afbr-404	60	40	of	of	ADP
afbr-404	60	41	capital	capital	NOUN
afbr-404	60	42	,	,	PUNCT
afbr-404	60	43	k	k	PROPN
afbr-404	60	44	,	,	PUNCT
afbr-404	60	45	in	in	ADP
afbr-404	60	46	the	the	DET
afbr-404	60	47	determination	determination	NOUN
afbr-404	60	48	of	of	ADP
afbr-404	60	49	the	the	DET
afbr-404	60	50	value	value	NOUN
afbr-404	60	51	of	of	ADP
afbr-404	60	52	the	the	DET
afbr-404	60	53	share	share	NOUN
afbr-404	60	54	.	.	PUNCT
afbr-404	61	1	equation	equation	NOUN
afbr-404	61	2	(	(	PUNCT
afbr-404	61	3	6	6	NUM
afbr-404	61	4	)	)	PUNCT
afbr-404	61	5	is	be	AUX
afbr-404	61	6	particularly	particularly	ADV
afbr-404	61	7	useful	useful	ADJ
afbr-404	61	8	for	for	ADP
afbr-404	61	9	studying	study	VERB
afbr-404	61	10	the	the	DET
afbr-404	61	11	effects	effect	NOUN
afbr-404	61	12	of	of	ADP
afbr-404	61	13	dividend	dividend	NOUN
afbr-404	61	14	policy	policy	NOUN
afbr-404	61	15	on	on	ADP
afbr-404	61	16	the	the	DET
afbr-404	61	17	value	value	NOUN
afbr-404	61	18	of	of	ADP
afbr-404	61	19	the	the	DET
afbr-404	61	20	share	share	NOUN
afbr-404	61	21	.	.	PUNCT
afbr-404	62	1	brk	brk	PROPN
afbr-404	62	2	bra	bra	NOUN
afbr-404	62	3	brk	brk	PROPN
afbr-404	62	4	beps	bep	VERB
afbr-404	62	5	p	p	PROPN
afbr-404	62	6			PROPN
afbr-404	62	7			PROPN
afbr-404	62	8			PROPN
afbr-404	62	9			PROPN
afbr-404	62	10			NOUN
afbr-404	62	11			NUM
afbr-404	62	12	)	)	PUNCT
afbr-404	62	13	1()1(1	1()1(1	NUM
afbr-404	62	14	0	0	NUM
afbr-404	62	15	24	24	NUM
afbr-404	62	16	(	(	PUNCT
afbr-404	62	17	since	since	SCONJ
afbr-404	62	18	eps	eps	PROPN
afbr-404	62	19	=	=	PROPN
afbr-404	62	20	ra	ra	PROPN
afbr-404	62	21	,	,	PUNCT
afbr-404	62	22	a	a	DET
afbr-404	62	23	=	=	NOUN
afbr-404	62	24	assets	asset	NOUN
afbr-404	62	25	per	per	ADP
afbr-404	62	26	share	share	NOUN
afbr-404	62	27	)	)	PUNCT
afbr-404	63	1	if	if	SCONJ
afbr-404	63	2	r	r	NOUN
afbr-404	63	3	=	=	SYM
afbr-404	63	4	k	k	NOUN
afbr-404	63	5	,	,	PUNCT
afbr-404	63	6	then	then	ADV
afbr-404	63	7	a	a	DET
afbr-404	63	8	r	r	NOUN
afbr-404	63	9	ra	ra	PROPN
afbr-404	63	10	k	k	PROPN
afbr-404	63	11	eps	eps	PROPN
afbr-404	63	12	brk	brk	PROPN
afbr-404	63	13	bra	bra	NOUN
afbr-404	63	14	brk	brk	PROPN
afbr-404	63	15	beps	bep	VERB
afbr-404	63	16	p	p	NOUN
afbr-404	63	17			VERB
afbr-404	63	18			PROPN
afbr-404	63	19			PROPN
afbr-404	63	20			PROPN
afbr-404	63	21			PROPN
afbr-404	63	22			NOUN
afbr-404	63	23			NUM
afbr-404	63	24	)	)	PUNCT
afbr-404	63	25	1()1(1	1()1(1	NUM
afbr-404	63	26	0	0	NUM
afbr-404	63	27	25	25	NUM
afbr-404	63	28	copyright	copyright	NOUN
afbr-404	63	29	©	©	PROPN
afbr-404	63	30	cc	cc	PROPN
afbr-404	63	31	-	-	PUNCT
afbr-404	63	32	by	by	ADP
afbr-404	63	33	-	-	PUNCT
afbr-404	63	34	nc	nc	PROPN
afbr-404	63	35	2019	2019	NUM
afbr-404	63	36	,	,	PUNCT
afbr-404	63	37	cribfb	cribfb	PROPN
afbr-404	63	38	|	|	ADV
afbr-404	63	39	afbr	afbr	PROPN
afbr-404	63	40	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	63	41	australian	australian	ADJ
afbr-404	63	42	finance	finance	PROPN
afbr-404	63	43	&	&	CCONJ
afbr-404	63	44	banking	banking	PROPN
afbr-404	63	45	review	review	PROPN
afbr-404	63	46	vol	vol	NOUN
afbr-404	63	47	.	.	PROPN
afbr-404	64	1	3	3	NUM
afbr-404	64	2	,	,	PUNCT
afbr-404	64	3	no	no	INTJ
afbr-404	64	4	.	.	NOUN
afbr-404	64	5	2	2	NUM
afbr-404	64	6	;	;	PUNCT
afbr-404	64	7	2019	2019	NUM
afbr-404	64	8	20	20	NUM
afbr-404	64	9	)	)	PUNCT
afbr-404	64	10	0(0	0(0	NOUN
afbr-404	65	1			NUM
afbr-404	65	2	b	b	X
afbr-404	65	3	r	r	NOUN
afbr-404	65	4	ra	ra	NOUN
afbr-404	65	5	p	p	NOUN
afbr-404	65	6	26	26	NUM
afbr-404	66	1	if	if	SCONJ
afbr-404	66	2	r	r	NOUN
afbr-404	66	3	<	<	X
afbr-404	66	4	k	k	X
afbr-404	66	5	then	then	ADV
afbr-404	66	6	r	r	PROPN
afbr-404	66	7	/	/	SYM
afbr-404	66	8	k	k	NOUN
afbr-404	66	9	<	<	X
afbr-404	66	10	1	1	NUM
afbr-404	66	11	and	and	CCONJ
afbr-404	66	12	from	from	ADP
afbr-404	66	13	equation	equation	NOUN
afbr-404	66	14	(	(	PUNCT
afbr-404	66	15	9	9	X
afbr-404	66	16	)	)	PUNCT
afbr-404	66	17	it	it	PRON
afbr-404	66	18	follows	follow	VERB
afbr-404	66	19	that	that	SCONJ
afbr-404	66	20	p0	p0	NOUN
afbr-404	66	21	is	be	AUX
afbr-404	66	22	smaller	small	ADJ
afbr-404	66	23	than	than	ADP
afbr-404	66	24	the	the	DET
afbr-404	66	25	firm	firm	NOUN
afbr-404	66	26	’s	’s	PART
afbr-404	66	27	investment	investment	NOUN
afbr-404	66	28	per	per	ADP
afbr-404	66	29	share	share	NOUN
afbr-404	66	30	in	in	ADP
afbr-404	66	31	assets	asset	NOUN
afbr-404	66	32	,	,	PUNCT
afbr-404	66	33	a.	a.	NOUN
afbr-404	66	34	it	it	PRON
afbr-404	66	35	can	can	AUX
afbr-404	66	36	be	be	AUX
afbr-404	66	37	shown	show	VERB
afbr-404	66	38	that	that	SCONJ
afbr-404	66	39	if	if	SCONJ
afbr-404	66	40	the	the	DET
afbr-404	66	41	value	value	NOUN
afbr-404	66	42	of	of	ADP
afbr-404	66	43	b	b	NOUN
afbr-404	66	44	increases	increase	NOUN
afbr-404	66	45	,	,	PUNCT
afbr-404	66	46	the	the	DET
afbr-404	66	47	value	value	NOUN
afbr-404	66	48	of	of	ADP
afbr-404	66	49	the	the	DET
afbr-404	66	50	share	share	NOUN
afbr-404	66	51	continuously	continuously	ADV
afbr-404	66	52	falls	fall	VERB
afbr-404	66	53	.	.	PUNCT
afbr-404	67	1	the	the	DET
afbr-404	67	2	bird	bird	NOUN
afbr-404	67	3	-	-	PUNCT
afbr-404	67	4	in	in	ADP
afbr-404	67	5	-	-	PUNCT
afbr-404	67	6	the	the	DET
afbr-404	67	7	-	-	PUNCT
afbr-404	67	8	hand	hand	NOUN
afbr-404	67	9	argument	argument	NOUN
afbr-404	67	10	according	accord	VERB
afbr-404	67	11	to	to	ADP
afbr-404	67	12	gordon	gordon	PROPN
afbr-404	67	13	’s	’s	PART
afbr-404	67	14	model	model	NOUN
afbr-404	67	15	,	,	PUNCT
afbr-404	67	16	dividend	dividend	NOUN
afbr-404	67	17	policy	policy	NOUN
afbr-404	67	18	is	be	AUX
afbr-404	67	19	irrelevant	irrelevant	ADJ
afbr-404	67	20	where	where	SCONJ
afbr-404	67	21	r	r	NOUN
afbr-404	67	22	=	=	SYM
afbr-404	67	23	k	k	NOUN
afbr-404	67	24	,	,	PUNCT
afbr-404	67	25	when	when	SCONJ
afbr-404	67	26	all	all	DET
afbr-404	67	27	other	other	ADJ
afbr-404	67	28	assumptions	assumption	NOUN
afbr-404	67	29	are	be	AUX
afbr-404	67	30	held	hold	VERB
afbr-404	67	31	valid	valid	ADJ
afbr-404	67	32	.	.	PUNCT
afbr-404	68	1	but	but	CCONJ
afbr-404	68	2	when	when	SCONJ
afbr-404	68	3	the	the	DET
afbr-404	68	4	simplifying	simplifying	NOUN
afbr-404	68	5	assumptions	assumption	NOUN
afbr-404	68	6	are	be	AUX
afbr-404	68	7	modified	modify	VERB
afbr-404	68	8	to	to	PART
afbr-404	68	9	conform	conform	VERB
afbr-404	68	10	more	more	ADV
afbr-404	68	11	closely	closely	ADV
afbr-404	68	12	to	to	ADP
afbr-404	68	13	reality	reality	NOUN
afbr-404	68	14	,	,	PUNCT
afbr-404	68	15	gordon	gordon	PROPN
afbr-404	68	16	concludes	conclude	VERB
afbr-404	68	17	that	that	SCONJ
afbr-404	68	18	dividend	dividend	NOUN
afbr-404	68	19	policy	policy	NOUN
afbr-404	68	20	does	do	AUX
afbr-404	68	21	affect	affect	VERB
afbr-404	68	22	the	the	DET
afbr-404	68	23	value	value	NOUN
afbr-404	68	24	of	of	ADP
afbr-404	68	25	a	a	DET
afbr-404	68	26	share	share	NOUN
afbr-404	68	27	even	even	ADV
afbr-404	68	28	when	when	SCONJ
afbr-404	68	29	r	r	NOUN
afbr-404	68	30	=	=	SYM
afbr-404	68	31	k.	k.	PROPN
afbr-404	68	32	"	"	PUNCT
afbr-404	68	33			X
afbr-404	69	1			NUM
afbr-404	69	2			ADV
afbr-404	69	3			NUM
afbr-404	69	4			ADJ
afbr-404	69	5			PROPN
afbr-404	69	6			ADV
afbr-404	69	7			PUNCT
afbr-404	69	8			PROPN
afbr-404	69	9			PUNCT
afbr-404	69	10			PROPN
afbr-404	70	1			PROPN
afbr-404	70	2	n	n	NUM
afbr-404	70	3	t	t	NOUN
afbr-404	70	4	t	t	PROPN
afbr-404	70	5	t	t	PROPN
afbr-404	70	6	t	t	PROPN
afbr-404	70	7	t	t	PROPN
afbr-404	70	8	n	n	CCONJ
afbr-404	70	9	n	n	PROPN
afbr-404	70	10	n	n	CCONJ
afbr-404	70	11	k	k	X
afbr-404	70	12	div	div	X
afbr-404	71	1	k	k	PROPN
afbr-404	71	2	div	div	X
afbr-404	71	3	k	k	PROPN
afbr-404	71	4	div	div	X
afbr-404	71	5	k	k	PROPN
afbr-404	71	6	div	div	X
afbr-404	71	7	k	k	PROPN
afbr-404	71	8	div	div	PROPN
afbr-404	71	9	p	p	NOUN
afbr-404	71	10	1	1	NUM
afbr-404	71	11	3	3	NUM
afbr-404	71	12	3	3	NUM
afbr-404	71	13	3	3	NUM
afbr-404	71	14	2	2	NUM
afbr-404	71	15	2	2	NUM
afbr-404	71	16	2	2	NUM
afbr-404	71	17	1	1	NUM
afbr-404	71	18	1	1	NUM
afbr-404	71	19	0	0	NUM
afbr-404	71	20	)	)	PUNCT
afbr-404	71	21	1()1	1()1	NUM
afbr-404	71	22	(	(	PUNCT
afbr-404	71	23	...	...	PUNCT
afbr-404	71	24	)	)	PUNCT
afbr-404	71	25	1()1()1	1()1()1	NUM
afbr-404	71	26	(	(	PUNCT
afbr-404	71	27	27	27	NUM
afbr-404	71	28			NUM
afbr-404	71	29			NUM
afbr-404	71	30			PUNCT
afbr-404	71	31			NUM
afbr-404	71	32			ADJ
afbr-404	71	33			PRON
afbr-404	71	34			PROPN
afbr-404	71	35			PROPN
afbr-404	71	36			PUNCT
afbr-404	71	37			PROPN
afbr-404	71	38			PUNCT
afbr-404	71	39			PROPN
afbr-404	71	40			PROPN
afbr-404	71	41	n	n	NUM
afbr-404	71	42	t	t	NOUN
afbr-404	71	43	t	t	PROPN
afbr-404	71	44	t	t	PROPN
afbr-404	71	45	t	t	PROPN
afbr-404	71	46	t	t	PROPN
afbr-404	71	47	n	n	CCONJ
afbr-404	71	48	n	n	PROPN
afbr-404	71	49	n	n	PROPN
afbr-404	71	50	b	b	X
afbr-404	71	51	k	k	PROPN
afbr-404	71	52	div	div	PROPN
afbr-404	72	1	k	k	PROPN
afbr-404	72	2	gdiv	gdiv	PROPN
afbr-404	72	3	k	k	PROPN
afbr-404	72	4	gdiv	gdiv	PROPN
afbr-404	72	5	k	k	PROPN
afbr-404	72	6	gdiv	gdiv	PROPN
afbr-404	72	7	p	p	PROPN
afbr-404	72	8	1	1	NUM
afbr-404	72	9	0	0	NUM
afbr-404	72	10	2	2	NUM
afbr-404	72	11	2	2	NUM
afbr-404	72	12	2	2	NUM
afbr-404	72	13	0	0	NUM
afbr-404	72	14	1	1	NUM
afbr-404	72	15	1	1	NUM
afbr-404	72	16	1	1	NUM
afbr-404	72	17	0	0	NUM
afbr-404	72	18	)	)	PUNCT
afbr-404	72	19	1()1	1()1	NUM
afbr-404	72	20	(	(	PUNCT
afbr-404	72	21	)	)	PUNCT
afbr-404	72	22	1	1	NUM
afbr-404	72	23	(	(	PUNCT
afbr-404	72	24	...	...	PUNCT
afbr-404	72	25	)	)	PUNCT
afbr-404	72	26	1	1	NUM
afbr-404	72	27	(	(	PUNCT
afbr-404	72	28	)	)	PUNCT
afbr-404	72	29	1	1	NUM
afbr-404	72	30	(	(	PUNCT
afbr-404	72	31	)	)	PUNCT
afbr-404	72	32	1	1	NUM
afbr-404	72	33	(	(	PUNCT
afbr-404	72	34	)	)	PUNCT
afbr-404	72	35	1	1	NUM
afbr-404	72	36	(	(	PUNCT
afbr-404	72	37	28	28	NUM
afbr-404	72	38	brk	brk	PROPN
afbr-404	72	39	epsb	epsb	PROPN
afbr-404	72	40	gk	gk	PROPN
afbr-404	72	41	gdiv	gdiv	PROPN
afbr-404	73	1	k	k	PROPN
afbr-404	73	2	gdiv	gdiv	PROPN
afbr-404	73	3	k	k	PROPN
afbr-404	73	4	gdiv	gdiv	PROPN
afbr-404	73	5	k	k	PROPN
afbr-404	73	6	gdiv	gdiv	PROPN
afbr-404	73	7	p	p	PROPN
afbr-404	73	8	tt	tt	PROPN
afbr-404	73	9	n	n	CCONJ
afbr-404	73	10	n	n	CCONJ
afbr-404	73	11	n	n	CCONJ
afbr-404	73	12	n	n	PRON
afbr-404	73	13	b	b	PROPN
afbr-404	73	14			PROPN
afbr-404	73	15			PROPN
afbr-404	73	16			PROPN
afbr-404	73	17			PROPN
afbr-404	73	18			PROPN
afbr-404	73	19			NUM
afbr-404	73	20			ADJ
afbr-404	73	21			PRON
afbr-404	73	22			PROPN
afbr-404	73	23			PROPN
afbr-404	73	24			PUNCT
afbr-404	73	25			PROPN
afbr-404	73	26			PUNCT
afbr-404	73	27			PROPN
afbr-404	73	28			PROPN
afbr-404	73	29	)	)	PUNCT
afbr-404	73	30	1()1	1()1	NUM
afbr-404	73	31	(	(	PUNCT
afbr-404	73	32	)	)	PUNCT
afbr-404	73	33	1	1	NUM
afbr-404	73	34	(	(	PUNCT
afbr-404	73	35	)	)	PUNCT
afbr-404	73	36	1	1	NUM
afbr-404	73	37	(	(	PUNCT
afbr-404	73	38	...	...	PUNCT
afbr-404	73	39	)	)	PUNCT
afbr-404	73	40	1	1	NUM
afbr-404	73	41	(	(	PUNCT
afbr-404	73	42	)	)	PUNCT
afbr-404	73	43	1	1	NUM
afbr-404	73	44	(	(	PUNCT
afbr-404	73	45	)	)	PUNCT
afbr-404	73	46	1	1	NUM
afbr-404	73	47	(	(	PUNCT
afbr-404	73	48	)	)	PUNCT
afbr-404	73	49	1	1	NUM
afbr-404	73	50	(	(	PUNCT
afbr-404	73	51	10	10	NUM
afbr-404	73	52	2	2	NUM
afbr-404	73	53	2	2	NUM
afbr-404	73	54	2	2	NUM
afbr-404	73	55	0	0	NUM
afbr-404	73	56	1	1	NUM
afbr-404	73	57	1	1	NUM
afbr-404	73	58	0	0	NUM
afbr-404	73	59	29	29	NUM
afbr-404	73	60	empirical	empirical	ADJ
afbr-404	73	61	review	review	NOUN
afbr-404	73	62	abor	abor	NOUN
afbr-404	73	63	(	(	PUNCT
afbr-404	73	64	2008	2008	NUM
afbr-404	73	65	)	)	PUNCT
afbr-404	73	66	"	"	PUNCT
afbr-404	73	67	discovered	discover	VERB
afbr-404	73	68	that	that	SCONJ
afbr-404	73	69	there	there	PRON
afbr-404	73	70	is	be	VERB
afbr-404	73	71	a	a	DET
afbr-404	73	72	correlation	correlation	NOUN
afbr-404	73	73	between	between	ADP
afbr-404	73	74	corporate	corporate	ADJ
afbr-404	73	75	earnings	earning	NOUN
afbr-404	73	76	and	and	CCONJ
afbr-404	73	77	dividend	dividend	NOUN
afbr-404	73	78	payments	payment	NOUN
afbr-404	73	79	and	and	CCONJ
afbr-404	73	80	concluded	conclude	VERB
afbr-404	73	81	that	that	SCONJ
afbr-404	73	82	both	both	PRON
afbr-404	73	83	past	past	ADJ
afbr-404	73	84	and	and	CCONJ
afbr-404	73	85	current	current	ADJ
afbr-404	73	86	earnings	earning	NOUN
afbr-404	73	87	influence	influence	NOUN
afbr-404	73	88	corporate	corporate	ADJ
afbr-404	73	89	dividend	dividend	NOUN
afbr-404	73	90	policy	policy	NOUN
afbr-404	73	91	.	.	PUNCT
afbr-404	73	92	"	"	PUNCT
afbr-404	74	1	musa	musa	PROPN
afbr-404	74	2	(	(	PUNCT
afbr-404	74	3	2009	2009	NUM
afbr-404	74	4	)	)	PUNCT
afbr-404	74	5	"	"	PUNCT
afbr-404	74	6	examined	examine	VERB
afbr-404	74	7	the	the	DET
afbr-404	74	8	impact	impact	NOUN
afbr-404	74	9	of	of	ADP
afbr-404	74	10	dividend	dividend	NOUN
afbr-404	74	11	policy	policy	NOUN
afbr-404	74	12	on	on	ADP
afbr-404	74	13	stock	stock	NOUN
afbr-404	74	14	prices	price	NOUN
afbr-404	74	15	of	of	ADP
afbr-404	74	16	53	53	NUM
afbr-404	74	17	listed	list	VERB
afbr-404	74	18	companies	company	NOUN
afbr-404	74	19	in	in	ADP
afbr-404	74	20	nigeria	nigeria	PROPN
afbr-404	74	21	using	use	VERB
afbr-404	74	22	a	a	DET
afbr-404	74	23	similar	similar	ADJ
afbr-404	74	24	multiple	multiple	ADJ
afbr-404	74	25	regression	regression	NOUN
afbr-404	74	26	model	model	NOUN
afbr-404	74	27	that	that	PRON
afbr-404	74	28	used	use	VERB
afbr-404	74	29	five	five	NUM
afbr-404	74	30	variables	variable	NOUN
afbr-404	74	31	:	:	PUNCT
afbr-404	74	32	current	current	ADJ
afbr-404	74	33	earnings	earning	NOUN
afbr-404	74	34	,	,	PUNCT
afbr-404	74	35	previous	previous	ADJ
afbr-404	74	36	dividends	dividend	NOUN
afbr-404	74	37	,	,	PUNCT
afbr-404	74	38	cash	cash	NOUN
afbr-404	74	39	flow	flow	NOUN
afbr-404	74	40	,	,	PUNCT
afbr-404	74	41	investments	investment	NOUN
afbr-404	74	42	and	and	CCONJ
afbr-404	74	43	assets	asset	NOUN
afbr-404	74	44	.	.	PUNCT
afbr-404	75	1	the	the	DET
afbr-404	75	2	study	study	NOUN
afbr-404	75	3	found	find	VERB
afbr-404	75	4	that	that	SCONJ
afbr-404	75	5	five	five	NUM
afbr-404	75	6	metric	metric	ADJ
afbr-404	75	7	variables	variable	NOUN
afbr-404	75	8	affect	affect	VERB
afbr-404	75	9	the	the	DET
afbr-404	75	10	dividend	dividend	NOUN
afbr-404	75	11	policy	policy	NOUN
afbr-404	75	12	of	of	ADP
afbr-404	75	13	nigerian	nigerian	ADJ
afbr-404	75	14	companies	company	NOUN
afbr-404	75	15	.	.	PUNCT
afbr-404	75	16	"	"	PUNCT
afbr-404	76	1	abubakhar	abubakhar	PROPN
afbr-404	76	2	(	(	PUNCT
afbr-404	76	3	2012	2012	NUM
afbr-404	76	4	)	)	PUNCT
afbr-404	76	5	"	"	PUNCT
afbr-404	76	6	investigated	investigate	VERB
afbr-404	76	7	the	the	DET
afbr-404	76	8	effect	effect	NOUN
afbr-404	76	9	of	of	ADP
afbr-404	76	10	dividend	dividend	NOUN
afbr-404	76	11	payout	payout	NOUN
afbr-404	76	12	ratios	ratio	NOUN
afbr-404	76	13	on	on	ADP
afbr-404	76	14	stock	stock	NOUN
afbr-404	76	15	prices	price	NOUN
afbr-404	76	16	of	of	ADP
afbr-404	76	17	non	non	ADJ
afbr-404	76	18	-	-	ADJ
afbr-404	76	19	listed	listed	ADJ
afbr-404	76	20	nigerian	nigerian	ADJ
afbr-404	76	21	companies	company	NOUN
afbr-404	76	22	in	in	ADP
afbr-404	76	23	a	a	DET
afbr-404	76	24	probabilistic	probabilistic	ADJ
afbr-404	76	25	sample	sample	NOUN
afbr-404	76	26	of	of	ADP
afbr-404	76	27	twenty	twenty	NUM
afbr-404	76	28	-	-	PUNCT
afbr-404	76	29	six	six	NUM
afbr-404	76	30	companies	company	NOUN
afbr-404	76	31	using	use	VERB
afbr-404	76	32	multiple	multiple	ADJ
afbr-404	76	33	regression	regression	NOUN
afbr-404	76	34	models	model	NOUN
afbr-404	76	35	.	.	PUNCT
afbr-404	77	1	the	the	DET
afbr-404	77	2	study	study	NOUN
afbr-404	77	3	found	find	VERB
afbr-404	77	4	a	a	DET
afbr-404	77	5	statistically	statistically	ADV
afbr-404	77	6	significant	significant	ADJ
afbr-404	77	7	relationship	relationship	NOUN
afbr-404	77	8	between	between	ADP
afbr-404	77	9	dividend	dividend	NOUN
afbr-404	77	10	payments	payment	NOUN
afbr-404	77	11	and	and	CCONJ
afbr-404	77	12	stock	stock	NOUN
afbr-404	77	13	prices	price	NOUN
afbr-404	77	14	.	.	PUNCT
afbr-404	78	1	he	he	PRON
afbr-404	78	2	also	also	ADV
afbr-404	78	3	discovered	discover	VERB
afbr-404	78	4	that	that	SCONJ
afbr-404	78	5	the	the	DET
afbr-404	78	6	size	size	NOUN
afbr-404	78	7	of	of	ADP
afbr-404	78	8	unlisted	unlisted	ADJ
afbr-404	78	9	companies	company	NOUN
afbr-404	78	10	significantly	significantly	ADV
afbr-404	78	11	explains	explain	VERB
afbr-404	78	12	nigerian	nigerian	ADJ
afbr-404	78	13	stock	stock	NOUN
afbr-404	78	14	prices	price	NOUN
afbr-404	78	15	.	.	PUNCT
afbr-404	79	1	both	both	CCONJ
afbr-404	79	2	the	the	DET
afbr-404	79	3	payment	payment	NOUN
afbr-404	79	4	of	of	ADP
afbr-404	79	5	dividends	dividend	NOUN
afbr-404	79	6	and	and	CCONJ
afbr-404	79	7	the	the	DET
afbr-404	79	8	size	size	NOUN
afbr-404	79	9	of	of	ADP
afbr-404	79	10	companies	company	NOUN
afbr-404	79	11	had	have	VERB
afbr-404	79	12	a	a	DET
afbr-404	79	13	positive	positive	ADJ
afbr-404	79	14	effect	effect	NOUN
afbr-404	79	15	on	on	ADP
afbr-404	79	16	stock	stock	NOUN
afbr-404	79	17	prices	price	NOUN
afbr-404	79	18	.	.	PUNCT
afbr-404	80	1	however	however	ADV
afbr-404	80	2	,	,	PUNCT
afbr-404	80	3	the	the	DET
afbr-404	80	4	results	result	NOUN
afbr-404	80	5	of	of	ADP
afbr-404	80	6	the	the	DET
afbr-404	80	7	study	study	NOUN
afbr-404	80	8	do	do	AUX
afbr-404	80	9	not	not	PART
afbr-404	80	10	provide	provide	VERB
afbr-404	80	11	sufficient	sufficient	ADJ
afbr-404	80	12	evidence	evidence	NOUN
afbr-404	80	13	of	of	ADP
afbr-404	80	14	the	the	DET
afbr-404	80	15	insignificance	insignificance	NOUN
afbr-404	80	16	of	of	ADP
afbr-404	80	17	dividends	dividend	NOUN
afbr-404	80	18	,	,	PUNCT
afbr-404	80	19	as	as	SCONJ
afbr-404	80	20	the	the	DET
afbr-404	80	21	study	study	NOUN
afbr-404	80	22	did	do	AUX
afbr-404	80	23	not	not	PART
afbr-404	80	24	take	take	VERB
afbr-404	80	25	into	into	ADP
afbr-404	80	26	account	account	NOUN
afbr-404	80	27	the	the	DET
afbr-404	80	28	impact	impact	NOUN
afbr-404	80	29	of	of	ADP
afbr-404	80	30	profits	profit	NOUN
afbr-404	80	31	and	and	CCONJ
afbr-404	80	32	dividends	dividend	NOUN
afbr-404	80	33	on	on	ADP
afbr-404	80	34	the	the	DET
afbr-404	80	35	model	model	NOUN
afbr-404	80	36	.	.	PUNCT
afbr-404	80	37	"	"	PUNCT
afbr-404	81	1	adesina	adesina	PROPN
afbr-404	81	2	,	,	PUNCT
afbr-404	81	3	uwuigbe	uwuigbe	NOUN
afbr-404	81	4	,	,	PUNCT
afbr-404	81	5	uwuigbe	uwuigbe	NOUN
afbr-404	81	6	,	,	PUNCT
afbr-404	81	7	asiriuwa	asiriuwa	ADJ
afbr-404	81	8	and	and	CCONJ
afbr-404	81	9	oriabe	oriabe	PROPN
afbr-404	81	10	(	(	PUNCT
afbr-404	81	11	2017	2017	NUM
afbr-404	81	12	)	)	PUNCT
afbr-404	81	13	investigated	investigate	VERB
afbr-404	81	14	the	the	DET
afbr-404	81	15	impact	impact	NOUN
afbr-404	81	16	of	of	ADP
afbr-404	81	17	dividend	dividend	NOUN
afbr-404	81	18	policy	policy	NOUN
afbr-404	81	19	on	on	ADP
afbr-404	81	20	nigeria	nigeria	PROPN
afbr-404	81	21	stock	stock	NOUN
afbr-404	81	22	price	price	NOUN
afbr-404	81	23	valuation	valuation	NOUN
afbr-404	81	24	.	.	PUNCT
afbr-404	82	1	during	during	ADP
afbr-404	82	2	ten	ten	NUM
afbr-404	82	3	years	year	NOUN
afbr-404	82	4	(	(	PUNCT
afbr-404	82	5	2006	2006	NUM
afbr-404	82	6	-	-	SYM
afbr-404	82	7	2016	2016	NUM
afbr-404	82	8	)	)	PUNCT
afbr-404	82	9	,	,	PUNCT
afbr-404	82	10	four	four	NUM
afbr-404	82	11	of	of	ADP
afbr-404	82	12	the	the	DET
afbr-404	82	13	twenty	twenty	NUM
afbr-404	82	14	-	-	PUNCT
afbr-404	82	15	two	two	NUM
afbr-404	82	16	banks	bank	NOUN
afbr-404	82	17	were	be	AUX
afbr-404	82	18	analyzed	analyze	VERB
afbr-404	82	19	.	.	PUNCT
afbr-404	83	1	in	in	ADP
afbr-404	83	2	their	their	PRON
afbr-404	83	3	study	study	NOUN
afbr-404	83	4	,	,	PUNCT
afbr-404	83	5	they	they	PRON
afbr-404	83	6	noted	note	VERB
afbr-404	83	7	that	that	SCONJ
afbr-404	83	8	earnings	earning	NOUN
afbr-404	83	9	per	per	ADP
afbr-404	83	10	share	share	NOUN
afbr-404	83	11	have	have	VERB
afbr-404	83	12	a	a	DET
afbr-404	83	13	strong	strong	ADJ
afbr-404	83	14	impact	impact	NOUN
afbr-404	83	15	on	on	ADP
afbr-404	83	16	stock	stock	NOUN
afbr-404	83	17	prices	price	NOUN
afbr-404	83	18	,	,	PUNCT
afbr-404	83	19	while	while	SCONJ
afbr-404	83	20	dividend	dividend	NOUN
afbr-404	83	21	yields	yield	NOUN
afbr-404	83	22	and	and	CCONJ
afbr-404	83	23	a	a	DET
afbr-404	83	24	percentage	percentage	NOUN
afbr-404	83	25	of	of	ADP
afbr-404	83	26	stock	stock	NOUN
afbr-404	83	27	price	price	NOUN
afbr-404	83	28	stability	stability	NOUN
afbr-404	83	29	have	have	VERB
afbr-404	83	30	a	a	DET
afbr-404	83	31	significant	significant	ADJ
afbr-404	83	32	impact	impact	NOUN
afbr-404	83	33	.	.	PUNCT
afbr-404	84	1	however	however	ADV
afbr-404	84	2	,	,	PUNCT
afbr-404	84	3	it	it	PRON
afbr-404	84	4	was	be	AUX
afbr-404	84	5	concluded	conclude	VERB
afbr-404	84	6	that	that	SCONJ
afbr-404	84	7	nigerian	nigerian	ADJ
afbr-404	84	8	companies	company	NOUN
afbr-404	84	9	need	need	VERB
afbr-404	84	10	to	to	PART
afbr-404	84	11	consider	consider	VERB
afbr-404	84	12	other	other	ADJ
afbr-404	84	13	companies	company	NOUN
afbr-404	84	14	'	'	PART
afbr-404	84	15	dividend	dividend	NOUN
afbr-404	84	16	policies	policy	NOUN
afbr-404	84	17	in	in	ADP
afbr-404	84	18	order	order	NOUN
afbr-404	84	19	to	to	PART
afbr-404	84	20	increase	increase	VERB
afbr-404	84	21	their	their	PRON
afbr-404	84	22	profits	profit	NOUN
afbr-404	84	23	and	and	CCONJ
afbr-404	84	24	future	future	ADJ
afbr-404	84	25	performance	performance	NOUN
afbr-404	84	26	.	.	PUNCT
afbr-404	85	1	adesola	adesola	ADV
afbr-404	85	2	and	and	CCONJ
afbr-404	85	3	okwong	okwong	PROPN
afbr-404	85	4	(	(	PUNCT
afbr-404	85	5	2009	2009	NUM
afbr-404	85	6	)	)	PUNCT
afbr-404	85	7	"	"	PUNCT
afbr-404	85	8	tested	test	VERB
afbr-404	85	9	the	the	DET
afbr-404	85	10	relevance	relevance	NOUN
afbr-404	85	11	of	of	ADP
afbr-404	85	12	nigeria	nigeria	PROPN
afbr-404	85	13	stock	stock	NOUN
afbr-404	85	14	price	price	NOUN
afbr-404	85	15	dividend	dividend	NOUN
afbr-404	85	16	theories	theory	NOUN
afbr-404	85	17	with	with	ADP
afbr-404	85	18	cross	cross	ADJ
afbr-404	85	19	-	-	ADJ
afbr-404	85	20	sectional	sectional	ADJ
afbr-404	85	21	data	datum	NOUN
afbr-404	85	22	from	from	ADP
afbr-404	85	23	twenty	twenty	NUM
afbr-404	85	24	-	-	PUNCT
afbr-404	85	25	seven	seven	NUM
afbr-404	85	26	companies	company	NOUN
afbr-404	85	27	over	over	ADP
afbr-404	85	28	the	the	DET
afbr-404	85	29	period	period	NOUN
afbr-404	85	30	1996	1996	NUM
afbr-404	85	31	-	-	SYM
afbr-404	85	32	2006	2006	NUM
afbr-404	85	33	.	.	PUNCT
afbr-404	86	1	they	they	PRON
afbr-404	86	2	commented	comment	VERB
afbr-404	86	3	that	that	SCONJ
afbr-404	86	4	they	they	PRON
afbr-404	86	5	have	have	AUX
afbr-404	86	6	discovered	discover	VERB
afbr-404	86	7	the	the	DET
afbr-404	86	8	positive	positive	ADJ
afbr-404	86	9	and	and	CCONJ
afbr-404	86	10	significant	significant	ADJ
afbr-404	86	11	impact	impact	NOUN
afbr-404	86	12	of	of	ADP
afbr-404	86	13	dividends	dividend	NOUN
afbr-404	86	14	on	on	ADP
afbr-404	86	15	stock	stock	NOUN
afbr-404	86	16	prices	price	NOUN
afbr-404	86	17	.	.	PUNCT
afbr-404	87	1	the	the	DET
afbr-404	87	2	a	a	DET
afbr-404	87	3	-	-	PUNCT
afbr-404	87	4	sample	sample	NOUN
afbr-404	87	5	activities	activity	NOUN
afbr-404	87	6	of	of	ADP
afbr-404	87	7	nigerian	nigerian	ADJ
afbr-404	87	8	companies	company	NOUN
afbr-404	87	9	indirectly	indirectly	ADV
afbr-404	87	10	call	call	VERB
afbr-404	87	11	into	into	ADP
afbr-404	87	12	question	question	NOUN
afbr-404	87	13	the	the	DET
afbr-404	87	14	empirical	empirical	ADJ
afbr-404	87	15	validity	validity	NOUN
afbr-404	87	16	of	of	ADP
afbr-404	87	17	the	the	DET
afbr-404	87	18	dividend	dividend	NOUN
afbr-404	87	19	insignificance	insignificance	NOUN
afbr-404	87	20	.	.	PUNCT
afbr-404	87	21	"	"	PUNCT
afbr-404	88	1	khalid	khalid	PROPN
afbr-404	88	2	,	,	PUNCT
afbr-404	88	3	chijioke	chijioke	NOUN
afbr-404	88	4	and	and	CCONJ
afbr-404	88	5	aruoriwo	aruoriwo	PROPN
afbr-404	88	6	(	(	PUNCT
afbr-404	88	7	2010	2010	NUM
afbr-404	88	8	)	)	PUNCT
afbr-404	88	9	"	"	PUNCT
afbr-404	88	10	investigated	investigate	VERB
afbr-404	88	11	the	the	DET
afbr-404	88	12	effect	effect	NOUN
afbr-404	88	13	of	of	ADP
afbr-404	88	14	dividend	dividend	NOUN
afbr-404	88	15	yield	yield	NOUN
afbr-404	88	16	and	and	CCONJ
afbr-404	88	17	dividend	dividend	VERB
afbr-404	88	18	payout	payout	ADJ
afbr-404	88	19	ratio	ratio	NOUN
afbr-404	88	20	on	on	ADP
afbr-404	88	21	changes	change	NOUN
afbr-404	88	22	in	in	ADP
afbr-404	88	23	uk	uk	PROPN
afbr-404	88	24	listed	list	VERB
afbr-404	88	25	companies	company	NOUN
afbr-404	88	26	'	'	PART
afbr-404	88	27	stock	stock	NOUN
afbr-404	88	28	prices	price	NOUN
afbr-404	88	29	.	.	PUNCT
afbr-404	89	1	a	a	DET
afbr-404	89	2	regression	regression	NOUN
afbr-404	89	3	model	model	NOUN
afbr-404	89	4	was	be	AUX
afbr-404	89	5	used	use	VERB
afbr-404	89	6	to	to	PART
afbr-404	89	7	analyze	analyze	VERB
afbr-404	89	8	the	the	DET
afbr-404	89	9	data	datum	NOUN
afbr-404	89	10	,	,	PUNCT
afbr-404	89	11	which	which	PRON
afbr-404	89	12	showed	show	VERB
afbr-404	89	13	a	a	DET
afbr-404	89	14	positive	positive	ADJ
afbr-404	89	15	relationship	relationship	NOUN
afbr-404	89	16	between	between	ADP
afbr-404	89	17	dividend	dividend	NOUN
afbr-404	89	18	yield	yield	NOUN
afbr-404	89	19	and	and	CCONJ
afbr-404	89	20	stock	stock	NOUN
afbr-404	89	21	prices	price	NOUN
afbr-404	89	22	and	and	CCONJ
afbr-404	89	23	showed	show	VERB
afbr-404	89	24	that	that	SCONJ
afbr-404	89	25	dividend	dividend	NOUN
afbr-404	89	26	payouts	payout	NOUN
afbr-404	89	27	are	be	AUX
afbr-404	89	28	statistically	statistically	ADV
afbr-404	89	29	insignificant	insignificant	ADJ
afbr-404	89	30	.	.	PUNCT
afbr-404	89	31	"	"	PUNCT
afbr-404	90	1	amadasun	amadasun	NOUN
afbr-404	90	2	(	(	PUNCT
afbr-404	90	3	2011	2011	NUM
afbr-404	90	4	)	)	PUNCT
afbr-404	90	5	tried	try	VERB
afbr-404	90	6	to	to	PART
afbr-404	90	7	test	test	VERB
afbr-404	90	8	the	the	DET
afbr-404	90	9	hypothesis	hypothesis	NOUN
afbr-404	90	10	that	that	PRON
afbr-404	90	11	dividend	dividend	NOUN
afbr-404	90	12	would	would	AUX
afbr-404	90	13	not	not	PART
afbr-404	90	14	increase	increase	VERB
afbr-404	90	15	the	the	DET
afbr-404	90	16	price	price	NOUN
afbr-404	90	17	of	of	ADP
afbr-404	90	18	nigerian	nigerian	ADJ
afbr-404	90	19	equities	equity	NOUN
afbr-404	90	20	using	use	VERB
afbr-404	90	21	first	first	ADJ
afbr-404	90	22	bank	bank	NOUN
afbr-404	90	23	(	(	PUNCT
afbr-404	90	24	nig	nig	PROPN
afbr-404	90	25	)	)	PUNCT
afbr-404	90	26	plc	plc	PROPN
afbr-404	90	27	as	as	ADP
afbr-404	90	28	a	a	DET
afbr-404	90	29	case	case	NOUN
afbr-404	90	30	study	study	NOUN
afbr-404	90	31	.	.	PUNCT
afbr-404	91	1	the	the	DET
afbr-404	91	2	study	study	NOUN
afbr-404	91	3	used	use	VERB
afbr-404	91	4	a	a	DET
afbr-404	91	5	regression	regression	NOUN
afbr-404	91	6	model	model	NOUN
afbr-404	91	7	that	that	PRON
afbr-404	91	8	included	include	VERB
afbr-404	91	9	share	share	NOUN
afbr-404	91	10	price	price	NOUN
afbr-404	91	11	per	per	ADP
afbr-404	91	12	share	share	NOUN
afbr-404	91	13	as	as	ADP
afbr-404	91	14	the	the	DET
afbr-404	91	15	explanatory	explanatory	ADJ
afbr-404	91	16	variables	variable	NOUN
afbr-404	91	17	,	,	PUNCT
afbr-404	91	18	earnings	earning	NOUN
afbr-404	91	19	per	per	ADP
afbr-404	91	20	share	share	NOUN
afbr-404	91	21	,	,	PUNCT
afbr-404	91	22	return	return	VERB
afbr-404	91	23	on	on	ADP
afbr-404	91	24	capital	capital	NOUN
afbr-404	91	25	employed	employ	VERB
afbr-404	91	26	,	,	PUNCT
afbr-404	91	27	retained	retain	VERB
afbr-404	91	28	earnings	earning	NOUN
afbr-404	91	29	,	,	PUNCT
afbr-404	91	30	and	and	CCONJ
afbr-404	91	31	price	price	NOUN
afbr-404	91	32	-	-	PUNCT
afbr-404	91	33	earnings	earning	NOUN
afbr-404	91	34	ratio	ratio	NOUN
afbr-404	91	35	.	.	PUNCT
afbr-404	92	1	the	the	DET
afbr-404	92	2	results	result	NOUN
afbr-404	92	3	of	of	ADP
afbr-404	92	4	the	the	DET
afbr-404	92	5	study	study	NOUN
afbr-404	92	6	showed	show	VERB
afbr-404	92	7	a	a	DET
afbr-404	92	8	statistically	statistically	ADV
afbr-404	92	9	insignificant	insignificant	ADJ
afbr-404	92	10	regression	regression	NOUN
afbr-404	92	11	coefficient	coefficient	NOUN
afbr-404	92	12	for	for	ADP
afbr-404	92	13	both	both	DET
afbr-404	92	14	per	per	ADP
afbr-404	92	15	-	-	PUNCT
afbr-404	92	16	share	share	NOUN
afbr-404	92	17	dividend	dividend	NOUN
afbr-404	92	18	and	and	CCONJ
afbr-404	92	19	earnings	earning	NOUN
afbr-404	92	20	per	per	ADP
afbr-404	92	21	share	share	NOUN
afbr-404	92	22	.	.	PUNCT
afbr-404	92	23	"	"	PUNCT
afbr-404	93	1	black	black	ADJ
afbr-404	93	2	and	and	CCONJ
afbr-404	93	3	scholes	schole	NOUN
afbr-404	93	4	(	(	PUNCT
afbr-404	93	5	1974	1974	NUM
afbr-404	93	6	)	)	PUNCT
afbr-404	93	7	"	"	PUNCT
afbr-404	93	8	examined	examine	VERB
afbr-404	93	9	the	the	DET
afbr-404	93	10	impact	impact	NOUN
afbr-404	93	11	of	of	ADP
afbr-404	93	12	dividend	dividend	NOUN
afbr-404	93	13	policy	policy	NOUN
afbr-404	93	14	on	on	ADP
afbr-404	93	15	the	the	DET
afbr-404	93	16	value	value	NOUN
afbr-404	93	17	of	of	ADP
afbr-404	93	18	companies	company	NOUN
afbr-404	93	19	listed	list	VERB
afbr-404	93	20	on	on	ADP
afbr-404	93	21	the	the	DET
afbr-404	93	22	new	new	PROPN
afbr-404	93	23	york	york	PROPN
afbr-404	93	24	stock	stock	PROPN
afbr-404	93	25	exchange	exchange	PROPN
afbr-404	93	26	.	.	PUNCT
afbr-404	94	1	the	the	DET
afbr-404	94	2	capital	capital	NOUN
afbr-404	94	3	asset	asset	NOUN
afbr-404	94	4	pricing	pricing	NOUN
afbr-404	94	5	model	model	NOUN
afbr-404	94	6	(	(	PUNCT
afbr-404	94	7	capm	capm	PROPN
afbr-404	94	8	)	)	PUNCT
afbr-404	94	9	was	be	AUX
afbr-404	94	10	used	use	VERB
afbr-404	94	11	to	to	PART
afbr-404	94	12	analyze	analyze	VERB
afbr-404	94	13	five	five	NUM
afbr-404	94	14	-	-	PUNCT
afbr-404	94	15	year	year	NOUN
afbr-404	94	16	secondary	secondary	ADJ
afbr-404	94	17	data	datum	NOUN
afbr-404	94	18	(	(	PUNCT
afbr-404	94	19	equity	equity	NOUN
afbr-404	94	20	and	and	CCONJ
afbr-404	94	21	dividend	dividend	NOUN
afbr-404	94	22	prices	price	NOUN
afbr-404	94	23	)	)	PUNCT
afbr-404	94	24	of	of	ADP
afbr-404	94	25	25	25	NUM
afbr-404	94	26	listed	list	VERB
afbr-404	94	27	companies	company	NOUN
afbr-404	94	28	.	.	PUNCT
afbr-404	95	1	they	they	PRON
afbr-404	95	2	concluded	conclude	VERB
afbr-404	95	3	that	that	SCONJ
afbr-404	95	4	corporate	corporate	ADJ
afbr-404	95	5	dividend	dividend	NOUN
afbr-404	95	6	policy	policy	NOUN
afbr-404	95	7	had	have	VERB
afbr-404	95	8	no	no	DET
afbr-404	95	9	effect	effect	NOUN
afbr-404	95	10	on	on	ADP
afbr-404	95	11	the	the	DET
afbr-404	95	12	price	price	NOUN
afbr-404	95	13	of	of	ADP
afbr-404	95	14	their	their	PRON
afbr-404	95	15	shares	share	NOUN
afbr-404	95	16	.	.	PUNCT
afbr-404	96	1	on	on	ADP
afbr-404	96	2	the	the	DET
afbr-404	96	3	contrary	contrary	NOUN
afbr-404	96	4	,	,	PUNCT
afbr-404	96	5	aharony	aharony	NOUN
afbr-404	96	6	and	and	CCONJ
afbr-404	96	7	swary	swary	ADJ
afbr-404	96	8	(	(	PUNCT
afbr-404	96	9	1980	1980	NUM
afbr-404	96	10	)	)	PUNCT
afbr-404	96	11	used	use	VERB
afbr-404	96	12	a	a	DET
afbr-404	96	13	model	model	NOUN
afbr-404	96	14	of	of	ADP
afbr-404	96	15	naïve	naïve	ADJ
afbr-404	96	16	expectations	expectation	NOUN
afbr-404	96	17	of	of	ADP
afbr-404	96	18	quarterly	quarterly	ADJ
afbr-404	96	19	dividends	dividend	NOUN
afbr-404	96	20	and	and	CCONJ
afbr-404	96	21	earnings	earning	NOUN
afbr-404	96	22	and	and	CCONJ
afbr-404	96	23	found	find	VERB
afbr-404	96	24	that	that	SCONJ
afbr-404	96	25	stock	stock	NOUN
afbr-404	96	26	prices	price	NOUN
afbr-404	96	27	responded	respond	VERB
afbr-404	96	28	to	to	ADP
afbr-404	96	29	increases	increase	NOUN
afbr-404	96	30	in	in	ADP
afbr-404	96	31	dividend	dividend	NOUN
afbr-404	96	32	payments	payment	NOUN
afbr-404	96	33	while	while	SCONJ
afbr-404	96	34	overlapping	overlap	VERB
afbr-404	96	35	with	with	ADP
afbr-404	96	36	earnings	earning	NOUN
afbr-404	96	37	announcements	announcement	NOUN
afbr-404	96	38	.	.	PUNCT
afbr-404	97	1	his	his	PRON
afbr-404	97	2	finding	finding	NOUN
afbr-404	97	3	confirms	confirm	VERB
afbr-404	97	4	copyright	copyright	NOUN
afbr-404	97	5	©	©	PROPN
afbr-404	97	6	cc	cc	PROPN
afbr-404	97	7	-	-	PUNCT
afbr-404	97	8	by	by	ADP
afbr-404	97	9	-	-	PUNCT
afbr-404	97	10	nc	nc	PROPN
afbr-404	97	11	2019	2019	NUM
afbr-404	97	12	,	,	PUNCT
afbr-404	97	13	cribfb	cribfb	PROPN
afbr-404	97	14	|	|	ADV
afbr-404	97	15	afbr	afbr	PROPN
afbr-404	97	16	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	97	17	australian	australian	ADJ
afbr-404	97	18	finance	finance	PROPN
afbr-404	97	19	&	&	CCONJ
afbr-404	97	20	banking	banking	PROPN
afbr-404	97	21	review	review	PROPN
afbr-404	97	22	vol	vol	NOUN
afbr-404	97	23	.	.	PROPN
afbr-404	98	1	3	3	NUM
afbr-404	98	2	,	,	PUNCT
afbr-404	98	3	no	no	INTJ
afbr-404	98	4	.	.	NOUN
afbr-404	98	5	2	2	NUM
afbr-404	98	6	;	;	PUNCT
afbr-404	98	7	2019	2019	NUM
afbr-404	98	8	21	21	NUM
afbr-404	98	9	the	the	DET
afbr-404	98	10	dividend	dividend	NOUN
afbr-404	98	11	relevance	relevance	NOUN
afbr-404	98	12	proposal	proposal	NOUN
afbr-404	98	13	.	.	PUNCT
afbr-404	98	14	"	"	PUNCT
afbr-404	99	1	budagaga	budagaga	NOUN
afbr-404	99	2	's	's	PART
afbr-404	99	3	(	(	PUNCT
afbr-404	99	4	2017	2017	NUM
afbr-404	99	5	)	)	PUNCT
afbr-404	99	6	study	study	NOUN
afbr-404	99	7	supported	support	VERB
afbr-404	99	8	the	the	DET
afbr-404	99	9	theory	theory	NOUN
afbr-404	99	10	of	of	ADP
afbr-404	99	11	dividend	dividend	NOUN
afbr-404	99	12	significance	significance	NOUN
afbr-404	99	13	after	after	ADP
afbr-404	99	14	examining	examine	VERB
afbr-404	99	15	the	the	DET
afbr-404	99	16	impact	impact	NOUN
afbr-404	99	17	of	of	ADP
afbr-404	99	18	dividend	dividend	NOUN
afbr-404	99	19	payments	payment	NOUN
afbr-404	99	20	on	on	ADP
afbr-404	99	21	forty	forty	NUM
afbr-404	99	22	-	-	PUNCT
afbr-404	99	23	four	four	NUM
afbr-404	99	24	companies	company	NOUN
afbr-404	99	25	on	on	ADP
afbr-404	99	26	the	the	DET
afbr-404	99	27	istanbul	istanbul	PROPN
afbr-404	99	28	stock	stock	NOUN
afbr-404	99	29	exchange	exchange	PROPN
afbr-404	99	30	over	over	ADP
afbr-404	99	31	a	a	DET
afbr-404	99	32	nine	nine	NUM
afbr-404	99	33	-	-	PUNCT
afbr-404	99	34	year	year	NOUN
afbr-404	99	35	period	period	NOUN
afbr-404	99	36	.	.	PUNCT
afbr-404	100	1	chirima	chirima	PROPN
afbr-404	100	2	(	(	PUNCT
afbr-404	100	3	2015	2015	NUM
afbr-404	100	4	)	)	PUNCT
afbr-404	100	5	examined	examine	VERB
afbr-404	100	6	the	the	DET
afbr-404	100	7	effect	effect	NOUN
afbr-404	100	8	of	of	ADP
afbr-404	100	9	dividend	dividend	NOUN
afbr-404	100	10	payment	payment	NOUN
afbr-404	100	11	on	on	ADP
afbr-404	100	12	stock	stock	NOUN
afbr-404	100	13	prices	price	NOUN
afbr-404	100	14	of	of	ADP
afbr-404	100	15	zimbabwe	zimbabwe	ADJ
afbr-404	100	16	listed	list	VERB
afbr-404	100	17	service	service	NOUN
afbr-404	100	18	companies	company	NOUN
afbr-404	100	19	over	over	ADP
afbr-404	100	20	a	a	DET
afbr-404	100	21	five	five	NUM
afbr-404	100	22	-	-	PUNCT
afbr-404	100	23	year	year	NOUN
afbr-404	100	24	period	period	NOUN
afbr-404	100	25	(	(	PUNCT
afbr-404	100	26	2008	2008	NUM
afbr-404	100	27	-	-	SYM
afbr-404	100	28	2012	2012	NUM
afbr-404	100	29	)	)	PUNCT
afbr-404	100	30	.	.	PUNCT
afbr-404	101	1	data	datum	NOUN
afbr-404	101	2	were	be	AUX
afbr-404	101	3	analyzed	analyze	VERB
afbr-404	101	4	by	by	ADP
afbr-404	101	5	chi	chi	ADJ
afbr-404	101	6	-	-	PUNCT
afbr-404	101	7	square	square	ADJ
afbr-404	101	8	and	and	CCONJ
afbr-404	101	9	regression	regression	NOUN
afbr-404	101	10	model	model	NOUN
afbr-404	101	11	.	.	PUNCT
afbr-404	102	1	the	the	DET
afbr-404	102	2	result	result	NOUN
afbr-404	102	3	showed	show	VERB
afbr-404	102	4	a	a	DET
afbr-404	102	5	statistically	statistically	ADV
afbr-404	102	6	significant	significant	ADJ
afbr-404	102	7	correlation	correlation	NOUN
afbr-404	102	8	between	between	ADP
afbr-404	102	9	dividend	dividend	NOUN
afbr-404	102	10	announcements	announcement	NOUN
afbr-404	102	11	and	and	CCONJ
afbr-404	102	12	stock	stock	NOUN
afbr-404	102	13	prices	price	NOUN
afbr-404	102	14	.	.	PUNCT
afbr-404	103	1	dada	dada	NOUN
afbr-404	103	2	,	,	PUNCT
afbr-404	103	3	malomo	malomo	NOUN
afbr-404	103	4	,	,	PUNCT
afbr-404	103	5	and	and	CCONJ
afbr-404	103	6	ojediran	ojediran	ADJ
afbr-404	103	7	(	(	PUNCT
afbr-404	103	8	2015	2015	NUM
afbr-404	103	9	)	)	PUNCT
afbr-404	103	10	"	"	PUNCT
afbr-404	103	11	support	support	VERB
afbr-404	103	12	this	this	DET
afbr-404	103	13	claim	claim	NOUN
afbr-404	103	14	and	and	CCONJ
afbr-404	103	15	conclude	conclude	VERB
afbr-404	103	16	that	that	SCONJ
afbr-404	103	17	investors	investor	NOUN
afbr-404	103	18	prefer	prefer	VERB
afbr-404	103	19	paying	pay	VERB
afbr-404	103	20	dividends	dividend	NOUN
afbr-404	103	21	rather	rather	ADV
afbr-404	103	22	than	than	ADP
afbr-404	103	23	future	future	ADJ
afbr-404	103	24	growth	growth	NOUN
afbr-404	103	25	.	.	PUNCT
afbr-404	104	1	iqbal	iqbal	PROPN
afbr-404	104	2	,	,	PUNCT
afbr-404	104	3	ahmed	ahmed	PROPN
afbr-404	104	4	and	and	CCONJ
afbr-404	104	5	shafi	shafi	PROPN
afbr-404	104	6	(	(	PUNCT
afbr-404	104	7	2014	2014	NUM
afbr-404	104	8	)	)	PUNCT
afbr-404	104	9	analyzed	analyze	VERB
afbr-404	104	10	the	the	DET
afbr-404	104	11	effect	effect	NOUN
afbr-404	104	12	of	of	ADP
afbr-404	104	13	the	the	DET
afbr-404	104	14	dividend	dividend	NOUN
afbr-404	104	15	bubble	bubble	NOUN
afbr-404	104	16	on	on	ADP
afbr-404	104	17	the	the	DET
afbr-404	104	18	stock	stock	NOUN
afbr-404	104	19	prices	price	NOUN
afbr-404	104	20	of	of	ADP
afbr-404	104	21	thirty	thirty	NUM
afbr-404	104	22	karachi	karachi	PROPN
afbr-404	104	23	listed	list	VERB
afbr-404	104	24	companies	company	NOUN
afbr-404	104	25	over	over	ADP
afbr-404	104	26	a	a	DET
afbr-404	104	27	period	period	NOUN
afbr-404	104	28	of	of	ADP
afbr-404	104	29	eleven	eleven	NUM
afbr-404	104	30	years	year	NOUN
afbr-404	104	31	.	.	PUNCT
afbr-404	105	1	the	the	DET
afbr-404	105	2	time	time	NOUN
afbr-404	105	3	series	series	NOUN
afbr-404	105	4	of	of	ADP
afbr-404	105	5	the	the	DET
afbr-404	105	6	thirty	thirty	NUM
afbr-404	105	7	listed	list	VERB
afbr-404	105	8	companies	company	NOUN
afbr-404	105	9	were	be	AUX
afbr-404	105	10	analyzed	analyze	VERB
afbr-404	105	11	using	use	VERB
afbr-404	105	12	a	a	DET
afbr-404	105	13	linear	linear	ADJ
afbr-404	105	14	regression	regression	NOUN
afbr-404	105	15	model	model	NOUN
afbr-404	105	16	.	.	PUNCT
afbr-404	106	1	the	the	DET
afbr-404	106	2	result	result	NOUN
afbr-404	106	3	showed	show	VERB
afbr-404	106	4	that	that	SCONJ
afbr-404	106	5	earnings	earning	NOUN
afbr-404	106	6	per	per	ADP
afbr-404	106	7	share	share	NOUN
afbr-404	106	8	,	,	PUNCT
afbr-404	106	9	return	return	VERB
afbr-404	106	10	on	on	ADP
afbr-404	106	11	equity	equity	NOUN
afbr-404	106	12	,	,	PUNCT
afbr-404	106	13	holding	hold	VERB
afbr-404	106	14	ratio	ratio	NOUN
afbr-404	106	15	are	be	AUX
afbr-404	106	16	positively	positively	ADV
afbr-404	106	17	correlated	correlate	VERB
afbr-404	106	18	with	with	ADP
afbr-404	106	19	share	share	NOUN
afbr-404	106	20	price	price	NOUN
afbr-404	106	21	,	,	PUNCT
afbr-404	106	22	while	while	SCONJ
afbr-404	106	23	dividend	dividend	NOUN
afbr-404	106	24	yield	yield	NOUN
afbr-404	106	25	and	and	CCONJ
afbr-404	106	26	price	price	NOUN
afbr-404	106	27	to	to	ADP
afbr-404	106	28	earnings	earning	NOUN
afbr-404	106	29	ratio	ratio	NOUN
afbr-404	106	30	have	have	VERB
afbr-404	106	31	a	a	DET
afbr-404	106	32	negative	negative	ADJ
afbr-404	106	33	impact	impact	NOUN
afbr-404	106	34	on	on	ADP
afbr-404	106	35	price	price	NOUN
afbr-404	106	36	.	.	PUNCT
afbr-404	107	1	activities	activity	NOUN
afbr-404	107	2	.	.	PUNCT
afbr-404	108	1	however	however	ADV
afbr-404	108	2	,	,	PUNCT
afbr-404	108	3	the	the	DET
afbr-404	108	4	study	study	NOUN
afbr-404	108	5	concluded	conclude	VERB
afbr-404	108	6	that	that	SCONJ
afbr-404	108	7	the	the	DET
afbr-404	108	8	dividend	dividend	NOUN
afbr-404	108	9	has	have	VERB
afbr-404	108	10	a	a	DET
afbr-404	108	11	strong	strong	ADJ
afbr-404	108	12	positive	positive	ADJ
afbr-404	108	13	impact	impact	NOUN
afbr-404	108	14	on	on	ADP
afbr-404	108	15	kse	kse	NOUN
afbr-404	108	16	stock	stock	NOUN
afbr-404	108	17	prices	price	NOUN
afbr-404	108	18	and	and	CCONJ
afbr-404	108	19	therefore	therefore	ADV
afbr-404	108	20	supports	support	VERB
afbr-404	108	21	the	the	DET
afbr-404	108	22	theory	theory	NOUN
afbr-404	108	23	of	of	ADP
afbr-404	108	24	dividend	dividend	NOUN
afbr-404	108	25	significance	significance	NOUN
afbr-404	108	26	.	.	PUNCT
afbr-404	108	27	"	"	PUNCT
afbr-404	109	1	there	there	PRON
afbr-404	109	2	are	be	VERB
afbr-404	109	3	failures	failure	NOUN
afbr-404	109	4	in	in	ADP
afbr-404	109	5	the	the	DET
afbr-404	109	6	study	study	NOUN
afbr-404	109	7	resulting	result	VERB
afbr-404	109	8	from	from	ADP
afbr-404	109	9	the	the	DET
afbr-404	109	10	use	use	NOUN
afbr-404	109	11	of	of	ADP
afbr-404	109	12	thirty	thirty	NUM
afbr-404	109	13	company	company	NOUN
afbr-404	109	14	time	time	NOUN
afbr-404	109	15	series	series	PROPN
afbr-404	109	16	over	over	ADP
afbr-404	109	17	eleven	eleven	NUM
afbr-404	109	18	years	year	NOUN
afbr-404	109	19	.	.	PUNCT
afbr-404	110	1	the	the	DET
afbr-404	110	2	data	datum	NOUN
afbr-404	110	3	obtained	obtain	VERB
afbr-404	110	4	by	by	ADP
afbr-404	110	5	the	the	DET
afbr-404	110	6	panel	panel	NOUN
afbr-404	110	7	would	would	AUX
afbr-404	110	8	have	have	AUX
afbr-404	110	9	been	be	AUX
afbr-404	110	10	more	more	ADV
afbr-404	110	11	accurate	accurate	ADJ
afbr-404	110	12	in	in	ADP
afbr-404	110	13	reaching	reach	VERB
afbr-404	110	14	its	its	PRON
afbr-404	110	15	conclusions	conclusion	NOUN
afbr-404	110	16	and	and	CCONJ
afbr-404	110	17	conclusions	conclusion	NOUN
afbr-404	110	18	.	.	PUNCT
afbr-404	111	1	de	de	X
afbr-404	111	2	angelo	angelo	PROPN
afbr-404	111	3	and	and	CCONJ
afbr-404	111	4	de	de	X
afbr-404	111	5	angelo	angelo	PROPN
afbr-404	111	6	(	(	PUNCT
afbr-404	111	7	2006	2006	NUM
afbr-404	111	8	)	)	PUNCT
afbr-404	111	9	also	also	ADV
afbr-404	111	10	found	find	VERB
afbr-404	111	11	that	that	SCONJ
afbr-404	111	12	"	"	PUNCT
afbr-404	111	13	dividend	dividend	NOUN
afbr-404	111	14	content	content	NOUN
afbr-404	111	15	is	be	AUX
afbr-404	111	16	very	very	ADV
afbr-404	111	17	relevant	relevant	ADJ
afbr-404	111	18	.	.	PUNCT
afbr-404	112	1	adefila	adefila	NOUN
afbr-404	112	2	,	,	PUNCT
afbr-404	112	3	oladipo	oladipo	NOUN
afbr-404	112	4	and	and	CCONJ
afbr-404	112	5	adeoti	adeoti	PROPN
afbr-404	112	6	(	(	PUNCT
afbr-404	112	7	2004	2004	NUM
afbr-404	112	8	)	)	PUNCT
afbr-404	112	9	studied	study	VERB
afbr-404	112	10	the	the	DET
afbr-404	112	11	impact	impact	NOUN
afbr-404	112	12	of	of	ADP
afbr-404	112	13	dividend	dividend	NOUN
afbr-404	112	14	policy	policy	NOUN
afbr-404	112	15	on	on	ADP
afbr-404	112	16	the	the	DET
afbr-404	112	17	market	market	NOUN
afbr-404	112	18	price	price	NOUN
afbr-404	112	19	of	of	ADP
afbr-404	112	20	equities	equity	NOUN
afbr-404	112	21	.	.	PUNCT
afbr-404	113	1	the	the	DET
afbr-404	113	2	methodology	methodology	NOUN
afbr-404	113	3	used	use	VERB
afbr-404	113	4	was	be	AUX
afbr-404	113	5	the	the	DET
afbr-404	113	6	correlation	correlation	NOUN
afbr-404	113	7	of	of	ADP
afbr-404	113	8	the	the	DET
afbr-404	113	9	dividend	dividend	NOUN
afbr-404	113	10	of	of	ADP
afbr-404	113	11	the	the	DET
afbr-404	113	12	pearson	pearson	NOUN
afbr-404	113	13	product	product	NOUN
afbr-404	113	14	to	to	ADP
afbr-404	113	15	the	the	DET
afbr-404	113	16	stock	stock	NOUN
afbr-404	113	17	price	price	NOUN
afbr-404	113	18	of	of	ADP
afbr-404	113	19	fifteen	fifteen	NUM
afbr-404	113	20	companies	company	NOUN
afbr-404	113	21	.	.	PUNCT
afbr-404	114	1	the	the	DET
afbr-404	114	2	study	study	NOUN
afbr-404	114	3	found	find	VERB
afbr-404	114	4	that	that	SCONJ
afbr-404	114	5	the	the	DET
afbr-404	114	6	correlation	correlation	NOUN
afbr-404	114	7	coefficients	coefficient	NOUN
afbr-404	114	8	are	be	AUX
afbr-404	114	9	statistically	statistically	ADV
afbr-404	114	10	insignificant	insignificant	ADJ
afbr-404	114	11	for	for	ADP
afbr-404	114	12	most	most	ADJ
afbr-404	114	13	of	of	ADP
afbr-404	114	14	the	the	DET
afbr-404	114	15	fifteen	fifteen	ADJ
afbr-404	114	16	companies	company	NOUN
afbr-404	114	17	.	.	PUNCT
afbr-404	115	1	he	he	PRON
afbr-404	115	2	also	also	ADV
afbr-404	115	3	found	find	VERB
afbr-404	115	4	that	that	SCONJ
afbr-404	115	5	the	the	DET
afbr-404	115	6	correlation	correlation	NOUN
afbr-404	115	7	between	between	ADP
afbr-404	115	8	net	net	ADJ
afbr-404	115	9	profit	profit	NOUN
afbr-404	115	10	(	(	PUNCT
afbr-404	115	11	earnings	earning	NOUN
afbr-404	115	12	)	)	PUNCT
afbr-404	115	13	and	and	CCONJ
afbr-404	115	14	stock	stock	NOUN
afbr-404	115	15	prices	price	NOUN
afbr-404	115	16	is	be	AUX
afbr-404	115	17	statistically	statistically	ADV
afbr-404	115	18	insignificant	insignificant	ADJ
afbr-404	115	19	for	for	SCONJ
afbr-404	115	20	all	all	DET
afbr-404	115	21	the	the	DET
afbr-404	115	22	companies	company	NOUN
afbr-404	115	23	analyzed	analyze	VERB
afbr-404	115	24	.	.	PUNCT
afbr-404	115	25	"	"	PUNCT
afbr-404	116	1	edward	edward	NOUN
afbr-404	116	2	(	(	PUNCT
afbr-404	116	3	2014	2014	NUM
afbr-404	116	4	)	)	PUNCT
afbr-404	116	5	,	,	PUNCT
afbr-404	116	6	studying	study	VERB
afbr-404	116	7	the	the	DET
afbr-404	116	8	effect	effect	NOUN
afbr-404	116	9	of	of	ADP
afbr-404	116	10	dividends	dividend	NOUN
afbr-404	116	11	on	on	ADP
afbr-404	116	12	the	the	DET
afbr-404	116	13	stock	stock	NOUN
afbr-404	116	14	price	price	NOUN
afbr-404	116	15	of	of	ADP
afbr-404	116	16	some	some	DET
afbr-404	116	17	selected	select	VERB
afbr-404	116	18	companies	company	NOUN
afbr-404	116	19	on	on	ADP
afbr-404	116	20	the	the	DET
afbr-404	116	21	ghanaian	ghanaian	ADJ
afbr-404	116	22	stock	stock	NOUN
afbr-404	116	23	exchange	exchange	NOUN
afbr-404	116	24	between	between	ADP
afbr-404	116	25	2005	2005	NUM
afbr-404	116	26	and	and	CCONJ
afbr-404	116	27	2009	2009	NUM
afbr-404	116	28	,	,	PUNCT
afbr-404	116	29	using	use	VERB
afbr-404	116	30	descriptive	descriptive	ADJ
afbr-404	116	31	analyzes	analyze	NOUN
afbr-404	116	32	of	of	ADP
afbr-404	116	33	primary	primary	ADJ
afbr-404	116	34	data	datum	NOUN
afbr-404	116	35	,	,	PUNCT
afbr-404	116	36	found	find	VERB
afbr-404	116	37	that	that	SCONJ
afbr-404	116	38	dividends	dividend	NOUN
afbr-404	116	39	are	be	AUX
afbr-404	116	40	highly	highly	ADV
afbr-404	116	41	correlated	correlate	VERB
afbr-404	116	42	actions	action	NOUN
afbr-404	116	43	in	in	ADP
afbr-404	116	44	ghana	ghana	PROPN
afbr-404	116	45	.	.	PUNCT
afbr-404	117	1	ojeme	ojeme	NOUN
afbr-404	117	2	,	,	PUNCT
afbr-404	117	3	mamidu	mamidu	ADV
afbr-404	117	4	,	,	PUNCT
afbr-404	117	5	and	and	CCONJ
afbr-404	117	6	ojo	ojo	NOUN
afbr-404	117	7	(	(	PUNCT
afbr-404	117	8	2015	2015	NUM
afbr-404	117	9	)	)	PUNCT
afbr-404	117	10	examined	examine	VERB
afbr-404	117	11	"	"	PUNCT
afbr-404	117	12	the	the	DET
afbr-404	117	13	impact	impact	NOUN
afbr-404	117	14	of	of	ADP
afbr-404	117	15	dividend	dividend	NOUN
afbr-404	117	16	policy	policy	NOUN
afbr-404	117	17	on	on	ADP
afbr-404	117	18	the	the	DET
afbr-404	117	19	assets	asset	NOUN
afbr-404	117	20	of	of	ADP
afbr-404	117	21	shareholders	shareholder	NOUN
afbr-404	117	22	of	of	ADP
afbr-404	117	23	listed	list	VERB
afbr-404	117	24	banks	bank	NOUN
afbr-404	117	25	in	in	ADP
afbr-404	117	26	nigeria	nigeria	PROPN
afbr-404	117	27	before	before	ADP
afbr-404	117	28	and	and	CCONJ
afbr-404	117	29	after	after	ADP
afbr-404	117	30	the	the	DET
afbr-404	117	31	global	global	ADJ
afbr-404	117	32	financial	financial	ADJ
afbr-404	117	33	crash	crash	NOUN
afbr-404	117	34	over	over	ADP
afbr-404	117	35	a	a	DET
afbr-404	117	36	four	four	NUM
afbr-404	117	37	-	-	PUNCT
afbr-404	117	38	year	year	NOUN
afbr-404	117	39	period	period	NOUN
afbr-404	117	40	(	(	PUNCT
afbr-404	117	41	2007	2007	NUM
afbr-404	117	42	-	-	SYM
afbr-404	117	43	2010	2010	NUM
afbr-404	117	44	)	)	PUNCT
afbr-404	117	45	.	.	PUNCT
afbr-404	118	1	secondary	secondary	ADJ
afbr-404	118	2	data	datum	NOUN
afbr-404	118	3	of	of	ADP
afbr-404	118	4	the	the	DET
afbr-404	118	5	21	21	NUM
afbr-404	118	6	banks	bank	NOUN
afbr-404	118	7	quoted	quote	VERB
afbr-404	118	8	during	during	ADP
afbr-404	118	9	this	this	DET
afbr-404	118	10	period	period	NOUN
afbr-404	118	11	were	be	AUX
afbr-404	118	12	obtained	obtain	VERB
afbr-404	118	13	from	from	ADP
afbr-404	118	14	the	the	DET
afbr-404	118	15	nse	nse	NOUN
afbr-404	118	16	and	and	CCONJ
afbr-404	118	17	from	from	ADP
afbr-404	118	18	the	the	DET
afbr-404	118	19	company	company	NOUN
afbr-404	118	20	's	's	PART
afbr-404	118	21	published	publish	VERB
afbr-404	118	22	annual	annual	ADJ
afbr-404	118	23	reports	report	NOUN
afbr-404	118	24	.	.	PUNCT
afbr-404	119	1	the	the	DET
afbr-404	119	2	study	study	NOUN
afbr-404	119	3	concluded	conclude	VERB
afbr-404	119	4	that	that	SCONJ
afbr-404	119	5	the	the	DET
afbr-404	119	6	positive	positive	ADJ
afbr-404	119	7	correlation	correlation	NOUN
afbr-404	119	8	between	between	ADP
afbr-404	119	9	the	the	DET
afbr-404	119	10	average	average	ADJ
afbr-404	119	11	market	market	NOUN
afbr-404	119	12	value	value	NOUN
afbr-404	119	13	of	of	ADP
afbr-404	119	14	shares	share	NOUN
afbr-404	119	15	and	and	CCONJ
afbr-404	119	16	the	the	DET
afbr-404	119	17	dividends	dividend	NOUN
afbr-404	119	18	paid	pay	VERB
afbr-404	119	19	by	by	ADP
afbr-404	119	20	banks	bank	NOUN
afbr-404	119	21	indicates	indicate	VERB
afbr-404	119	22	that	that	SCONJ
afbr-404	119	23	the	the	DET
afbr-404	119	24	payment	payment	NOUN
afbr-404	119	25	of	of	ADP
afbr-404	119	26	dividends	dividend	NOUN
afbr-404	119	27	is	be	AUX
afbr-404	119	28	appropriate	appropriate	ADJ
afbr-404	119	29	and	and	CCONJ
afbr-404	119	30	that	that	SCONJ
afbr-404	119	31	the	the	DET
afbr-404	119	32	amount	amount	NOUN
afbr-404	119	33	paid	pay	VERB
afbr-404	119	34	affects	affect	VERB
afbr-404	119	35	the	the	DET
afbr-404	119	36	market	market	NOUN
afbr-404	119	37	value	value	NOUN
afbr-404	119	38	of	of	ADP
afbr-404	119	39	banks	bank	NOUN
afbr-404	119	40	'	'	PART
afbr-404	119	41	shares	share	NOUN
afbr-404	119	42	.	.	PUNCT
afbr-404	120	1	this	this	PRON
afbr-404	120	2	is	be	AUX
afbr-404	120	3	not	not	PART
afbr-404	120	4	valid	valid	ADJ
afbr-404	120	5	evidence	evidence	NOUN
afbr-404	120	6	of	of	ADP
afbr-404	120	7	the	the	DET
afbr-404	120	8	dividend	dividend	NOUN
afbr-404	120	9	insignificance	insignificance	NOUN
afbr-404	120	10	theory	theory	NOUN
afbr-404	120	11	.	.	PUNCT
afbr-404	121	1	he	he	PRON
afbr-404	121	2	used	use	VERB
afbr-404	121	3	only	only	ADJ
afbr-404	121	4	correlation	correlation	NOUN
afbr-404	121	5	analysis	analysis	NOUN
afbr-404	121	6	and	and	CCONJ
afbr-404	121	7	four	four	NUM
afbr-404	121	8	-	-	PUNCT
afbr-404	121	9	year	year	NOUN
afbr-404	121	10	data	datum	NOUN
afbr-404	121	11	.	.	PUNCT
afbr-404	122	1	it	it	PRON
afbr-404	122	2	did	do	AUX
afbr-404	122	3	not	not	PART
afbr-404	122	4	consider	consider	VERB
afbr-404	122	5	the	the	DET
afbr-404	122	6	effect	effect	NOUN
afbr-404	122	7	of	of	ADP
afbr-404	122	8	earnings	earning	NOUN
afbr-404	122	9	on	on	ADP
afbr-404	122	10	stock	stock	NOUN
afbr-404	122	11	prices	price	NOUN
afbr-404	122	12	according	accord	VERB
afbr-404	122	13	to	to	ADP
afbr-404	122	14	the	the	DET
afbr-404	122	15	theory	theory	NOUN
afbr-404	122	16	of	of	ADP
afbr-404	122	17	dividend	dividend	NOUN
afbr-404	122	18	insignificance	insignificance	NOUN
afbr-404	122	19	.	.	PUNCT
afbr-404	122	20	"	"	PUNCT
afbr-404	123	1	egbeonu	egbeonu	NOUN
afbr-404	123	2	,	,	PUNCT
afbr-404	123	3	edori	edori	PROPN
afbr-404	123	4	and	and	CCONJ
afbr-404	123	5	edori	edori	PROPN
afbr-404	123	6	(	(	PUNCT
afbr-404	123	7	2016	2016	NUM
afbr-404	123	8	)	)	PUNCT
afbr-404	123	9	"	"	PUNCT
afbr-404	123	10	examined	examine	VERB
afbr-404	123	11	the	the	DET
afbr-404	123	12	weighted	weighted	ADJ
afbr-404	123	13	average	average	NOUN
afbr-404	123	14	of	of	ADP
afbr-404	123	15	five	five	NUM
afbr-404	123	16	year	year	NOUN
afbr-404	123	17	financial	financial	ADJ
afbr-404	123	18	summary	summary	NOUN
afbr-404	123	19	data	datum	NOUN
afbr-404	123	20	of	of	ADP
afbr-404	123	21	twelve	twelve	NUM
afbr-404	123	22	listed	list	VERB
afbr-404	123	23	firms	firm	NOUN
afbr-404	123	24	from	from	ADP
afbr-404	123	25	the	the	DET
afbr-404	123	26	various	various	ADJ
afbr-404	123	27	sectors	sector	NOUN
afbr-404	123	28	of	of	ADP
afbr-404	123	29	the	the	DET
afbr-404	123	30	nigerian	nigerian	ADJ
afbr-404	123	31	stock	stock	NOUN
afbr-404	123	32	exchange	exchange	NOUN
afbr-404	123	33	in	in	ADP
afbr-404	123	34	order	order	NOUN
afbr-404	123	35	to	to	PART
afbr-404	123	36	measure	measure	VERB
afbr-404	123	37	the	the	DET
afbr-404	123	38	impact	impact	NOUN
afbr-404	123	39	of	of	ADP
afbr-404	123	40	dividend	dividend	NOUN
afbr-404	123	41	policy	policy	NOUN
afbr-404	123	42	on	on	ADP
afbr-404	123	43	firms	firm	NOUN
afbr-404	123	44	’	'	PUNCT
afbr-404	123	45	value	value	NOUN
afbr-404	123	46	.	.	PUNCT
afbr-404	124	1	the	the	DET
afbr-404	124	2	study	study	NOUN
afbr-404	124	3	reported	report	VERB
afbr-404	124	4	that	that	SCONJ
afbr-404	124	5	internal	internal	ADJ
afbr-404	124	6	rate	rate	NOUN
afbr-404	124	7	of	of	ADP
afbr-404	124	8	return	return	NOUN
afbr-404	124	9	is	be	AUX
afbr-404	124	10	inversely	inversely	ADV
afbr-404	124	11	insignificant	insignificant	ADJ
afbr-404	124	12	,	,	PUNCT
afbr-404	124	13	dividend	dividend	NOUN
afbr-404	124	14	per	per	ADP
afbr-404	124	15	share	share	NOUN
afbr-404	124	16	is	be	AUX
afbr-404	124	17	inversely	inversely	ADV
afbr-404	124	18	significant	significant	ADJ
afbr-404	124	19	while	while	SCONJ
afbr-404	124	20	earning	earn	VERB
afbr-404	124	21	per	per	ADP
afbr-404	124	22	share	share	NOUN
afbr-404	124	23	is	be	AUX
afbr-404	124	24	positively	positively	ADV
afbr-404	124	25	significant	significant	ADJ
afbr-404	124	26	to	to	PART
afbr-404	124	27	share	share	VERB
afbr-404	124	28	price	price	NOUN
afbr-404	124	29	.	.	PUNCT
afbr-404	124	30	"	"	PUNCT
afbr-404	125	1	iftikhar	iftikhar	PROPN
afbr-404	125	2	,	,	PUNCT
afbr-404	125	3	raja	raja	PROPN
afbr-404	125	4	and	and	CCONJ
afbr-404	125	5	sehran	sehran	NOUN
afbr-404	125	6	(	(	PUNCT
afbr-404	125	7	2017	2017	NUM
afbr-404	125	8	)	)	PUNCT
afbr-404	125	9	"	"	PUNCT
afbr-404	125	10	established	establish	VERB
afbr-404	125	11	that	that	DET
afbr-404	125	12	dividend	dividend	NOUN
afbr-404	125	13	has	have	VERB
afbr-404	125	14	a	a	DET
afbr-404	125	15	positive	positive	ADJ
afbr-404	125	16	statistical	statistical	ADJ
afbr-404	125	17	influence	influence	NOUN
afbr-404	125	18	on	on	ADP
afbr-404	125	19	stock	stock	NOUN
afbr-404	125	20	price	price	NOUN
afbr-404	125	21	after	after	SCONJ
afbr-404	125	22	they	they	PRON
afbr-404	125	23	investigated	investigate	VERB
afbr-404	125	24	the	the	DET
afbr-404	125	25	impact	impact	NOUN
afbr-404	125	26	of	of	ADP
afbr-404	125	27	dividend	dividend	NOUN
afbr-404	125	28	policy	policy	NOUN
afbr-404	125	29	on	on	ADP
afbr-404	125	30	five	five	NUM
afbr-404	125	31	state	state	NOUN
afbr-404	125	32	banks	bank	NOUN
afbr-404	125	33	of	of	ADP
afbr-404	125	34	the	the	DET
afbr-404	125	35	karachi	karachi	PROPN
afbr-404	125	36	stock	stock	PROPN
afbr-404	125	37	exchange	exchange	PROPN
afbr-404	125	38	(	(	PUNCT
afbr-404	125	39	kse	kse	PROPN
afbr-404	125	40	)	)	PUNCT
afbr-404	125	41	for	for	ADP
afbr-404	125	42	a	a	DET
afbr-404	125	43	period	period	NOUN
afbr-404	125	44	often	often	ADV
afbr-404	125	45	years	year	NOUN
afbr-404	125	46	.	.	PUNCT
afbr-404	126	1	they	they	PRON
afbr-404	126	2	concluded	conclude	VERB
afbr-404	126	3	that	that	SCONJ
afbr-404	126	4	dividend	dividend	NOUN
afbr-404	126	5	is	be	AUX
afbr-404	126	6	relevant	relevant	ADJ
afbr-404	126	7	in	in	ADP
afbr-404	126	8	kse	kse	PROPN
afbr-404	126	9	.	.	PUNCT
afbr-404	127	1	budagaga	budagaga	NOUN
afbr-404	127	2	’s	’s	PART
afbr-404	127	3	(	(	PUNCT
afbr-404	127	4	2017	2017	NUM
afbr-404	127	5	)	)	PUNCT
afbr-404	127	6	study	study	NOUN
afbr-404	127	7	supported	support	VERB
afbr-404	127	8	the	the	DET
afbr-404	127	9	dividend	dividend	NOUN
afbr-404	127	10	relevance	relevance	NOUN
afbr-404	127	11	theory	theory	NOUN
afbr-404	127	12	after	after	ADP
afbr-404	127	13	observing	observe	VERB
afbr-404	127	14	the	the	DET
afbr-404	127	15	effect	effect	NOUN
afbr-404	127	16	of	of	ADP
afbr-404	127	17	dividend	dividend	NOUN
afbr-404	127	18	payment	payment	NOUN
afbr-404	127	19	on	on	ADP
afbr-404	127	20	forty	forty	NUM
afbr-404	127	21	-	-	PUNCT
afbr-404	127	22	four	four	NUM
afbr-404	127	23	firms	firm	NOUN
afbr-404	127	24	’	'	PUNCT
afbr-404	127	25	value	value	NOUN
afbr-404	127	26	of	of	ADP
afbr-404	127	27	istanbul	istanbul	PROPN
afbr-404	127	28	stock	stock	PROPN
afbr-404	127	29	exchange	exchange	PROPN
afbr-404	127	30	for	for	ADP
afbr-404	127	31	duration	duration	NOUN
afbr-404	127	32	of	of	ADP
afbr-404	127	33	nine	nine	NUM
afbr-404	127	34	years	year	NOUN
afbr-404	127	35	.	.	PUNCT
afbr-404	127	36	"	"	PUNCT
afbr-404	128	1	kanwal	kanwal	PROPN
afbr-404	128	2	(	(	PUNCT
afbr-404	128	3	2012	2012	NUM
afbr-404	128	4	)	)	PUNCT
afbr-404	128	5	"	"	PUNCT
afbr-404	128	6	studied	study	VERB
afbr-404	128	7	the	the	DET
afbr-404	128	8	impact	impact	NOUN
afbr-404	128	9	of	of	ADP
afbr-404	128	10	dividend	dividend	NOUN
afbr-404	128	11	on	on	ADP
afbr-404	128	12	stock	stock	NOUN
afbr-404	128	13	prices	price	NOUN
afbr-404	128	14	of	of	ADP
afbr-404	128	15	chemical	chemical	NOUN
afbr-404	128	16	and	and	CCONJ
afbr-404	128	17	pharmaceutical	pharmaceutical	NOUN
afbr-404	128	18	companies	company	NOUN
afbr-404	128	19	in	in	ADP
afbr-404	128	20	pakistan	pakistan	PROPN
afbr-404	128	21	stock	stock	PROPN
afbr-404	128	22	exchange	exchange	PROPN
afbr-404	128	23	for	for	ADP
afbr-404	128	24	the	the	DET
afbr-404	128	25	period	period	NOUN
afbr-404	128	26	2001	2001	NUM
afbr-404	128	27	-	-	SYM
afbr-404	128	28	2010	2010	NUM
afbr-404	128	29	.	.	PUNCT
afbr-404	129	1	secondary	secondary	ADJ
afbr-404	129	2	data	datum	NOUN
afbr-404	129	3	of	of	ADP
afbr-404	129	4	five	five	NUM
afbr-404	129	5	variables	variable	NOUN
afbr-404	129	6	:	:	PUNCT
afbr-404	129	7	stock	stock	NOUN
afbr-404	129	8	dividend	dividend	NOUN
afbr-404	129	9	,	,	PUNCT
afbr-404	129	10	earning	earn	VERB
afbr-404	129	11	per	per	ADP
afbr-404	129	12	share	share	NOUN
afbr-404	129	13	(	(	PUNCT
afbr-404	129	14	eps	eps	PROPN
afbr-404	129	15	)	)	PUNCT
afbr-404	129	16	,	,	PUNCT
afbr-404	129	17	profit	profit	NOUN
afbr-404	129	18	after	after	ADP
afbr-404	129	19	tax	tax	NOUN
afbr-404	129	20	(	(	PUNCT
afbr-404	129	21	pat	pat	NOUN
afbr-404	129	22	)	)	PUNCT
afbr-404	129	23	,	,	PUNCT
afbr-404	129	24	retention	retention	NOUN
afbr-404	129	25	ratio	ratio	NOUN
afbr-404	129	26	and	and	CCONJ
afbr-404	129	27	return	return	NOUN
afbr-404	129	28	on	on	ADP
afbr-404	129	29	equity	equity	NOUN
afbr-404	129	30	(	(	PUNCT
afbr-404	129	31	roe	roe	PROPN
afbr-404	129	32	)	)	PUNCT
afbr-404	129	33	were	be	AUX
afbr-404	129	34	analyzed	analyze	VERB
afbr-404	129	35	with	with	ADP
afbr-404	129	36	panel	panel	NOUN
afbr-404	129	37	regression	regression	NOUN
afbr-404	129	38	model	model	NOUN
afbr-404	129	39	.	.	PUNCT
afbr-404	130	1	the	the	DET
afbr-404	130	2	study	study	NOUN
afbr-404	130	3	showed	show	VERB
afbr-404	130	4	that	that	SCONJ
afbr-404	130	5	stock	stock	NOUN
afbr-404	130	6	dividend	dividend	NOUN
afbr-404	130	7	,	,	PUNCT
afbr-404	130	8	(	(	PUNCT
afbr-404	130	9	eps	eps	PROPN
afbr-404	130	10	)	)	PUNCT
afbr-404	130	11	,	,	PUNCT
afbr-404	130	12	(	(	PUNCT
afbr-404	130	13	pat	pat	NOUN
afbr-404	130	14	)	)	PUNCT
afbr-404	130	15	are	be	AUX
afbr-404	130	16	statistically	statistically	ADV
afbr-404	130	17	significant	significant	ADJ
afbr-404	130	18	.	.	PUNCT
afbr-404	131	1	in	in	ADP
afbr-404	131	2	other	other	ADJ
afbr-404	131	3	words	word	NOUN
afbr-404	131	4	,	,	PUNCT
afbr-404	131	5	these	these	DET
afbr-404	131	6	variables	variable	NOUN
afbr-404	131	7	have	have	VERB
afbr-404	131	8	positive	positive	ADJ
afbr-404	131	9	impact	impact	NOUN
afbr-404	131	10	on	on	ADP
afbr-404	131	11	stock	stock	NOUN
afbr-404	131	12	prices	price	NOUN
afbr-404	131	13	while	while	SCONJ
afbr-404	131	14	retention	retention	NOUN
afbr-404	131	15	ratio	ratio	NOUN
afbr-404	131	16	and	and	CCONJ
afbr-404	131	17	return	return	NOUN
afbr-404	131	18	on	on	ADP
afbr-404	131	19	equity	equity	NOUN
afbr-404	131	20	have	have	VERB
afbr-404	131	21	negative	negative	ADJ
afbr-404	131	22	impact	impact	NOUN
afbr-404	131	23	on	on	ADP
afbr-404	131	24	share	share	NOUN
afbr-404	131	25	prices	price	NOUN
afbr-404	131	26	.	.	PUNCT
afbr-404	132	1	the	the	DET
afbr-404	132	2	study	study	NOUN
afbr-404	132	3	asserted	assert	VERB
afbr-404	132	4	that	that	SCONJ
afbr-404	132	5	changes	change	NOUN
afbr-404	132	6	in	in	ADP
afbr-404	132	7	dividend	dividend	NOUN
afbr-404	132	8	policy	policy	NOUN
afbr-404	132	9	provide	provide	VERB
afbr-404	132	10	statistically	statistically	ADV
afbr-404	132	11	significant	significant	ADJ
afbr-404	132	12	information	information	NOUN
afbr-404	132	13	content	content	NOUN
afbr-404	132	14	which	which	PRON
afbr-404	132	15	can	can	AUX
afbr-404	132	16	be	be	AUX
afbr-404	132	17	used	use	VERB
afbr-404	132	18	to	to	PART
afbr-404	132	19	make	make	VERB
afbr-404	132	20	predictions	prediction	NOUN
afbr-404	132	21	about	about	ADP
afbr-404	132	22	future	future	ADJ
afbr-404	132	23	stock	stock	NOUN
afbr-404	132	24	prices	price	NOUN
afbr-404	132	25	,	,	PUNCT
afbr-404	132	26	and	and	CCONJ
afbr-404	132	27	that	that	SCONJ
afbr-404	132	28	the	the	DET
afbr-404	132	29	findings	finding	NOUN
afbr-404	132	30	support	support	VERB
afbr-404	132	31	the	the	DET
afbr-404	132	32	informational	informational	ADJ
afbr-404	132	33	content	content	NOUN
afbr-404	132	34	of	of	ADP
afbr-404	132	35	dividend	dividend	NOUN
afbr-404	132	36	hypothesis	hypothesis	NOUN
afbr-404	132	37	.	.	PUNCT
afbr-404	133	1	these	these	DET
afbr-404	133	2	findings	finding	NOUN
afbr-404	133	3	’	'	PUNCT
afbr-404	133	4	assertions	assertion	NOUN
afbr-404	133	5	indicate	indicate	VERB
afbr-404	133	6	that	that	SCONJ
afbr-404	133	7	changes	change	NOUN
afbr-404	133	8	in	in	ADP
afbr-404	133	9	dividend	dividend	NOUN
afbr-404	133	10	payment	payment	NOUN
afbr-404	133	11	merely	merely	ADV
afbr-404	133	12	create	create	VERB
afbr-404	133	13	occasions	occasion	NOUN
afbr-404	133	14	for	for	ADP
afbr-404	133	15	changes	change	NOUN
afbr-404	133	16	in	in	ADP
afbr-404	133	17	stock	stock	NOUN
afbr-404	133	18	prices	price	NOUN
afbr-404	133	19	and	and	CCONJ
afbr-404	133	20	that	that	SCONJ
afbr-404	133	21	there	there	PRON
afbr-404	133	22	was	be	VERB
afbr-404	133	23	no	no	DET
afbr-404	133	24	sufficient	sufficient	ADJ
afbr-404	133	25	evidence	evidence	NOUN
afbr-404	133	26	to	to	PART
afbr-404	133	27	suggest	suggest	VERB
afbr-404	133	28	that	that	SCONJ
afbr-404	133	29	stock	stock	NOUN
afbr-404	133	30	price	price	NOUN
afbr-404	133	31	changes	change	NOUN
afbr-404	133	32	are	be	AUX
afbr-404	133	33	caused	cause	VERB
afbr-404	133	34	by	by	ADP
afbr-404	133	35	dividend	dividend	NOUN
afbr-404	133	36	payments	payment	NOUN
afbr-404	133	37	.	.	PUNCT
afbr-404	133	38	"	"	PUNCT
afbr-404	134	1	khan	khan	PROPN
afbr-404	134	2	(	(	PUNCT
afbr-404	134	3	2012	2012	NUM
afbr-404	134	4	)	)	PUNCT
afbr-404	134	5	"	"	PUNCT
afbr-404	134	6	sampled	sample	VERB
afbr-404	134	7	of	of	ADP
afbr-404	134	8	twenty	twenty	NUM
afbr-404	134	9	-	-	PUNCT
afbr-404	134	10	nine	nine	NUM
afbr-404	134	11	companies	company	NOUN
afbr-404	134	12	to	to	PART
afbr-404	134	13	explicate	explicate	VERB
afbr-404	134	14	the	the	DET
afbr-404	134	15	effect	effect	NOUN
afbr-404	134	16	of	of	ADP
afbr-404	134	17	dividend	dividend	NOUN
afbr-404	134	18	on	on	ADP
afbr-404	134	19	stock	stock	NOUN
afbr-404	134	20	prices	price	NOUN
afbr-404	134	21	for	for	ADP
afbr-404	134	22	the	the	DET
afbr-404	134	23	period	period	NOUN
afbr-404	134	24	2001	2001	NUM
afbr-404	134	25	to	to	ADP
afbr-404	134	26	2010	2010	NUM
afbr-404	134	27	.	.	PUNCT
afbr-404	135	1	the	the	DET
afbr-404	135	2	study	study	NOUN
afbr-404	135	3	used	use	VERB
afbr-404	135	4	fixed	fix	VERB
afbr-404	135	5	and	and	CCONJ
afbr-404	135	6	random	random	ADJ
afbr-404	135	7	effect	effect	NOUN
afbr-404	135	8	model	model	NOUN
afbr-404	135	9	on	on	ADP
afbr-404	135	10	panel	panel	NOUN
afbr-404	135	11	data	datum	NOUN
afbr-404	135	12	and	and	CCONJ
afbr-404	135	13	found	find	VERB
afbr-404	135	14	that	that	SCONJ
afbr-404	135	15	dividend	dividend	NOUN
afbr-404	135	16	policy	policy	NOUN
afbr-404	135	17	has	have	VERB
afbr-404	135	18	positive	positive	ADJ
afbr-404	135	19	effect	effect	NOUN
afbr-404	135	20	on	on	ADP
afbr-404	135	21	share	share	NOUN
afbr-404	135	22	prices	price	NOUN
afbr-404	135	23	after	after	ADP
afbr-404	135	24	controlling	control	VERB
afbr-404	135	25	for	for	ADP
afbr-404	135	26	the	the	DET
afbr-404	135	27	effects	effect	NOUN
afbr-404	135	28	of	of	ADP
afbr-404	135	29	earnings	earning	NOUN
afbr-404	135	30	per	per	ADP
afbr-404	135	31	share	share	NOUN
afbr-404	135	32	,	,	PUNCT
afbr-404	135	33	profit	profit	NOUN
afbr-404	135	34	after	after	ADP
afbr-404	135	35	tax	tax	NOUN
afbr-404	135	36	,	,	PUNCT
afbr-404	135	37	and	and	CCONJ
afbr-404	135	38	return	return	VERB
afbr-404	135	39	on	on	ADP
afbr-404	135	40	equity	equity	NOUN
afbr-404	135	41	and	and	CCONJ
afbr-404	135	42	concluded	conclude	VERB
afbr-404	135	43	that	that	SCONJ
afbr-404	135	44	dividend	dividend	NOUN
afbr-404	135	45	irrelevance	irrelevance	NOUN
afbr-404	135	46	theory	theory	NOUN
afbr-404	135	47	is	be	AUX
afbr-404	135	48	not	not	PART
afbr-404	135	49	applicable	applicable	ADJ
afbr-404	135	50	in	in	ADP
afbr-404	135	51	case	case	NOUN
afbr-404	135	52	of	of	ADP
afbr-404	135	53	pakistan	pakistan	PROPN
afbr-404	135	54	stock	stock	NOUN
afbr-404	135	55	market	market	NOUN
afbr-404	135	56	.	.	PUNCT
afbr-404	135	57	"	"	PUNCT
afbr-404	136	1	oduwole	oduwole	NOUN
afbr-404	136	2	(	(	PUNCT
afbr-404	136	3	2015	2015	NUM
afbr-404	136	4	)	)	PUNCT
afbr-404	136	5	"	"	PUNCT
afbr-404	136	6	assessed	assess	VERB
afbr-404	136	7	and	and	CCONJ
afbr-404	136	8	compared	compare	VERB
afbr-404	136	9	the	the	DET
afbr-404	136	10	predicted	predict	VERB
afbr-404	136	11	power	power	NOUN
afbr-404	136	12	of	of	ADP
afbr-404	136	13	nigerian	nigerian	ADJ
afbr-404	136	14	earnings	earning	NOUN
afbr-404	136	15	and	and	CCONJ
afbr-404	136	16	dividends	dividend	NOUN
afbr-404	136	17	over	over	ADP
afbr-404	136	18	fourteen	fourteen	NUM
afbr-404	136	19	years	year	NOUN
afbr-404	136	20	(	(	PUNCT
afbr-404	136	21	2001	2001	NUM
afbr-404	136	22	-	-	SYM
afbr-404	136	23	2014	2014	NUM
afbr-404	136	24	)	)	PUNCT
afbr-404	136	25	.	.	PUNCT
afbr-404	137	1	quarterly	quarterly	ADJ
afbr-404	137	2	data	datum	NOUN
afbr-404	137	3	on	on	ADP
afbr-404	137	4	the	the	DET
afbr-404	137	5	used	used	ADJ
afbr-404	137	6	variable	variable	NOUN
afbr-404	137	7	(	(	PUNCT
afbr-404	137	8	eps	eps	PROPN
afbr-404	137	9	,	,	PUNCT
afbr-404	137	10	interim	interim	ADJ
afbr-404	137	11	and	and	CCONJ
afbr-404	137	12	final	final	ADJ
afbr-404	137	13	dividends	dividend	NOUN
afbr-404	137	14	)	)	PUNCT
afbr-404	137	15	were	be	AUX
afbr-404	137	16	obtained	obtain	VERB
afbr-404	137	17	from	from	ADP
afbr-404	137	18	the	the	DET
afbr-404	137	19	nigerian	nigerian	ADJ
afbr-404	137	20	stock	stock	NOUN
afbr-404	137	21	market	market	NOUN
afbr-404	137	22	.	.	PUNCT
afbr-404	138	1	the	the	DET
afbr-404	138	2	study	study	NOUN
afbr-404	138	3	used	use	VERB
afbr-404	138	4	portfolio	portfolio	NOUN
afbr-404	138	5	valuation	valuation	NOUN
afbr-404	138	6	dimensions	dimension	NOUN
afbr-404	138	7	(	(	PUNCT
afbr-404	138	8	sharpe	sharpe	NOUN
afbr-404	138	9	index	index	PROPN
afbr-404	138	10	and	and	CCONJ
afbr-404	138	11	jensen	jensen	PROPN
afbr-404	138	12	alpha	alpha	PROPN
afbr-404	138	13	)	)	PUNCT
afbr-404	138	14	to	to	PART
afbr-404	138	15	assess	assess	VERB
afbr-404	138	16	portfolio	portfolio	NOUN
afbr-404	138	17	return	return	NOUN
afbr-404	138	18	on	on	ADP
afbr-404	138	19	investment	investment	NOUN
afbr-404	138	20	based	base	VERB
afbr-404	138	21	on	on	ADP
afbr-404	138	22	dividend	dividend	NOUN
afbr-404	138	23	and	and	CCONJ
afbr-404	138	24	return	return	VERB
afbr-404	138	25	,	,	PUNCT
afbr-404	138	26	respectively	respectively	ADV
afbr-404	138	27	.	.	PUNCT
afbr-404	139	1	the	the	DET
afbr-404	139	2	results	result	NOUN
afbr-404	139	3	show	show	VERB
afbr-404	139	4	that	that	SCONJ
afbr-404	139	5	the	the	DET
afbr-404	139	6	weighted	weight	VERB
afbr-404	139	7	market	market	NOUN
afbr-404	139	8	capitalization	capitalization	NOUN
afbr-404	139	9	portfolio	portfolio	NOUN
afbr-404	139	10	,	,	PUNCT
afbr-404	139	11	which	which	PRON
afbr-404	139	12	has	have	VERB
afbr-404	139	13	the	the	DET
afbr-404	139	14	highest	high	ADJ
afbr-404	139	15	quarterly	quarterly	ADJ
afbr-404	139	16	dividend	dividend	NOUN
afbr-404	139	17	yield	yield	NOUN
afbr-404	139	18	,	,	PUNCT
afbr-404	139	19	outperformed	outperform	VERB
afbr-404	139	20	the	the	DET
afbr-404	139	21	market	market	NOUN
afbr-404	139	22	and	and	CCONJ
afbr-404	139	23	retained	retain	VERB
afbr-404	139	24	policy	policy	NOUN
afbr-404	139	25	,	,	PUNCT
afbr-404	139	26	while	while	SCONJ
afbr-404	139	27	a	a	DET
afbr-404	139	28	similar	similar	ADJ
afbr-404	139	29	return	return	NOUN
afbr-404	139	30	-	-	PUNCT
afbr-404	139	31	based	base	VERB
afbr-404	139	32	portfolio	portfolio	NOUN
afbr-404	139	33	did	do	AUX
afbr-404	139	34	not	not	PART
afbr-404	139	35	outperform	outperform	VERB
afbr-404	139	36	the	the	DET
afbr-404	139	37	market	market	NOUN
afbr-404	139	38	.	.	PUNCT
afbr-404	140	1	this	this	PRON
afbr-404	140	2	is	be	AUX
afbr-404	140	3	not	not	PART
afbr-404	140	4	proof	proof	NOUN
afbr-404	140	5	of	of	ADP
afbr-404	140	6	the	the	DET
afbr-404	140	7	theory	theory	NOUN
afbr-404	140	8	of	of	ADP
afbr-404	140	9	dividend	dividend	NOUN
afbr-404	140	10	insignificance	insignificance	NOUN
afbr-404	140	11	.	.	PUNCT
afbr-404	140	12	"	"	PUNCT
afbr-404	141	1	ordu	ordu	PROPN
afbr-404	141	2	,	,	PUNCT
afbr-404	141	3	enekwe	enekwe	VERB
afbr-404	141	4	and	and	CCONJ
afbr-404	141	5	anyanwaokoro	anyanwaokoro	PROPN
afbr-404	141	6	(	(	PUNCT
afbr-404	141	7	2014	2014	NUM
afbr-404	141	8	)	)	PUNCT
afbr-404	141	9	conducted	conduct	VERB
afbr-404	141	10	a	a	DET
afbr-404	141	11	study	study	NOUN
afbr-404	141	12	to	to	PART
afbr-404	141	13	determine	determine	VERB
afbr-404	141	14	the	the	DET
afbr-404	141	15	effect	effect	NOUN
afbr-404	141	16	of	of	ADP
afbr-404	141	17	dividend	dividend	NOUN
afbr-404	141	18	payments	payment	NOUN
afbr-404	141	19	on	on	ADP
afbr-404	141	20	nigerian	nigerian	ADJ
afbr-404	141	21	market	market	NOUN
afbr-404	141	22	share	share	NOUN
afbr-404	141	23	prices	price	NOUN
afbr-404	141	24	.	.	PUNCT
afbr-404	142	1	during	during	ADP
afbr-404	142	2	the	the	DET
afbr-404	142	3	twelve	twelve	NUM
afbr-404	142	4	years	year	NOUN
afbr-404	142	5	(	(	PUNCT
afbr-404	142	6	2000	2000	NUM
afbr-404	142	7	-	-	SYM
afbr-404	142	8	2011	2011	NUM
afbr-404	142	9	)	)	PUNCT
afbr-404	142	10	,	,	PUNCT
afbr-404	142	11	the	the	DET
afbr-404	142	12	activities	activity	NOUN
afbr-404	142	13	of	of	ADP
afbr-404	142	14	seventeen	seventeen	NUM
afbr-404	142	15	listed	list	VERB
afbr-404	142	16	companies	company	NOUN
afbr-404	142	17	were	be	AUX
afbr-404	142	18	considered	consider	VERB
afbr-404	142	19	.	.	PUNCT
afbr-404	143	1	copyright	copyright	NOUN
afbr-404	143	2	©	©	PROPN
afbr-404	143	3	cc	cc	PROPN
afbr-404	143	4	-	-	PUNCT
afbr-404	143	5	by	by	ADP
afbr-404	143	6	-	-	PUNCT
afbr-404	143	7	nc	nc	PROPN
afbr-404	143	8	2019	2019	NUM
afbr-404	143	9	,	,	PUNCT
afbr-404	143	10	cribfb	cribfb	PROPN
afbr-404	143	11	|	|	ADV
afbr-404	143	12	afbr	afbr	PROPN
afbr-404	143	13	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	143	14	australian	australian	ADJ
afbr-404	143	15	finance	finance	PROPN
afbr-404	143	16	&	&	CCONJ
afbr-404	143	17	banking	banking	PROPN
afbr-404	143	18	review	review	PROPN
afbr-404	143	19	vol	vol	NOUN
afbr-404	143	20	.	.	PROPN
afbr-404	144	1	3	3	NUM
afbr-404	144	2	,	,	PUNCT
afbr-404	144	3	no	no	INTJ
afbr-404	144	4	.	.	NOUN
afbr-404	144	5	2	2	NUM
afbr-404	144	6	;	;	PUNCT
afbr-404	144	7	2019	2019	NUM
afbr-404	144	8	22	22	NUM
afbr-404	144	9	using	use	VERB
afbr-404	144	10	the	the	DET
afbr-404	144	11	regular	regular	ADJ
afbr-404	144	12	least	least	ADJ
afbr-404	144	13	squares	square	NOUN
afbr-404	144	14	technique	technique	NOUN
afbr-404	144	15	,	,	PUNCT
afbr-404	144	16	a	a	DET
afbr-404	144	17	positive	positive	ADJ
afbr-404	144	18	effect	effect	NOUN
afbr-404	144	19	was	be	AUX
afbr-404	144	20	found	find	VERB
afbr-404	144	21	between	between	ADP
afbr-404	144	22	the	the	DET
afbr-404	144	23	market	market	NOUN
afbr-404	144	24	share	share	NOUN
afbr-404	144	25	price	price	NOUN
afbr-404	144	26	(	(	PUNCT
afbr-404	144	27	mps	mps	PROPN
afbr-404	144	28	)	)	PUNCT
afbr-404	144	29	and	and	CCONJ
afbr-404	144	30	the	the	DET
afbr-404	144	31	stock	stock	NOUN
afbr-404	144	32	dividend	dividend	NOUN
afbr-404	144	33	(	(	PUNCT
afbr-404	144	34	dps	dps	NOUN
afbr-404	144	35	)	)	PUNCT
afbr-404	144	36	.	.	PUNCT
afbr-404	145	1	this	this	DET
afbr-404	145	2	result	result	NOUN
afbr-404	145	3	supports	support	VERB
afbr-404	145	4	the	the	DET
afbr-404	145	5	theory	theory	NOUN
afbr-404	145	6	of	of	ADP
afbr-404	145	7	the	the	DET
afbr-404	145	8	importance	importance	NOUN
afbr-404	145	9	of	of	ADP
afbr-404	145	10	dividends	dividend	NOUN
afbr-404	145	11	,	,	PUNCT
afbr-404	145	12	confirming	confirm	VERB
afbr-404	145	13	that	that	SCONJ
afbr-404	145	14	an	an	DET
afbr-404	145	15	increase	increase	NOUN
afbr-404	145	16	in	in	ADP
afbr-404	145	17	dividends	dividend	NOUN
afbr-404	145	18	causes	cause	VERB
afbr-404	145	19	a	a	DET
afbr-404	145	20	rise	rise	NOUN
afbr-404	145	21	in	in	ADP
afbr-404	145	22	the	the	DET
afbr-404	145	23	market	market	NOUN
afbr-404	145	24	share	share	NOUN
afbr-404	145	25	price	price	NOUN
afbr-404	145	26	.	.	PUNCT
afbr-404	146	1	oyinlola	oyinlola	PROPN
afbr-404	146	2	and	and	CCONJ
afbr-404	146	3	ajeigbe	ajeigbe	PROPN
afbr-404	146	4	(	(	PUNCT
afbr-404	146	5	2014	2014	NUM
afbr-404	146	6	)	)	PUNCT
afbr-404	146	7	studied	study	VERB
afbr-404	146	8	the	the	DET
afbr-404	146	9	"	"	PUNCT
afbr-404	146	10	impact	impact	NOUN
afbr-404	146	11	of	of	ADP
afbr-404	146	12	dividend	dividend	NOUN
afbr-404	146	13	policy	policy	NOUN
afbr-404	146	14	on	on	ADP
afbr-404	146	15	stock	stock	NOUN
afbr-404	146	16	prices	price	NOUN
afbr-404	146	17	of	of	ADP
afbr-404	146	18	listed	list	VERB
afbr-404	146	19	companies	company	NOUN
afbr-404	146	20	in	in	ADP
afbr-404	146	21	nigeria	nigeria	PROPN
afbr-404	146	22	using	use	VERB
afbr-404	146	23	22	22	NUM
afbr-404	146	24	companies	company	NOUN
afbr-404	146	25	listed	list	VERB
afbr-404	146	26	on	on	ADP
afbr-404	146	27	the	the	DET
afbr-404	146	28	nigerian	nigerian	ADJ
afbr-404	146	29	stock	stock	NOUN
afbr-404	146	30	exchange	exchange	NOUN
afbr-404	146	31	over	over	ADP
afbr-404	146	32	the	the	DET
afbr-404	146	33	period	period	NOUN
afbr-404	146	34	2009	2009	NUM
afbr-404	146	35	-	-	SYM
afbr-404	146	36	2013	2013	NUM
afbr-404	146	37	.	.	PUNCT
afbr-404	147	1	he	he	PRON
afbr-404	147	2	used	use	VERB
afbr-404	147	3	a	a	DET
afbr-404	147	4	panel	panel	NOUN
afbr-404	147	5	regression	regression	NOUN
afbr-404	147	6	model	model	NOUN
afbr-404	147	7	to	to	PART
afbr-404	147	8	determine	determine	VERB
afbr-404	147	9	the	the	DET
afbr-404	147	10	effect	effect	NOUN
afbr-404	147	11	of	of	ADP
afbr-404	147	12	per	per	ADP
afbr-404	147	13	-	-	PUNCT
afbr-404	147	14	share	share	NOUN
afbr-404	147	15	dividends	dividend	NOUN
afbr-404	147	16	and	and	CCONJ
afbr-404	147	17	retained	retain	VERB
afbr-404	147	18	earnings	earning	NOUN
afbr-404	147	19	on	on	ADP
afbr-404	147	20	the	the	DET
afbr-404	147	21	share	share	NOUN
afbr-404	147	22	price	price	NOUN
afbr-404	147	23	.	.	PUNCT
afbr-404	148	1	the	the	DET
afbr-404	148	2	results	result	NOUN
afbr-404	148	3	show	show	VERB
afbr-404	148	4	that	that	SCONJ
afbr-404	148	5	both	both	DET
afbr-404	148	6	dividends	dividend	NOUN
afbr-404	148	7	and	and	CCONJ
afbr-404	148	8	retained	retain	VERB
afbr-404	148	9	earnings	earning	NOUN
afbr-404	148	10	have	have	VERB
afbr-404	148	11	a	a	DET
afbr-404	148	12	significant	significant	ADJ
afbr-404	148	13	impact	impact	NOUN
afbr-404	148	14	on	on	ADP
afbr-404	148	15	the	the	DET
afbr-404	148	16	share	share	NOUN
afbr-404	148	17	price	price	NOUN
afbr-404	148	18	.	.	PUNCT
afbr-404	149	1	in	in	ADP
afbr-404	149	2	addition	addition	NOUN
afbr-404	149	3	,	,	PUNCT
afbr-404	149	4	granger	granger	PROPN
afbr-404	149	5	causality	causality	NOUN
afbr-404	149	6	tests	test	NOUN
afbr-404	149	7	show	show	VERB
afbr-404	149	8	that	that	SCONJ
afbr-404	149	9	a	a	DET
afbr-404	149	10	dividend	dividend	NOUN
afbr-404	149	11	on	on	ADP
afbr-404	149	12	a	a	DET
afbr-404	149	13	granger	granger	PROPN
afbr-404	149	14	stock	stock	PROPN
afbr-404	149	15	causes	cause	VERB
afbr-404	149	16	the	the	DET
afbr-404	149	17	stock	stock	NOUN
afbr-404	149	18	price	price	NOUN
afbr-404	149	19	.	.	PUNCT
afbr-404	149	20	"	"	PUNCT
afbr-404	150	1	ozuomba	ozuomba	NOUN
afbr-404	150	2	,	,	PUNCT
afbr-404	150	3	okaro	okaro	NOUN
afbr-404	150	4	,	,	PUNCT
afbr-404	150	5	and	and	CCONJ
afbr-404	150	6	okoye	okoye	PROPN
afbr-404	150	7	(	(	PUNCT
afbr-404	150	8	2013	2013	NUM
afbr-404	150	9	)	)	PUNCT
afbr-404	150	10	"	"	PUNCT
afbr-404	150	11	conducted	conduct	VERB
afbr-404	150	12	a	a	DET
afbr-404	150	13	study	study	NOUN
afbr-404	150	14	to	to	PART
afbr-404	150	15	assess	assess	VERB
afbr-404	150	16	the	the	DET
afbr-404	150	17	impact	impact	NOUN
afbr-404	150	18	of	of	ADP
afbr-404	150	19	dividend	dividend	NOUN
afbr-404	150	20	policy	policy	NOUN
afbr-404	150	21	on	on	ADP
afbr-404	150	22	nigerian	nigerian	PROPN
afbr-404	150	23	stateowned	stateowne	VERB
afbr-404	150	24	shareholders	shareholder	NOUN
afbr-404	150	25	'	'	PART
afbr-404	150	26	wealth	wealth	NOUN
afbr-404	150	27	over	over	ADP
afbr-404	150	28	a	a	DET
afbr-404	150	29	twelve	twelve	NUM
afbr-404	150	30	-	-	PUNCT
afbr-404	150	31	year	year	NOUN
afbr-404	150	32	period	period	NOUN
afbr-404	150	33	(	(	PUNCT
afbr-404	150	34	2000	2000	NUM
afbr-404	150	35	-	-	SYM
afbr-404	150	36	2011	2011	NUM
afbr-404	150	37	)	)	PUNCT
afbr-404	150	38	.	.	PUNCT
afbr-404	151	1	secondary	secondary	ADJ
afbr-404	151	2	data	datum	NOUN
afbr-404	151	3	from	from	ADP
afbr-404	151	4	ten	ten	NUM
afbr-404	151	5	randomly	randomly	ADV
afbr-404	151	6	selected	select	VERB
afbr-404	151	7	two	two	NUM
afbr-404	151	8	hundred	hundred	NUM
afbr-404	151	9	and	and	CCONJ
afbr-404	151	10	sixteen	sixteen	NUM
afbr-404	151	11	public	public	ADJ
afbr-404	151	12	limited	limited	ADJ
afbr-404	151	13	companies	company	NOUN
afbr-404	151	14	were	be	AUX
afbr-404	151	15	analyzed	analyze	VERB
afbr-404	151	16	by	by	ADP
afbr-404	151	17	multiple	multiple	ADJ
afbr-404	151	18	regression	regression	NOUN
afbr-404	151	19	models	model	NOUN
afbr-404	151	20	using	use	VERB
afbr-404	151	21	dividend	dividend	NOUN
afbr-404	151	22	per	per	ADP
afbr-404	151	23	share	share	NOUN
afbr-404	151	24	variable	variable	NOUN
afbr-404	151	25	,	,	PUNCT
afbr-404	151	26	while	while	SCONJ
afbr-404	151	27	earnings	earning	NOUN
afbr-404	151	28	per	per	ADP
afbr-404	151	29	share	share	NOUN
afbr-404	151	30	(	(	PUNCT
afbr-404	151	31	eps	eps	PROPN
afbr-404	151	32	)	)	PUNCT
afbr-404	151	33	and	and	CCONJ
afbr-404	151	34	share	share	NOUN
afbr-404	151	35	price	price	NOUN
afbr-404	151	36	per	per	ADP
afbr-404	151	37	share	share	NOUN
afbr-404	151	38	(	(	PUNCT
afbr-404	151	39	mps	mps	PROPN
afbr-404	151	40	)	)	PUNCT
afbr-404	151	41	are	be	AUX
afbr-404	151	42	independent	independent	ADJ
afbr-404	151	43	variables	variable	NOUN
afbr-404	151	44	.	.	PUNCT
afbr-404	152	1	the	the	DET
afbr-404	152	2	results	result	NOUN
afbr-404	152	3	showed	show	VERB
afbr-404	152	4	that	that	SCONJ
afbr-404	152	5	eight	eight	NUM
afbr-404	152	6	companies	company	NOUN
afbr-404	152	7	'	'	PART
afbr-404	152	8	eps	ep	NOUN
afbr-404	152	9	and	and	CCONJ
afbr-404	152	10	mps	mp	NOUN
afbr-404	152	11	are	be	AUX
afbr-404	152	12	statistically	statistically	ADV
afbr-404	152	13	significant	significant	ADJ
afbr-404	152	14	and	and	CCONJ
afbr-404	152	15	affect	affect	VERB
afbr-404	152	16	the	the	DET
afbr-404	152	17	wealth	wealth	NOUN
afbr-404	152	18	of	of	ADP
afbr-404	152	19	listed	list	VERB
afbr-404	152	20	companies	company	NOUN
afbr-404	152	21	,	,	PUNCT
afbr-404	152	22	while	while	SCONJ
afbr-404	152	23	the	the	DET
afbr-404	152	24	two	two	NUM
afbr-404	152	25	companies	company	NOUN
afbr-404	152	26	are	be	AUX
afbr-404	152	27	not	not	PART
afbr-404	152	28	statistically	statistically	ADV
afbr-404	152	29	significant	significant	ADJ
afbr-404	152	30	with	with	ADP
afbr-404	152	31	a	a	DET
afbr-404	152	32	10	10	NUM
afbr-404	152	33	%	%	NOUN
afbr-404	152	34	confidence	confidence	NOUN
afbr-404	152	35	interval	interval	NOUN
afbr-404	152	36	.	.	PUNCT
afbr-404	152	37	"	"	PUNCT
afbr-404	153	1	the	the	DET
afbr-404	153	2	research	research	NOUN
afbr-404	153	3	model	model	NOUN
afbr-404	153	4	is	be	AUX
afbr-404	153	5	wrong	wrong	ADJ
afbr-404	153	6	because	because	SCONJ
afbr-404	153	7	,	,	PUNCT
afbr-404	153	8	to	to	PART
afbr-404	153	9	reflect	reflect	VERB
afbr-404	153	10	the	the	DET
afbr-404	153	11	wealth	wealth	NOUN
afbr-404	153	12	of	of	ADP
afbr-404	153	13	stockholders	stockholder	NOUN
afbr-404	153	14	,	,	PUNCT
afbr-404	153	15	the	the	DET
afbr-404	153	16	dividend	dividend	NOUN
afbr-404	153	17	used	use	VERB
afbr-404	153	18	the	the	DET
afbr-404	153	19	stock	stock	NOUN
afbr-404	153	20	variable	variable	NOUN
afbr-404	153	21	as	as	ADP
afbr-404	153	22	a	a	DET
afbr-404	153	23	dependent	dependent	ADJ
afbr-404	153	24	variable	variable	NOUN
afbr-404	153	25	instead	instead	ADV
afbr-404	153	26	of	of	ADP
afbr-404	153	27	the	the	DET
afbr-404	153	28	stock	stock	NOUN
afbr-404	153	29	price	price	NOUN
afbr-404	153	30	as	as	SCONJ
afbr-404	153	31	shown	show	VERB
afbr-404	153	32	in	in	ADP
afbr-404	153	33	the	the	DET
afbr-404	153	34	target	target	NOUN
afbr-404	153	35	.	.	PUNCT
afbr-404	154	1	eps	eps	PROPN
afbr-404	154	2	,	,	PUNCT
afbr-404	154	3	dps	dps	NOUN
afbr-404	154	4	,	,	PUNCT
afbr-404	154	5	and	and	CCONJ
afbr-404	154	6	mps	mps	PROPN
afbr-404	154	7	data	datum	NOUN
afbr-404	154	8	are	be	AUX
afbr-404	154	9	not	not	PART
afbr-404	154	10	synchronized	synchronize	VERB
afbr-404	154	11	.	.	PUNCT
afbr-404	155	1	there	there	PRON
afbr-404	155	2	is	be	VERB
afbr-404	155	3	also	also	ADV
afbr-404	155	4	little	little	ADJ
afbr-404	155	5	data	datum	NOUN
afbr-404	155	6	to	to	PART
afbr-404	155	7	use	use	VERB
afbr-404	155	8	,	,	PUNCT
afbr-404	155	9	as	as	ADP
afbr-404	155	10	instead	instead	ADV
afbr-404	155	11	of	of	ADP
afbr-404	155	12	using	use	VERB
afbr-404	155	13	panel	panel	NOUN
afbr-404	155	14	data	datum	NOUN
afbr-404	155	15	,	,	PUNCT
afbr-404	155	16	he	he	PRON
afbr-404	155	17	performed	perform	VERB
afbr-404	155	18	analyzes	analyze	NOUN
afbr-404	155	19	on	on	ADP
afbr-404	155	20	individual	individual	ADJ
afbr-404	155	21	companies	company	NOUN
afbr-404	155	22	'	'	PART
afbr-404	155	23	time	time	NOUN
afbr-404	155	24	series	series	NOUN
afbr-404	155	25	and	and	CCONJ
afbr-404	155	26	his	his	PRON
afbr-404	155	27	findings	finding	NOUN
afbr-404	155	28	are	be	AUX
afbr-404	155	29	therefore	therefore	ADV
afbr-404	155	30	very	very	ADV
afbr-404	155	31	misleading	misleading	ADJ
afbr-404	155	32	.	.	PUNCT
afbr-404	156	1	rabindra	rabindra	NOUN
afbr-404	156	2	(	(	PUNCT
afbr-404	156	3	2012	2012	NUM
afbr-404	156	4	)	)	PUNCT
afbr-404	156	5	studied	study	VERB
afbr-404	156	6	the	the	DET
afbr-404	156	7	impact	impact	NOUN
afbr-404	156	8	of	of	ADP
afbr-404	156	9	dividends	dividend	NOUN
afbr-404	156	10	on	on	ADP
afbr-404	156	11	nepal	nepal	ADJ
afbr-404	156	12	stock	stock	PROPN
afbr-404	156	13	exchange	exchange	PROPN
afbr-404	156	14	financial	financial	ADJ
afbr-404	156	15	and	and	CCONJ
afbr-404	156	16	financial	financial	ADJ
afbr-404	156	17	institution	institution	NOUN
afbr-404	156	18	stock	stock	NOUN
afbr-404	156	19	prices	price	NOUN
afbr-404	156	20	by	by	ADP
afbr-404	156	21	analyzing	analyze	VERB
afbr-404	156	22	secondary	secondary	ADJ
afbr-404	156	23	data	datum	NOUN
afbr-404	156	24	using	use	VERB
afbr-404	156	25	a	a	DET
afbr-404	156	26	regression	regression	NOUN
afbr-404	156	27	model	model	NOUN
afbr-404	156	28	.	.	PUNCT
afbr-404	157	1	the	the	DET
afbr-404	157	2	price	price	NOUN
afbr-404	157	3	of	of	ADP
afbr-404	157	4	shares	share	NOUN
afbr-404	157	5	is	be	AUX
afbr-404	157	6	a	a	DET
afbr-404	157	7	dependent	dependent	ADJ
afbr-404	157	8	variable	variable	NOUN
afbr-404	157	9	,	,	PUNCT
afbr-404	157	10	while	while	SCONJ
afbr-404	157	11	the	the	DET
afbr-404	157	12	explanatory	explanatory	ADJ
afbr-404	157	13	variables	variable	NOUN
afbr-404	157	14	are	be	AUX
afbr-404	157	15	dividend	dividend	NOUN
afbr-404	157	16	per	per	ADP
afbr-404	157	17	share	share	NOUN
afbr-404	157	18	(	(	PUNCT
afbr-404	157	19	dps	dps	NOUN
afbr-404	157	20	)	)	PUNCT
afbr-404	157	21	,	,	PUNCT
afbr-404	157	22	retained	retain	VERB
afbr-404	157	23	earnings	earning	NOUN
afbr-404	157	24	per	per	ADP
afbr-404	157	25	share	share	NOUN
afbr-404	157	26	,	,	PUNCT
afbr-404	157	27	lagged	lag	VERB
afbr-404	157	28	earnings	earning	NOUN
afbr-404	157	29	per	per	ADP
afbr-404	157	30	share	share	NOUN
afbr-404	157	31	and	and	CCONJ
afbr-404	157	32	lagged	lag	VERB
afbr-404	157	33	market	market	NOUN
afbr-404	157	34	price	price	NOUN
afbr-404	157	35	per	per	ADP
afbr-404	157	36	share	share	NOUN
afbr-404	157	37	.	.	PUNCT
afbr-404	158	1	the	the	DET
afbr-404	158	2	result	result	NOUN
afbr-404	158	3	showed	show	VERB
afbr-404	158	4	that	that	SCONJ
afbr-404	158	5	the	the	DET
afbr-404	158	6	dividend	dividend	NOUN
afbr-404	158	7	affects	affect	VERB
afbr-404	158	8	stock	stock	NOUN
afbr-404	158	9	prices	price	NOUN
afbr-404	158	10	more	more	ADV
afbr-404	158	11	than	than	ADP
afbr-404	158	12	retained	retain	VERB
afbr-404	158	13	earnings	earning	NOUN
afbr-404	158	14	.	.	PUNCT
afbr-404	159	1	toby	toby	PROPN
afbr-404	159	2	(	(	PUNCT
afbr-404	159	3	2014	2014	NUM
afbr-404	159	4	)	)	PUNCT
afbr-404	159	5	investigated	investigate	VERB
afbr-404	159	6	the	the	DET
afbr-404	159	7	importance	importance	NOUN
afbr-404	159	8	of	of	ADP
afbr-404	159	9	dividend	dividend	NOUN
afbr-404	159	10	policy	policy	NOUN
afbr-404	159	11	in	in	ADP
afbr-404	159	12	determining	determine	VERB
afbr-404	159	13	the	the	DET
afbr-404	159	14	price	price	NOUN
afbr-404	159	15	of	of	ADP
afbr-404	159	16	nigerian	nigerian	ADJ
afbr-404	159	17	stock	stock	NOUN
afbr-404	159	18	market	market	NOUN
afbr-404	159	19	stock	stock	NOUN
afbr-404	159	20	by	by	ADP
afbr-404	159	21	selecting	select	VERB
afbr-404	159	22	a	a	DET
afbr-404	159	23	couple	couple	NOUN
afbr-404	159	24	of	of	ADP
afbr-404	159	25	dozen	dozen	NOUN
afbr-404	159	26	shares	share	NOUN
afbr-404	159	27	between	between	ADP
afbr-404	159	28	2005	2005	NUM
afbr-404	159	29	and	and	CCONJ
afbr-404	159	30	2012	2012	NUM
afbr-404	159	31	,	,	PUNCT
afbr-404	159	32	along	along	ADP
afbr-404	159	33	with	with	ADP
afbr-404	159	34	a	a	DET
afbr-404	159	35	dividend	dividend	NOUN
afbr-404	159	36	regression	regression	NOUN
afbr-404	159	37	analysis	analysis	NOUN
afbr-404	159	38	and	and	CCONJ
afbr-404	159	39	timing	timing	NOUN
afbr-404	159	40	of	of	ADP
afbr-404	159	41	retained	retain	VERB
afbr-404	159	42	earnings	earning	NOUN
afbr-404	159	43	in	in	ADP
afbr-404	159	44	individual	individual	ADJ
afbr-404	159	45	companies	company	NOUN
afbr-404	159	46	.	.	PUNCT
afbr-404	160	1	the	the	DET
afbr-404	160	2	study	study	NOUN
afbr-404	160	3	found	find	VERB
afbr-404	160	4	that	that	SCONJ
afbr-404	160	5	there	there	PRON
afbr-404	160	6	is	be	VERB
afbr-404	160	7	no	no	DET
afbr-404	160	8	significant	significant	ADJ
afbr-404	160	9	relationship	relationship	NOUN
afbr-404	160	10	between	between	ADP
afbr-404	160	11	the	the	DET
afbr-404	160	12	change	change	NOUN
afbr-404	160	13	in	in	ADP
afbr-404	160	14	dividend	dividend	NOUN
afbr-404	160	15	policy	policy	NOUN
afbr-404	160	16	and	and	CCONJ
afbr-404	160	17	the	the	DET
afbr-404	160	18	change	change	NOUN
afbr-404	160	19	in	in	ADP
afbr-404	160	20	share	share	NOUN
afbr-404	160	21	price	price	NOUN
afbr-404	160	22	.	.	PUNCT
afbr-404	161	1	this	this	DET
afbr-404	161	2	surprising	surprising	ADJ
afbr-404	161	3	result	result	NOUN
afbr-404	161	4	differs	differ	VERB
afbr-404	161	5	from	from	ADP
afbr-404	161	6	the	the	DET
afbr-404	161	7	existing	exist	VERB
afbr-404	161	8	literature	literature	NOUN
afbr-404	161	9	on	on	ADP
afbr-404	161	10	the	the	DET
afbr-404	161	11	effect	effect	NOUN
afbr-404	161	12	of	of	ADP
afbr-404	161	13	dividends	dividend	NOUN
afbr-404	161	14	on	on	ADP
afbr-404	161	15	stock	stock	NOUN
afbr-404	161	16	prices	price	NOUN
afbr-404	161	17	.	.	PUNCT
afbr-404	162	1	the	the	DET
afbr-404	162	2	result	result	NOUN
afbr-404	162	3	was	be	AUX
afbr-404	162	4	company	company	NOUN
afbr-404	162	5	-	-	PUNCT
afbr-404	162	6	by	by	ADP
afbr-404	162	7	-	-	PUNCT
afbr-404	162	8	company	company	NOUN
afbr-404	162	9	analysis	analysis	NOUN
afbr-404	162	10	(	(	PUNCT
afbr-404	162	11	separate	separate	ADJ
afbr-404	162	12	regression	regression	NOUN
afbr-404	162	13	analysis	analysis	NOUN
afbr-404	162	14	for	for	ADP
afbr-404	162	15	each	each	DET
afbr-404	162	16	sample	sample	NOUN
afbr-404	162	17	)	)	PUNCT
afbr-404	162	18	,	,	PUNCT
afbr-404	162	19	rather	rather	ADV
afbr-404	162	20	than	than	ADP
afbr-404	162	21	using	use	VERB
afbr-404	162	22	panel	panel	NOUN
afbr-404	162	23	or	or	CCONJ
afbr-404	162	24	crosssectional	crosssectional	ADJ
afbr-404	162	25	data	datum	NOUN
afbr-404	162	26	to	to	PART
afbr-404	162	27	reflect	reflect	VERB
afbr-404	162	28	differences	difference	NOUN
afbr-404	162	29	between	between	ADP
afbr-404	162	30	firms	firm	NOUN
afbr-404	162	31	.	.	PUNCT
afbr-404	163	1	in	in	ADP
afbr-404	163	2	addition	addition	NOUN
afbr-404	163	3	,	,	PUNCT
afbr-404	163	4	the	the	DET
afbr-404	163	5	study	study	NOUN
afbr-404	163	6	did	do	AUX
afbr-404	163	7	not	not	PART
afbr-404	163	8	include	include	VERB
afbr-404	163	9	a	a	DET
afbr-404	163	10	well	well	ADV
afbr-404	163	11	-	-	PUNCT
afbr-404	163	12	defined	define	VERB
afbr-404	163	13	income	income	NOUN
afbr-404	163	14	variable	variable	NOUN
afbr-404	163	15	in	in	ADP
afbr-404	163	16	its	its	PRON
afbr-404	163	17	analysis	analysis	NOUN
afbr-404	163	18	.	.	PUNCT
afbr-404	164	1	instead	instead	ADV
afbr-404	164	2	,	,	PUNCT
afbr-404	164	3	he	he	PRON
afbr-404	164	4	used	use	VERB
afbr-404	164	5	retained	retain	VERB
afbr-404	164	6	earnings	earning	NOUN
afbr-404	164	7	.	.	PUNCT
afbr-404	165	1	the	the	DET
afbr-404	165	2	results	result	NOUN
afbr-404	165	3	showed	show	VERB
afbr-404	165	4	that	that	PRON
afbr-404	165	5	dividend	dividend	NOUN
afbr-404	165	6	and	and	CCONJ
afbr-404	165	7	retained	retain	VERB
afbr-404	165	8	earnings	earning	NOUN
afbr-404	165	9	were	be	AUX
afbr-404	165	10	not	not	PART
afbr-404	165	11	a	a	DET
afbr-404	165	12	statistically	statistically	ADV
afbr-404	165	13	significant	significant	ADJ
afbr-404	165	14	determinant	determinant	ADJ
afbr-404	165	15	of	of	ADP
afbr-404	165	16	share	share	NOUN
afbr-404	165	17	price	price	NOUN
afbr-404	165	18	.	.	PUNCT
afbr-404	166	1	the	the	DET
afbr-404	166	2	study	study	NOUN
afbr-404	166	3	's	's	PART
afbr-404	166	4	conclusion	conclusion	NOUN
afbr-404	166	5	that	that	SCONJ
afbr-404	166	6	the	the	DET
afbr-404	166	7	results	result	NOUN
afbr-404	166	8	are	be	AUX
afbr-404	166	9	in	in	ADP
afbr-404	166	10	line	line	NOUN
afbr-404	166	11	with	with	ADP
afbr-404	166	12	previous	previous	ADJ
afbr-404	166	13	research	research	NOUN
afbr-404	166	14	stating	state	VERB
afbr-404	166	15	that	that	SCONJ
afbr-404	166	16	dividend	dividend	NOUN
afbr-404	166	17	policy	policy	NOUN
afbr-404	166	18	is	be	AUX
afbr-404	166	19	irrelevant	irrelevant	ADJ
afbr-404	166	20	in	in	ADP
afbr-404	166	21	determining	determine	VERB
afbr-404	166	22	the	the	DET
afbr-404	166	23	value	value	NOUN
afbr-404	166	24	of	of	ADP
afbr-404	166	25	the	the	DET
afbr-404	166	26	company	company	NOUN
afbr-404	166	27	is	be	AUX
afbr-404	166	28	therefore	therefore	ADV
afbr-404	166	29	highly	highly	ADV
afbr-404	166	30	dubious	dubious	ADJ
afbr-404	166	31	and	and	CCONJ
afbr-404	166	32	invalid	invalid	ADJ
afbr-404	166	33	.	.	PUNCT
afbr-404	167	1	udobi	udobi	PROPN
afbr-404	167	2	,	,	PUNCT
afbr-404	167	3	iyiegbuniwe	iyiegbuniwe	NOUN
afbr-404	167	4	&	&	CCONJ
afbr-404	167	5	ezike	ezike	ADJ
afbr-404	167	6	(	(	PUNCT
afbr-404	167	7	2018	2018	NUM
afbr-404	167	8	)	)	PUNCT
afbr-404	167	9	"	"	PUNCT
afbr-404	167	10	examined	examine	VERB
afbr-404	167	11	the	the	DET
afbr-404	167	12	impact	impact	NOUN
afbr-404	167	13	of	of	ADP
afbr-404	167	14	current	current	ADJ
afbr-404	167	15	dividend	dividend	NOUN
afbr-404	167	16	on	on	ADP
afbr-404	167	17	market	market	NOUN
afbr-404	167	18	shares	share	NOUN
afbr-404	167	19	prices	price	NOUN
afbr-404	167	20	of	of	ADP
afbr-404	167	21	the	the	DET
afbr-404	167	22	nigerian	nigerian	ADJ
afbr-404	167	23	stock	stock	NOUN
afbr-404	167	24	exchange	exchange	PROPN
afbr-404	167	25	.	.	PUNCT
afbr-404	168	1	the	the	DET
afbr-404	168	2	study	study	NOUN
afbr-404	168	3	analyzed	analyze	VERB
afbr-404	168	4	fifteen	fifteen	NUM
afbr-404	168	5	years	year	NOUN
afbr-404	168	6	(	(	PUNCT
afbr-404	168	7	15	15	NUM
afbr-404	168	8	)	)	PUNCT
afbr-404	168	9	secondary	secondary	ADJ
afbr-404	168	10	data	datum	NOUN
afbr-404	168	11	of	of	ADP
afbr-404	168	12	nse	nse	NOUN
afbr-404	168	13	quoted	quote	VERB
afbr-404	168	14	firms	firm	NOUN
afbr-404	168	15	with	with	ADP
afbr-404	168	16	mediation	mediation	NOUN
afbr-404	168	17	analysis	analysis	NOUN
afbr-404	168	18	.	.	PUNCT
afbr-404	169	1	stock	stock	NOUN
afbr-404	169	2	prices	price	NOUN
afbr-404	169	3	is	be	AUX
afbr-404	169	4	the	the	DET
afbr-404	169	5	dependent	dependent	ADJ
afbr-404	169	6	variable	variable	NOUN
afbr-404	169	7	while	while	SCONJ
afbr-404	169	8	current	current	ADJ
afbr-404	169	9	dividend	dividend	NOUN
afbr-404	169	10	,	,	PUNCT
afbr-404	169	11	current	current	ADJ
afbr-404	169	12	earnings	earning	NOUN
afbr-404	169	13	,	,	PUNCT
afbr-404	169	14	asset	asset	NOUN
afbr-404	169	15	-	-	PUNCT
afbr-404	169	16	growth	growth	NOUN
afbr-404	169	17	,	,	PUNCT
afbr-404	169	18	sales	sale	NOUN
afbr-404	169	19	-	-	PUNCT
afbr-404	169	20	growth	growth	NOUN
afbr-404	169	21	,	,	PUNCT
afbr-404	169	22	insider	insider	NOUN
afbr-404	169	23	-	-	PUNCT
afbr-404	169	24	shareholding	shareholding	NOUN
afbr-404	169	25	and	and	CCONJ
afbr-404	169	26	leverage	leverage	NOUN
afbr-404	169	27	are	be	AUX
afbr-404	169	28	the	the	DET
afbr-404	169	29	independent	independent	ADJ
afbr-404	169	30	variables	variable	NOUN
afbr-404	169	31	.	.	PUNCT
afbr-404	170	1	the	the	DET
afbr-404	170	2	findings	finding	NOUN
afbr-404	170	3	indicate	indicate	VERB
afbr-404	170	4	that	that	SCONJ
afbr-404	170	5	current	current	ADJ
afbr-404	170	6	dividend	dividend	NOUN
afbr-404	170	7	has	have	VERB
afbr-404	170	8	a	a	DET
afbr-404	170	9	direct	direct	ADJ
afbr-404	170	10	(	(	PUNCT
afbr-404	170	11	unique	unique	ADJ
afbr-404	170	12	)	)	PUNCT
afbr-404	170	13	effect	effect	NOUN
afbr-404	170	14	on	on	ADP
afbr-404	170	15	share	share	NOUN
afbr-404	170	16	price	price	NOUN
afbr-404	170	17	,	,	PUNCT
afbr-404	170	18	and	and	CCONJ
afbr-404	170	19	at	at	ADP
afbr-404	170	20	the	the	DET
afbr-404	170	21	same	same	ADJ
afbr-404	170	22	time	time	NOUN
afbr-404	170	23	has	have	VERB
afbr-404	170	24	indirect	indirect	ADJ
afbr-404	170	25	effect	effect	NOUN
afbr-404	170	26	on	on	ADP
afbr-404	170	27	share	share	NOUN
afbr-404	170	28	price	price	NOUN
afbr-404	170	29	through	through	ADP
afbr-404	170	30	current	current	ADJ
afbr-404	170	31	earnings	earning	NOUN
afbr-404	170	32	.	.	PUNCT
afbr-404	171	1	it	it	PRON
afbr-404	171	2	concluded	conclude	VERB
afbr-404	171	3	that	that	SCONJ
afbr-404	171	4	current	current	ADJ
afbr-404	171	5	earnings	earning	NOUN
afbr-404	171	6	partially	partially	ADV
afbr-404	171	7	mediate	mediate	VERB
afbr-404	171	8	the	the	DET
afbr-404	171	9	effect	effect	NOUN
afbr-404	171	10	of	of	ADP
afbr-404	171	11	current	current	ADJ
afbr-404	171	12	dividend	dividend	NOUN
afbr-404	171	13	on	on	ADP
afbr-404	171	14	quoted	quote	VERB
afbr-404	171	15	nigerian	nigerian	ADJ
afbr-404	171	16	firms	firm	NOUN
afbr-404	171	17	.	.	PUNCT
afbr-404	171	18	"	"	PUNCT
afbr-404	172	1	miller	miller	PROPN
afbr-404	172	2	and	and	CCONJ
afbr-404	172	3	modigliani	modigliani	PROPN
afbr-404	172	4	(	(	PUNCT
afbr-404	172	5	1961	1961	NUM
afbr-404	172	6	)	)	PUNCT
afbr-404	172	7	(	(	PUNCT
afbr-404	172	8	m&m	m&m	NOUN
afbr-404	172	9	)	)	PUNCT
afbr-404	172	10	investigate	investigate	VERB
afbr-404	172	11	various	various	ADJ
afbr-404	172	12	issues	issue	NOUN
afbr-404	172	13	related	relate	VERB
afbr-404	172	14	to	to	PART
afbr-404	172	15	dividend	dividend	VERB
afbr-404	172	16	policy	policy	NOUN
afbr-404	172	17	.	.	PUNCT
afbr-404	173	1	they	they	PRON
afbr-404	173	2	use	use	VERB
afbr-404	173	3	a	a	DET
afbr-404	173	4	multi	multi	ADJ
afbr-404	173	5	-	-	ADJ
afbr-404	173	6	period	period	NOUN
afbr-404	173	7	valuation	valuation	NOUN
afbr-404	173	8	formula	formula	NOUN
afbr-404	173	9	to	to	PART
afbr-404	173	10	show	show	VERB
afbr-404	173	11	the	the	DET
afbr-404	173	12	irrelevance	irrelevance	NOUN
afbr-404	173	13	of	of	ADP
afbr-404	173	14	dividend	dividend	NOUN
afbr-404	173	15	policy	policy	NOUN
afbr-404	173	16	to	to	ADP
afbr-404	173	17	shareholders	shareholder	NOUN
afbr-404	173	18	in	in	ADP
afbr-404	173	19	a	a	DET
afbr-404	173	20	tax	tax	NOUN
afbr-404	173	21	-	-	PUNCT
afbr-404	173	22	free	free	ADJ
afbr-404	173	23	world	world	NOUN
afbr-404	173	24	.	.	PUNCT
afbr-404	174	1	in	in	ADP
afbr-404	174	2	addition	addition	NOUN
afbr-404	174	3	,	,	PUNCT
afbr-404	174	4	m&m	m&m	PROPN
afbr-404	174	5	derives	derive	VERB
afbr-404	174	6	a	a	DET
afbr-404	174	7	company	company	NOUN
afbr-404	174	8	valuation	valuation	NOUN
afbr-404	174	9	equation	equation	NOUN
afbr-404	174	10	that	that	PRON
afbr-404	174	11	explicitly	explicitly	ADV
afbr-404	174	12	includes	include	VERB
afbr-404	174	13	the	the	DET
afbr-404	174	14	existence	existence	NOUN
afbr-404	174	15	of	of	ADP
afbr-404	174	16	favorable	favorable	ADJ
afbr-404	174	17	opportunities	opportunity	NOUN
afbr-404	174	18	for	for	ADP
afbr-404	174	19	the	the	DET
afbr-404	174	20	company	company	NOUN
afbr-404	174	21	(	(	PUNCT
afbr-404	174	22	those	those	PRON
afbr-404	174	23	that	that	PRON
afbr-404	174	24	earn	earn	VERB
afbr-404	174	25	more	more	ADJ
afbr-404	174	26	than	than	ADP
afbr-404	174	27	the	the	DET
afbr-404	174	28	cost	cost	NOUN
afbr-404	174	29	of	of	ADP
afbr-404	174	30	capital	capital	NOUN
afbr-404	174	31	)	)	PUNCT
afbr-404	174	32	and	and	CCONJ
afbr-404	174	33	associates	associate	VERB
afbr-404	174	34	this	this	DET
afbr-404	174	35	growth	growth	NOUN
afbr-404	174	36	component	component	NOUN
afbr-404	174	37	with	with	ADP
afbr-404	174	38	the	the	DET
afbr-404	174	39	definition	definition	NOUN
afbr-404	174	40	of	of	ADP
afbr-404	174	41	a	a	DET
afbr-404	174	42	commonly	commonly	ADV
afbr-404	174	43	used	use	VERB
afbr-404	174	44	growth	growth	NOUN
afbr-404	174	45	company	company	NOUN
afbr-404	174	46	.	.	PUNCT
afbr-404	175	1	m&m	m&m	PROPN
afbr-404	175	2	also	also	ADV
afbr-404	175	3	analyzes	analyze	VERB
afbr-404	175	4	the	the	DET
afbr-404	175	5	relationship	relationship	NOUN
afbr-404	175	6	between	between	ADP
afbr-404	175	7	stock	stock	NOUN
afbr-404	175	8	price	price	NOUN
afbr-404	175	9	increases	increase	NOUN
afbr-404	175	10	,	,	PUNCT
afbr-404	175	11	earnings	earning	NOUN
afbr-404	175	12	per	per	ADP
afbr-404	175	13	share	share	NOUN
afbr-404	175	14	and	and	CCONJ
afbr-404	175	15	dividends	dividend	NOUN
afbr-404	175	16	paid	pay	VERB
afbr-404	175	17	per	per	ADP
afbr-404	175	18	share	share	NOUN
afbr-404	175	19	on	on	ADP
afbr-404	175	20	the	the	DET
afbr-404	175	21	amount	amount	NOUN
afbr-404	175	22	of	of	ADP
afbr-404	175	23	foreign	foreign	ADJ
afbr-404	175	24	and	and	CCONJ
afbr-404	175	25	domestic	domestic	ADJ
afbr-404	175	26	financing	financing	NOUN
afbr-404	175	27	,	,	PUNCT
afbr-404	175	28	and	and	CCONJ
afbr-404	175	29	uses	use	VERB
afbr-404	175	30	the	the	DET
afbr-404	175	31	term	term	NOUN
afbr-404	175	32	"	"	PUNCT
afbr-404	175	33	informative	informative	ADJ
afbr-404	175	34	content	content	NOUN
afbr-404	175	35	"	"	PUNCT
afbr-404	175	36	of	of	ADP
afbr-404	175	37	dividends	dividend	NOUN
afbr-404	175	38	.	.	PUNCT
afbr-404	176	1	in	in	ADP
afbr-404	176	2	addition	addition	NOUN
afbr-404	176	3	,	,	PUNCT
afbr-404	176	4	m&m	m&m	PROPN
afbr-404	176	5	claims	claim	VERB
afbr-404	176	6	the	the	DET
afbr-404	176	7	concept	concept	NOUN
afbr-404	176	8	of	of	ADP
afbr-404	176	9	customer	customer	NOUN
afbr-404	176	10	effect	effect	NOUN
afbr-404	176	11	,	,	PUNCT
afbr-404	176	12	stating	state	VERB
afbr-404	176	13	that	that	SCONJ
afbr-404	176	14	each	each	DET
afbr-404	176	15	company	company	NOUN
afbr-404	176	16	tends	tend	VERB
afbr-404	176	17	to	to	PART
afbr-404	176	18	attract	attract	VERB
afbr-404	176	19	a	a	DET
afbr-404	176	20	group	group	NOUN
afbr-404	176	21	of	of	ADP
afbr-404	176	22	shareholders	shareholder	NOUN
afbr-404	176	23	who	who	PRON
afbr-404	176	24	prefer	prefer	VERB
afbr-404	176	25	a	a	DET
afbr-404	176	26	particular	particular	ADJ
afbr-404	176	27	corporate	corporate	ADJ
afbr-404	176	28	payment	payment	NOUN
afbr-404	176	29	relationship	relationship	NOUN
afbr-404	176	30	.	.	PUNCT
afbr-404	177	1	lee	lee	PROPN
afbr-404	177	2	(	(	PUNCT
afbr-404	177	3	1976	1976	NUM
afbr-404	177	4	)	)	PUNCT
afbr-404	177	5	"	"	PUNCT
afbr-404	177	6	reviewed	review	VERB
afbr-404	177	7	the	the	DET
afbr-404	177	8	results	result	NOUN
afbr-404	177	9	obtained	obtain	VERB
afbr-404	177	10	by	by	ADP
afbr-404	177	11	gordon	gordon	PROPN
afbr-404	177	12	(	(	PUNCT
afbr-404	177	13	1959	1959	NUM
afbr-404	177	14	)	)	PUNCT
afbr-404	177	15	and	and	CCONJ
afbr-404	177	16	friend	friend	NOUN
afbr-404	177	17	and	and	CCONJ
afbr-404	177	18	pucket	pucket	NOUN
afbr-404	177	19	(	(	PUNCT
afbr-404	177	20	1964	1964	NUM
afbr-404	177	21	)	)	PUNCT
afbr-404	177	22	and	and	CCONJ
afbr-404	177	23	made	make	VERB
afbr-404	177	24	his	his	PRON
afbr-404	177	25	crosssectional	crosssectional	ADJ
afbr-404	177	26	model	model	NOUN
afbr-404	177	27	general	general	PROPN
afbr-404	177	28	,	,	PUNCT
afbr-404	177	29	using	use	VERB
afbr-404	177	30	the	the	DET
afbr-404	177	31	general	general	ADJ
afbr-404	177	32	functional	functional	ADJ
afbr-404	177	33	form	form	NOUN
afbr-404	177	34	specification	specification	NOUN
afbr-404	177	35	(	(	PUNCT
afbr-404	177	36	gff	gff	PROPN
afbr-404	177	37	)	)	PUNCT
afbr-404	177	38	for	for	ADP
afbr-404	177	39	the	the	DET
afbr-404	177	40	model	model	NOUN
afbr-404	177	41	.	.	PUNCT
afbr-404	178	1	gff	gff	PROPN
afbr-404	178	2	models	model	NOUN
afbr-404	178	3	use	use	VERB
afbr-404	178	4	data	datum	NOUN
afbr-404	178	5	to	to	PART
afbr-404	178	6	specify	specify	VERB
afbr-404	178	7	a	a	DET
afbr-404	178	8	specific	specific	ADJ
afbr-404	178	9	ecological	ecological	ADJ
afbr-404	178	10	way	way	NOUN
afbr-404	178	11	of	of	ADP
afbr-404	178	12	studying	study	VERB
afbr-404	178	13	the	the	DET
afbr-404	178	14	impact	impact	NOUN
afbr-404	178	15	of	of	ADP
afbr-404	178	16	dividend	dividend	NOUN
afbr-404	178	17	yields	yield	NOUN
afbr-404	178	18	on	on	ADP
afbr-404	178	19	stock	stock	NOUN
afbr-404	178	20	prices	price	NOUN
afbr-404	178	21	.	.	PUNCT
afbr-404	179	1	lee	lee	PROPN
afbr-404	179	2	shows	show	VERB
afbr-404	179	3	that	that	SCONJ
afbr-404	179	4	the	the	DET
afbr-404	179	5	choice	choice	NOUN
afbr-404	179	6	of	of	ADP
afbr-404	179	7	the	the	DET
afbr-404	179	8	particular	particular	ADJ
afbr-404	179	9	ecological	ecological	ADJ
afbr-404	179	10	form	form	NOUN
afbr-404	179	11	used	use	VERB
afbr-404	179	12	in	in	ADP
afbr-404	179	13	the	the	DET
afbr-404	179	14	statistical	statistical	ADJ
afbr-404	179	15	test	test	NOUN
afbr-404	179	16	significantly	significantly	ADV
afbr-404	179	17	influences	influence	VERB
afbr-404	179	18	the	the	DET
afbr-404	179	19	empirical	empirical	ADJ
afbr-404	179	20	results	result	NOUN
afbr-404	179	21	.	.	PUNCT
afbr-404	180	1	it	it	PRON
afbr-404	180	2	submits	submit	VERB
afbr-404	180	3	that	that	SCONJ
afbr-404	180	4	the	the	DET
afbr-404	180	5	most	most	ADV
afbr-404	180	6	accurate	accurate	ADJ
afbr-404	180	7	functional	functional	ADJ
afbr-404	180	8	form	form	NOUN
afbr-404	180	9	of	of	ADP
afbr-404	180	10	dividend	dividend	NOUN
afbr-404	180	11	effects	effect	NOUN
afbr-404	180	12	tests	test	NOUN
afbr-404	180	13	is	be	AUX
afbr-404	180	14	the	the	DET
afbr-404	180	15	non	non	ADJ
afbr-404	180	16	-	-	ADJ
afbr-404	180	17	linear	linear	ADJ
afbr-404	180	18	form	form	NOUN
afbr-404	180	19	and	and	CCONJ
afbr-404	180	20	that	that	SCONJ
afbr-404	180	21	the	the	DET
afbr-404	180	22	effect	effect	NOUN
afbr-404	180	23	of	of	ADP
afbr-404	180	24	the	the	DET
afbr-404	180	25	dividend	dividend	NOUN
afbr-404	180	26	on	on	ADP
afbr-404	180	27	stock	stock	NOUN
afbr-404	180	28	returns	return	NOUN
afbr-404	180	29	does	do	AUX
afbr-404	180	30	not	not	PART
afbr-404	180	31	differ	differ	VERB
afbr-404	180	32	significantly	significantly	ADV
afbr-404	180	33	from	from	ADP
afbr-404	180	34	the	the	DET
afbr-404	180	35	effect	effect	NOUN
afbr-404	180	36	of	of	ADP
afbr-404	180	37	retained	retain	VERB
afbr-404	180	38	earnings	earning	NOUN
afbr-404	180	39	.	.	PUNCT
afbr-404	180	40	"	"	PUNCT
afbr-404	181	1	black	black	ADJ
afbr-404	181	2	(	(	PUNCT
afbr-404	181	3	1976	1976	NUM
afbr-404	181	4	)	)	PUNCT
afbr-404	181	5	"	"	PUNCT
afbr-404	181	6	examines	examine	VERB
afbr-404	181	7	the	the	DET
afbr-404	181	8	contradiction	contradiction	NOUN
afbr-404	181	9	between	between	ADP
afbr-404	181	10	dividend	dividend	NOUN
afbr-404	181	11	convenience	convenience	NOUN
afbr-404	181	12	theories	theory	NOUN
afbr-404	181	13	and	and	CCONJ
afbr-404	181	14	the	the	DET
afbr-404	181	15	actual	actual	ADJ
afbr-404	181	16	practices	practice	NOUN
afbr-404	181	17	of	of	ADP
afbr-404	181	18	companies	company	NOUN
afbr-404	181	19	and	and	CCONJ
afbr-404	181	20	investors	investor	NOUN
afbr-404	181	21	.	.	PUNCT
afbr-404	182	1	theories	theory	NOUN
afbr-404	182	2	developed	develop	VERB
afbr-404	182	3	by	by	ADP
afbr-404	182	4	m&m	m&m	NOUN
afbr-404	182	5	use	use	VERB
afbr-404	182	6	restrictive	restrictive	ADJ
afbr-404	182	7	assumptions	assumption	NOUN
afbr-404	182	8	(	(	PUNCT
afbr-404	182	9	such	such	ADJ
afbr-404	182	10	as	as	ADP
afbr-404	182	11	tax	tax	NOUN
afbr-404	182	12	assumptions	assumption	NOUN
afbr-404	182	13	or	or	CCONJ
afbr-404	182	14	different	different	ADJ
afbr-404	182	15	tax	tax	NOUN
afbr-404	182	16	treatment	treatment	NOUN
afbr-404	182	17	of	of	ADP
afbr-404	182	18	dividends	dividend	NOUN
afbr-404	182	19	and	and	CCONJ
afbr-404	182	20	capital	capital	NOUN
afbr-404	182	21	gains	gain	NOUN
afbr-404	182	22	)	)	PUNCT
afbr-404	182	23	to	to	PART
afbr-404	182	24	analytically	analytically	ADV
afbr-404	182	25	show	show	VERB
afbr-404	182	26	that	that	SCONJ
afbr-404	182	27	dividend	dividend	NOUN
afbr-404	182	28	policy	policy	NOUN
afbr-404	182	29	is	be	AUX
afbr-404	182	30	irrelevant	irrelevant	ADJ
afbr-404	182	31	.	.	PUNCT
afbr-404	183	1	however	however	ADV
afbr-404	183	2	,	,	PUNCT
afbr-404	183	3	almost	almost	ADV
afbr-404	183	4	all	all	PRON
afbr-404	183	5	successful	successful	ADJ
afbr-404	183	6	companies	company	NOUN
afbr-404	183	7	pay	pay	VERB
afbr-404	183	8	dividends	dividend	NOUN
afbr-404	183	9	and	and	CCONJ
afbr-404	183	10	dividend	dividend	NOUN
afbr-404	183	11	policy	policy	NOUN
afbr-404	183	12	is	be	AUX
afbr-404	183	13	a	a	DET
afbr-404	183	14	major	major	ADJ
afbr-404	183	15	concern	concern	NOUN
afbr-404	183	16	for	for	ADP
afbr-404	183	17	financial	financial	ADJ
afbr-404	183	18	executives	executive	NOUN
afbr-404	183	19	.	.	PUNCT
afbr-404	183	20	"	"	PUNCT
afbr-404	184	1	black	black	ADJ
afbr-404	184	2	(	(	PUNCT
afbr-404	184	3	1976	1976	NUM
afbr-404	184	4	)	)	PUNCT
afbr-404	184	5	continues	continue	VERB
afbr-404	184	6	to	to	PART
afbr-404	184	7	study	study	VERB
afbr-404	184	8	the	the	DET
afbr-404	184	9	theoretically	theoretically	ADV
afbr-404	184	10	derived	derive	VERB
afbr-404	184	11	effects	effect	NOUN
afbr-404	184	12	of	of	ADP
afbr-404	184	13	taxes	taxis	NOUN
afbr-404	184	14	(	(	PUNCT
afbr-404	184	15	in	in	ADP
afbr-404	184	16	which	which	PRON
afbr-404	184	17	companies	company	NOUN
afbr-404	184	18	pay	pay	VERB
afbr-404	184	19	little	little	ADJ
afbr-404	184	20	or	or	CCONJ
afbr-404	184	21	no	no	PRON
afbr-404	184	22	dividends	dividend	NOUN
afbr-404	184	23	)	)	PUNCT
afbr-404	184	24	and	and	CCONJ
afbr-404	184	25	the	the	DET
afbr-404	184	26	informative	informative	ADJ
afbr-404	184	27	effects	effect	NOUN
afbr-404	184	28	of	of	ADP
afbr-404	184	29	dividends	dividend	NOUN
afbr-404	184	30	(	(	PUNCT
afbr-404	184	31	an	an	DET
afbr-404	184	32	unexpected	unexpected	ADJ
afbr-404	184	33	increase	increase	NOUN
afbr-404	184	34	in	in	ADP
afbr-404	184	35	dividends	dividend	NOUN
afbr-404	184	36	may	may	AUX
afbr-404	184	37	indicate	indicate	VERB
afbr-404	184	38	a	a	DET
afbr-404	184	39	better	well	ADJ
afbr-404	184	40	future	future	NOUN
afbr-404	184	41	for	for	ADP
afbr-404	184	42	the	the	DET
afbr-404	184	43	copyright	copyright	NOUN
afbr-404	184	44	©	©	PROPN
afbr-404	184	45	cc	cc	PROPN
afbr-404	184	46	-	-	PUNCT
afbr-404	184	47	by	by	ADP
afbr-404	184	48	-	-	PUNCT
afbr-404	184	49	nc	nc	PROPN
afbr-404	184	50	2019	2019	NUM
afbr-404	184	51	,	,	PUNCT
afbr-404	184	52	cribfb	cribfb	PROPN
afbr-404	184	53	|	|	ADV
afbr-404	184	54	afbr	afbr	PROPN
afbr-404	184	55	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	184	56	australian	australian	ADJ
afbr-404	184	57	finance	finance	PROPN
afbr-404	184	58	&	&	CCONJ
afbr-404	184	59	banking	banking	PROPN
afbr-404	184	60	review	review	PROPN
afbr-404	184	61	vol	vol	NOUN
afbr-404	184	62	.	.	PROPN
afbr-404	185	1	3	3	NUM
afbr-404	185	2	,	,	PUNCT
afbr-404	185	3	no	no	INTJ
afbr-404	185	4	.	.	NOUN
afbr-404	185	5	2	2	NUM
afbr-404	185	6	;	;	PUNCT
afbr-404	185	7	2019	2019	NUM
afbr-404	185	8	23	23	NUM
afbr-404	185	9	company	company	NOUN
afbr-404	185	10	)	)	PUNCT
afbr-404	185	11	.	.	PUNCT
afbr-404	186	1	then	then	ADV
afbr-404	186	2	,	,	PUNCT
afbr-404	186	3	consider	consider	VERB
afbr-404	186	4	the	the	DET
afbr-404	186	5	different	different	ADJ
afbr-404	186	6	dividend	dividend	NOUN
afbr-404	186	7	preferences	preference	NOUN
afbr-404	186	8	of	of	ADP
afbr-404	186	9	shareholders	shareholder	NOUN
afbr-404	186	10	over	over	ADP
afbr-404	186	11	bondholders	bondholder	NOUN
afbr-404	186	12	(	(	PUNCT
afbr-404	186	13	bondholders	bondholder	NOUN
afbr-404	186	14	should	should	AUX
afbr-404	186	15	prefer	prefer	VERB
afbr-404	186	16	lower	low	ADJ
afbr-404	186	17	dividends	dividend	NOUN
afbr-404	186	18	because	because	SCONJ
afbr-404	186	19	dividend	dividend	NOUN
afbr-404	186	20	payments	payment	NOUN
afbr-404	186	21	mean	mean	VERB
afbr-404	186	22	they	they	PRON
afbr-404	186	23	are	be	AUX
afbr-404	186	24	less	less	ADV
afbr-404	186	25	active	active	ADJ
afbr-404	186	26	in	in	ADP
afbr-404	186	27	the	the	DET
afbr-404	186	28	event	event	NOUN
afbr-404	186	29	of	of	ADP
afbr-404	186	30	bankruptcy	bankruptcy	NOUN
afbr-404	186	31	)	)	PUNCT
afbr-404	186	32	.	.	PUNCT
afbr-404	187	1	but	but	CCONJ
afbr-404	187	2	black	black	ADJ
afbr-404	187	3	goes	go	VERB
afbr-404	187	4	on	on	ADP
afbr-404	187	5	to	to	PART
afbr-404	187	6	say	say	VERB
afbr-404	187	7	that	that	SCONJ
afbr-404	187	8	shareholders	shareholder	NOUN
afbr-404	187	9	may	may	AUX
afbr-404	187	10	also	also	ADV
afbr-404	187	11	prefer	prefer	VERB
afbr-404	187	12	lower	low	ADJ
afbr-404	187	13	dividends	dividend	NOUN
afbr-404	187	14	if	if	SCONJ
afbr-404	187	15	they	they	PRON
afbr-404	187	16	result	result	VERB
afbr-404	187	17	in	in	ADP
afbr-404	187	18	lower	low	ADJ
afbr-404	187	19	investment	investment	NOUN
afbr-404	187	20	fund	fund	NOUN
afbr-404	187	21	raising	raise	VERB
afbr-404	187	22	costs	cost	NOUN
afbr-404	187	23	.	.	PUNCT
afbr-404	188	1	irrational	irrational	ADJ
afbr-404	188	2	beliefs	belief	NOUN
afbr-404	188	3	can	can	AUX
afbr-404	188	4	play	play	VERB
afbr-404	188	5	a	a	DET
afbr-404	188	6	role	role	NOUN
afbr-404	188	7	in	in	ADP
afbr-404	188	8	claiming	claim	VERB
afbr-404	188	9	an	an	DET
afbr-404	188	10	investor	investor	NOUN
afbr-404	188	11	's	's	PART
afbr-404	188	12	dividend	dividend	NOUN
afbr-404	188	13	.	.	PUNCT
afbr-404	189	1	in	in	ADP
afbr-404	189	2	addition	addition	NOUN
afbr-404	189	3	,	,	PUNCT
afbr-404	189	4	the	the	DET
afbr-404	189	5	impact	impact	NOUN
afbr-404	189	6	of	of	ADP
afbr-404	189	7	owning	own	VERB
afbr-404	189	8	high	high	ADJ
afbr-404	189	9	or	or	CCONJ
afbr-404	189	10	low	low	ADJ
afbr-404	189	11	dividend	dividend	NOUN
afbr-404	189	12	shares	share	NOUN
afbr-404	189	13	on	on	ADP
afbr-404	189	14	the	the	DET
afbr-404	189	15	portfolio	portfolio	NOUN
afbr-404	189	16	is	be	AUX
afbr-404	189	17	simply	simply	ADV
afbr-404	189	18	unknown	unknown	ADJ
afbr-404	189	19	.	.	PUNCT
afbr-404	190	1	black	black	ADJ
afbr-404	190	2	concludes	conclude	VERB
afbr-404	190	3	that	that	SCONJ
afbr-404	190	4	we	we	PRON
afbr-404	190	5	can	can	AUX
afbr-404	190	6	not	not	PART
afbr-404	190	7	currently	currently	ADV
afbr-404	190	8	prove	prove	VERB
afbr-404	190	9	that	that	SCONJ
afbr-404	190	10	dividends	dividend	NOUN
afbr-404	190	11	matter	matter	VERB
afbr-404	190	12	,	,	PUNCT
afbr-404	190	13	but	but	CCONJ
afbr-404	190	14	we	we	PRON
afbr-404	190	15	are	be	AUX
afbr-404	190	16	not	not	PART
afbr-404	190	17	prepared	prepared	ADJ
afbr-404	190	18	to	to	PART
afbr-404	190	19	say	say	VERB
afbr-404	190	20	that	that	SCONJ
afbr-404	190	21	dividends	dividend	NOUN
afbr-404	190	22	are	be	AUX
afbr-404	190	23	certainly	certainly	ADV
afbr-404	190	24	not	not	PART
afbr-404	190	25	important	important	ADJ
afbr-404	190	26	.	.	PUNCT
afbr-404	191	1	joannos	joanno	NOUN
afbr-404	191	2	and	and	CCONJ
afbr-404	191	3	filippas	filippa	NOUN
afbr-404	191	4	(	(	PUNCT
afbr-404	191	5	1997	1997	NUM
afbr-404	191	6	)	)	PUNCT
afbr-404	191	7	evaluated	evaluate	VERB
afbr-404	191	8	the	the	DET
afbr-404	191	9	dividend	dividend	NOUN
afbr-404	191	10	payment	payment	NOUN
afbr-404	191	11	practices	practice	NOUN
afbr-404	191	12	of	of	ADP
afbr-404	191	13	34	34	NUM
afbr-404	191	14	companies	company	NOUN
afbr-404	191	15	listed	list	VERB
afbr-404	191	16	on	on	ADP
afbr-404	191	17	the	the	DET
afbr-404	191	18	athens	athens	PROPN
afbr-404	191	19	stock	stock	PROPN
afbr-404	191	20	exchange	exchange	NOUN
afbr-404	191	21	between	between	ADP
afbr-404	191	22	1972	1972	NUM
afbr-404	191	23	and	and	CCONJ
afbr-404	191	24	1988	1988	NUM
afbr-404	191	25	and	and	CCONJ
afbr-404	191	26	found	find	VERB
afbr-404	191	27	that	that	SCONJ
afbr-404	191	28	the	the	DET
afbr-404	191	29	greek	greek	ADJ
afbr-404	191	30	corporate	corporate	ADJ
afbr-404	191	31	dividend	dividend	NOUN
afbr-404	191	32	policy	policy	NOUN
afbr-404	191	33	reflected	reflect	VERB
afbr-404	191	34	the	the	DET
afbr-404	191	35	lintner	lintner	NOUN
afbr-404	191	36	model	model	NOUN
afbr-404	191	37	.	.	PUNCT
afbr-404	192	1	current	current	ADJ
afbr-404	192	2	income	income	NOUN
afbr-404	192	3	dividend	dividend	NOUN
afbr-404	192	4	formation	formation	NOUN
afbr-404	192	5	is	be	AUX
afbr-404	192	6	the	the	DET
afbr-404	192	7	most	most	ADV
afbr-404	192	8	related	related	ADJ
afbr-404	192	9	and	and	CCONJ
afbr-404	192	10	important	important	ADJ
afbr-404	192	11	variable	variable	NOUN
afbr-404	192	12	that	that	PRON
afbr-404	192	13	causes	cause	VERB
afbr-404	192	14	a	a	DET
afbr-404	192	15	change	change	NOUN
afbr-404	192	16	in	in	ADP
afbr-404	192	17	dividends	dividend	NOUN
afbr-404	192	18	,	,	PUNCT
afbr-404	192	19	while	while	SCONJ
afbr-404	192	20	corporate	corporate	ADJ
afbr-404	192	21	dividend	dividend	NOUN
afbr-404	192	22	payment	payment	NOUN
afbr-404	192	23	practices	practice	NOUN
afbr-404	192	24	and	and	CCONJ
afbr-404	192	25	policies	policy	NOUN
afbr-404	192	26	are	be	AUX
afbr-404	192	27	also	also	ADV
afbr-404	192	28	affected	affect	VERB
afbr-404	192	29	by	by	ADP
afbr-404	192	30	the	the	DET
afbr-404	192	31	previous	previous	ADJ
afbr-404	192	32	dividend	dividend	NOUN
afbr-404	192	33	payment	payment	NOUN
afbr-404	192	34	period	period	NOUN
afbr-404	192	35	.	.	PUNCT
afbr-404	193	1	vasiliou	vasiliou	NOUN
afbr-404	193	2	and	and	CCONJ
afbr-404	193	3	eriotis	eriotis	PROPN
afbr-404	193	4	(	(	PUNCT
afbr-404	193	5	2003	2003	NUM
afbr-404	193	6	)	)	PUNCT
afbr-404	193	7	tested	test	VERB
afbr-404	193	8	the	the	DET
afbr-404	193	9	lintner	lintner	NOUN
afbr-404	193	10	model	model	NOUN
afbr-404	193	11	and	and	CCONJ
afbr-404	193	12	concluded	conclude	VERB
afbr-404	193	13	that	that	SCONJ
afbr-404	193	14	there	there	PRON
afbr-404	193	15	are	be	VERB
afbr-404	193	16	two	two	NUM
afbr-404	193	17	ways	way	NOUN
afbr-404	193	18	to	to	PART
afbr-404	193	19	improve	improve	VERB
afbr-404	193	20	the	the	DET
afbr-404	193	21	original	original	ADJ
afbr-404	193	22	model	model	NOUN
afbr-404	193	23	;	;	PUNCT
afbr-404	193	24	for	for	ADP
afbr-404	193	25	the	the	DET
afbr-404	193	26	purpose	purpose	NOUN
afbr-404	193	27	of	of	ADP
afbr-404	193	28	treating	treat	VERB
afbr-404	193	29	the	the	DET
afbr-404	193	30	change	change	NOUN
afbr-404	193	31	in	in	ADP
afbr-404	193	32	the	the	DET
afbr-404	193	33	dividend	dividend	NOUN
afbr-404	193	34	between	between	ADP
afbr-404	193	35	t	t	PROPN
afbr-404	193	36	and	and	CCONJ
afbr-404	193	37	t-1	t-1	PROPN
afbr-404	193	38	as	as	ADP
afbr-404	193	39	dependent	dependent	ADJ
afbr-404	193	40	variables	variable	NOUN
afbr-404	193	41	and	and	CCONJ
afbr-404	193	42	independent	independent	ADJ
afbr-404	193	43	variables	variable	NOUN
afbr-404	193	44	,	,	PUNCT
afbr-404	193	45	the	the	DET
afbr-404	193	46	change	change	NOUN
afbr-404	193	47	in	in	ADP
afbr-404	193	48	the	the	DET
afbr-404	193	49	profit	profit	NOUN
afbr-404	193	50	of	of	ADP
afbr-404	193	51	the	the	DET
afbr-404	193	52	enterprise	enterprise	NOUN
afbr-404	193	53	between	between	ADP
afbr-404	193	54	t	t	PROPN
afbr-404	193	55	and	and	CCONJ
afbr-404	193	56	t-1	t-1	PROPN
afbr-404	193	57	and	and	CCONJ
afbr-404	193	58	the	the	DET
afbr-404	193	59	change	change	NOUN
afbr-404	193	60	in	in	ADP
afbr-404	193	61	the	the	DET
afbr-404	193	62	dividend	dividend	NOUN
afbr-404	193	63	between	between	ADP
afbr-404	193	64	t-1	t-1	PROPN
afbr-404	193	65	shall	shall	AUX
afbr-404	193	66	be	be	AUX
afbr-404	193	67	taken	take	VERB
afbr-404	193	68	into	into	ADP
afbr-404	193	69	account	account	NOUN
afbr-404	193	70	.	.	PUNCT
afbr-404	194	1	1	1	NUM
afbr-404	194	2	yacht	yacht	NOUN
afbr-404	194	3	-2	-2	NOUN
afbr-404	194	4	.	.	PUNCT
afbr-404	195	1	vasiliou	vasiliou	NOUN
afbr-404	195	2	and	and	CCONJ
afbr-404	195	3	eriotis	eriotis	PROPN
afbr-404	195	4	believe	believe	VERB
afbr-404	195	5	that	that	SCONJ
afbr-404	195	6	greek	greek	ADJ
afbr-404	195	7	companies	company	NOUN
afbr-404	195	8	adopt	adopt	VERB
afbr-404	195	9	dividend	dividend	NOUN
afbr-404	195	10	payments	payment	NOUN
afbr-404	195	11	,	,	PUNCT
afbr-404	195	12	ie	ie	X
afbr-404	195	13	dividend	dividend	NOUN
afbr-404	195	14	payments	payment	NOUN
afbr-404	195	15	,	,	PUNCT
afbr-404	195	16	depending	depend	VERB
afbr-404	195	17	on	on	ADP
afbr-404	195	18	the	the	DET
afbr-404	195	19	long	long	ADJ
afbr-404	195	20	-	-	PUNCT
afbr-404	195	21	term	term	NOUN
afbr-404	195	22	goal	goal	NOUN
afbr-404	195	23	of	of	ADP
afbr-404	195	24	dividend	dividend	NOUN
afbr-404	195	25	payments	payment	NOUN
afbr-404	195	26	(	(	PUNCT
afbr-404	195	27	denoted	denote	VERB
afbr-404	195	28	by	by	ADP
afbr-404	195	29	the	the	DET
afbr-404	195	30	dividend	dividend	NOUN
afbr-404	195	31	variable	variable	ADJ
afbr-404	195	32	delay	delay	NOUN
afbr-404	195	33	)	)	PUNCT
afbr-404	195	34	,	,	PUNCT
afbr-404	195	35	which	which	PRON
afbr-404	195	36	is	be	AUX
afbr-404	195	37	adjusted	adjust	VERB
afbr-404	195	38	accordingly	accordingly	ADV
afbr-404	195	39	to	to	ADP
afbr-404	195	40	net	net	ADJ
afbr-404	195	41	income	income	NOUN
afbr-404	195	42	.	.	PUNCT
afbr-404	196	1	brav	brav	PROPN
afbr-404	196	2	et	et	PROPN
afbr-404	196	3	al	al	PROPN
afbr-404	196	4	.	.	PROPN
afbr-404	196	5	(	(	PUNCT
afbr-404	196	6	2004	2004	NUM
afbr-404	196	7	)	)	PUNCT
afbr-404	196	8	have	have	AUX
afbr-404	196	9	shown	show	VERB
afbr-404	196	10	that	that	SCONJ
afbr-404	196	11	us	we	PRON
afbr-404	196	12	corporate	corporate	ADJ
afbr-404	196	13	executives	executive	NOUN
afbr-404	196	14	do	do	AUX
afbr-404	196	15	not	not	PART
afbr-404	196	16	like	like	VERB
afbr-404	196	17	dividend	dividend	NOUN
afbr-404	196	18	cuts	cut	NOUN
afbr-404	196	19	,	,	PUNCT
afbr-404	196	20	but	but	CCONJ
afbr-404	196	21	prefer	prefer	VERB
afbr-404	196	22	to	to	PART
afbr-404	196	23	keep	keep	VERB
afbr-404	196	24	dividends	dividend	NOUN
afbr-404	196	25	at	at	ADP
afbr-404	196	26	their	their	PRON
afbr-404	196	27	current	current	ADJ
afbr-404	196	28	levels	level	NOUN
afbr-404	196	29	.	.	PUNCT
afbr-404	197	1	signal	signal	PROPN
afbr-404	197	2	theory	theory	NOUN
afbr-404	197	3	assumes	assume	VERB
afbr-404	197	4	that	that	SCONJ
afbr-404	197	5	dividend	dividend	NOUN
afbr-404	197	6	increases	increase	NOUN
afbr-404	197	7	can	can	AUX
afbr-404	197	8	be	be	AUX
afbr-404	197	9	seen	see	VERB
afbr-404	197	10	by	by	ADP
afbr-404	197	11	the	the	DET
afbr-404	197	12	administration	administration	NOUN
afbr-404	197	13	as	as	ADP
afbr-404	197	14	a	a	DET
afbr-404	197	15	signal	signal	NOUN
afbr-404	197	16	that	that	SCONJ
afbr-404	197	17	it	it	PRON
afbr-404	197	18	believes	believe	VERB
afbr-404	197	19	profits	profit	NOUN
afbr-404	197	20	are	be	AUX
afbr-404	197	21	above	above	ADP
afbr-404	197	22	market	market	NOUN
afbr-404	197	23	consensus	consensus	NOUN
afbr-404	197	24	.	.	PUNCT
afbr-404	198	1	because	because	SCONJ
afbr-404	198	2	management	management	NOUN
afbr-404	198	3	attaches	attach	VERB
afbr-404	198	4	great	great	ADJ
afbr-404	198	5	importance	importance	NOUN
afbr-404	198	6	to	to	ADP
afbr-404	198	7	maintaining	maintain	VERB
afbr-404	198	8	dividend	dividend	NOUN
afbr-404	198	9	levels	level	NOUN
afbr-404	198	10	,	,	PUNCT
afbr-404	198	11	an	an	DET
afbr-404	198	12	increase	increase	NOUN
afbr-404	198	13	in	in	ADP
afbr-404	198	14	dividends	dividend	NOUN
afbr-404	198	15	does	do	AUX
afbr-404	198	16	not	not	PART
afbr-404	198	17	mean	mean	VERB
afbr-404	198	18	a	a	DET
afbr-404	198	19	sign	sign	NOUN
afbr-404	198	20	of	of	ADP
afbr-404	198	21	short	short	ADJ
afbr-404	198	22	-	-	PUNCT
afbr-404	198	23	term	term	NOUN
afbr-404	198	24	profit	profit	NOUN
afbr-404	198	25	growth	growth	NOUN
afbr-404	198	26	,	,	PUNCT
afbr-404	198	27	but	but	CCONJ
afbr-404	198	28	rather	rather	ADV
afbr-404	198	29	a	a	DET
afbr-404	198	30	level	level	NOUN
afbr-404	198	31	of	of	ADP
afbr-404	198	32	long	long	ADJ
afbr-404	198	33	-	-	PUNCT
afbr-404	198	34	term	term	NOUN
afbr-404	198	35	sustainable	sustainable	ADJ
afbr-404	198	36	profit	profit	NOUN
afbr-404	198	37	.	.	PUNCT
afbr-404	199	1	if	if	SCONJ
afbr-404	199	2	this	this	DET
afbr-404	199	3	theory	theory	NOUN
afbr-404	199	4	is	be	AUX
afbr-404	199	5	correct	correct	ADJ
afbr-404	199	6	,	,	PUNCT
afbr-404	199	7	it	it	PRON
afbr-404	199	8	should	should	AUX
afbr-404	199	9	be	be	AUX
afbr-404	199	10	possible	possible	ADJ
afbr-404	199	11	to	to	PART
afbr-404	199	12	observe	observe	VERB
afbr-404	199	13	a	a	DET
afbr-404	199	14	real	real	ADJ
afbr-404	199	15	improvement	improvement	NOUN
afbr-404	199	16	in	in	ADP
afbr-404	199	17	corporate	corporate	ADJ
afbr-404	199	18	earnings	earning	NOUN
afbr-404	199	19	after	after	ADP
afbr-404	199	20	dividend	dividend	NOUN
afbr-404	199	21	increases	increase	NOUN
afbr-404	199	22	.	.	PUNCT
afbr-404	200	1	dittmar	dittmar	NOUN
afbr-404	200	2	and	and	CCONJ
afbr-404	200	3	mahrt	mahrt	PROPN
afbr-404	200	4	-	-	PUNCT
afbr-404	200	5	smith	smith	NOUN
afbr-404	200	6	(	(	PUNCT
afbr-404	200	7	2007	2007	NUM
afbr-404	200	8	)	)	PUNCT
afbr-404	200	9	studied	study	VERB
afbr-404	200	10	"	"	PUNCT
afbr-404	200	11	relationships	relationship	NOUN
afbr-404	200	12	in	in	ADP
afbr-404	200	13	the	the	DET
afbr-404	200	14	us	us	PROPN
afbr-404	200	15	market	market	NOUN
afbr-404	200	16	based	base	VERB
afbr-404	200	17	on	on	ADP
afbr-404	200	18	corporate	corporate	ADJ
afbr-404	200	19	governance	governance	NOUN
afbr-404	200	20	index	index	NOUN
afbr-404	200	21	,	,	PUNCT
afbr-404	200	22	participation	participation	NOUN
afbr-404	200	23	rates	rate	NOUN
afbr-404	200	24	and	and	CCONJ
afbr-404	200	25	other	other	ADJ
afbr-404	200	26	data	datum	NOUN
afbr-404	200	27	on	on	ADP
afbr-404	200	28	institutional	institutional	ADJ
afbr-404	200	29	investors	investor	NOUN
afbr-404	200	30	and	and	CCONJ
afbr-404	200	31	public	public	ADJ
afbr-404	200	32	pension	pension	NOUN
afbr-404	200	33	funds	fund	NOUN
afbr-404	200	34	,	,	PUNCT
afbr-404	200	35	and	and	CCONJ
afbr-404	200	36	the	the	DET
afbr-404	200	37	market	market	NOUN
afbr-404	200	38	value	value	NOUN
afbr-404	200	39	of	of	ADP
afbr-404	200	40	cash	cash	NOUN
afbr-404	200	41	deposits	deposit	NOUN
afbr-404	200	42	.	.	PUNCT
afbr-404	201	1	pinkowitz	pinkowitz	VERB
afbr-404	201	2	et	et	PROPN
afbr-404	201	3	al	al	PROPN
afbr-404	201	4	.	.	PROPN
afbr-404	202	1	(	(	PUNCT
afbr-404	202	2	2007	2007	NUM
afbr-404	202	3	)	)	PUNCT
afbr-404	202	4	examined	examine	VERB
afbr-404	202	5	the	the	DET
afbr-404	202	6	relationship	relationship	NOUN
afbr-404	202	7	between	between	ADP
afbr-404	202	8	corporate	corporate	ADJ
afbr-404	202	9	governance	governance	NOUN
afbr-404	202	10	in	in	ADP
afbr-404	202	11	35	35	NUM
afbr-404	202	12	countries	country	NOUN
afbr-404	202	13	and	and	CCONJ
afbr-404	202	14	the	the	DET
afbr-404	202	15	market	market	NOUN
afbr-404	202	16	value	value	NOUN
afbr-404	202	17	of	of	ADP
afbr-404	202	18	cash	cash	NOUN
afbr-404	202	19	holding	holding	NOUN
afbr-404	202	20	in	in	ADP
afbr-404	202	21	these	these	DET
afbr-404	202	22	countries	country	NOUN
afbr-404	202	23	.	.	PUNCT
afbr-404	203	1	in	in	ADP
afbr-404	203	2	both	both	DET
afbr-404	203	3	cases	case	NOUN
afbr-404	203	4	,	,	PUNCT
afbr-404	203	5	the	the	DET
afbr-404	203	6	investigation	investigation	NOUN
afbr-404	203	7	concluded	conclude	VERB
afbr-404	203	8	that	that	SCONJ
afbr-404	203	9	the	the	DET
afbr-404	203	10	introduction	introduction	NOUN
afbr-404	203	11	of	of	ADP
afbr-404	203	12	corporate	corporate	ADJ
afbr-404	203	13	governance	governance	NOUN
afbr-404	203	14	had	have	VERB
afbr-404	203	15	an	an	DET
afbr-404	203	16	impact	impact	NOUN
afbr-404	203	17	on	on	ADP
afbr-404	203	18	the	the	DET
afbr-404	203	19	value	value	NOUN
afbr-404	203	20	of	of	ADP
afbr-404	203	21	cash	cash	NOUN
afbr-404	203	22	deposits	deposit	NOUN
afbr-404	203	23	.	.	PUNCT
afbr-404	204	1	a	a	DET
afbr-404	204	2	factor	factor	NOUN
afbr-404	204	3	other	other	ADJ
afbr-404	204	4	than	than	ADP
afbr-404	204	5	the	the	DET
afbr-404	204	6	cost	cost	NOUN
afbr-404	204	7	to	to	ADP
afbr-404	204	8	the	the	DET
afbr-404	204	9	institution	institution	NOUN
afbr-404	204	10	of	of	ADP
afbr-404	204	11	influencing	influence	VERB
afbr-404	204	12	the	the	DET
afbr-404	204	13	market	market	NOUN
afbr-404	204	14	value	value	NOUN
afbr-404	204	15	of	of	ADP
afbr-404	204	16	the	the	DET
afbr-404	204	17	cash	cash	NOUN
afbr-404	204	18	deposit	deposit	NOUN
afbr-404	204	19	is	be	AUX
afbr-404	204	20	the	the	DET
afbr-404	204	21	actual	actual	ADJ
afbr-404	204	22	option	option	NOUN
afbr-404	204	23	value	value	NOUN
afbr-404	204	24	of	of	ADP
afbr-404	204	25	financial	financial	ADJ
afbr-404	204	26	slack	slack	NOUN
afbr-404	204	27	.	.	PUNCT
afbr-404	204	28	"	"	PUNCT
afbr-404	205	1	this	this	PRON
afbr-404	205	2	is	be	AUX
afbr-404	205	3	due	due	ADJ
afbr-404	205	4	to	to	ADP
afbr-404	205	5	the	the	DET
afbr-404	205	6	fact	fact	NOUN
afbr-404	205	7	that	that	SCONJ
afbr-404	205	8	economic	economic	ADJ
afbr-404	205	9	weakness	weakness	NOUN
afbr-404	205	10	is	be	AUX
afbr-404	205	11	of	of	ADP
afbr-404	205	12	greater	great	ADJ
afbr-404	205	13	value	value	NOUN
afbr-404	205	14	to	to	ADP
afbr-404	205	15	many	many	ADJ
afbr-404	205	16	companies	company	NOUN
afbr-404	205	17	with	with	ADP
afbr-404	205	18	growth	growth	NOUN
afbr-404	205	19	potential	potential	NOUN
afbr-404	205	20	,	,	PUNCT
afbr-404	205	21	which	which	PRON
afbr-404	205	22	are	be	AUX
afbr-404	205	23	insecure	insecure	ADJ
afbr-404	205	24	but	but	CCONJ
afbr-404	205	25	have	have	VERB
afbr-404	205	26	difficulty	difficulty	NOUN
afbr-404	205	27	in	in	ADP
afbr-404	205	28	raising	raise	VERB
afbr-404	205	29	money	money	NOUN
afbr-404	205	30	(	(	PUNCT
afbr-404	205	31	suwabe	suwabe	NOUN
afbr-404	205	32	,	,	PUNCT
afbr-404	205	33	2006	2006	NUM
afbr-404	205	34	)	)	PUNCT
afbr-404	205	35	.	.	PUNCT
afbr-404	206	1	pinkowitz	pinkowitz	VERB
afbr-404	206	2	and	and	CCONJ
afbr-404	206	3	williamson	williamson	PROPN
afbr-404	206	4	(	(	PUNCT
afbr-404	206	5	2002	2002	NUM
afbr-404	206	6	)	)	PUNCT
afbr-404	206	7	showed	show	VERB
afbr-404	206	8	that	that	SCONJ
afbr-404	206	9	the	the	DET
afbr-404	206	10	market	market	NOUN
afbr-404	206	11	value	value	NOUN
afbr-404	206	12	of	of	ADP
afbr-404	206	13	cash	cash	NOUN
afbr-404	206	14	holdings	holding	NOUN
afbr-404	206	15	in	in	ADP
afbr-404	206	16	the	the	DET
afbr-404	206	17	us	us	PROPN
afbr-404	206	18	market	market	NOUN
afbr-404	206	19	is	be	AUX
afbr-404	206	20	significantly	significantly	ADV
afbr-404	206	21	influenced	influence	VERB
afbr-404	206	22	by	by	ADP
afbr-404	206	23	the	the	DET
afbr-404	206	24	existence	existence	NOUN
afbr-404	206	25	of	of	ADP
afbr-404	206	26	growth	growth	NOUN
afbr-404	206	27	opportunities	opportunity	NOUN
afbr-404	206	28	,	,	PUNCT
afbr-404	206	29	uncertainty	uncertainty	NOUN
afbr-404	206	30	about	about	ADP
afbr-404	206	31	investment	investment	NOUN
afbr-404	206	32	opportunities	opportunity	NOUN
afbr-404	206	33	and	and	CCONJ
afbr-404	206	34	good	good	ADJ
afbr-404	206	35	access	access	NOUN
afbr-404	206	36	to	to	ADP
afbr-404	206	37	capital	capital	NOUN
afbr-404	206	38	markets	market	NOUN
afbr-404	206	39	.	.	PUNCT
afbr-404	207	1	deciding	decide	VERB
afbr-404	207	2	on	on	ADP
afbr-404	207	3	the	the	DET
afbr-404	207	4	optimal	optimal	ADJ
afbr-404	207	5	funding	funding	NOUN
afbr-404	207	6	options	option	NOUN
afbr-404	207	7	and	and	CCONJ
afbr-404	207	8	dividend	dividend	NOUN
afbr-404	207	9	policy	policy	NOUN
afbr-404	207	10	are	be	AUX
afbr-404	207	11	some	some	PRON
afbr-404	207	12	of	of	ADP
afbr-404	207	13	the	the	DET
afbr-404	207	14	most	most	ADV
afbr-404	207	15	difficult	difficult	ADJ
afbr-404	207	16	financial	financial	ADJ
afbr-404	207	17	decisions	decision	NOUN
afbr-404	207	18	.	.	PUNCT
afbr-404	208	1	in	in	ADP
afbr-404	208	2	this	this	DET
afbr-404	208	3	context	context	NOUN
afbr-404	208	4	,	,	PUNCT
afbr-404	208	5	two	two	NUM
afbr-404	208	6	capital	capital	NOUN
afbr-404	208	7	structure	structure	NOUN
afbr-404	208	8	theories	theory	NOUN
afbr-404	208	9	(	(	PUNCT
afbr-404	208	10	hierarchy	hierarchy	NOUN
afbr-404	208	11	theory	theory	NOUN
afbr-404	208	12	and	and	CCONJ
afbr-404	208	13	substitution	substitution	NOUN
afbr-404	208	14	theory	theory	NOUN
afbr-404	208	15	)	)	PUNCT
afbr-404	208	16	are	be	AUX
afbr-404	208	17	related	relate	VERB
afbr-404	208	18	to	to	ADP
afbr-404	208	19	the	the	DET
afbr-404	208	20	company	company	NOUN
afbr-404	208	21	's	's	PART
afbr-404	208	22	dividend	dividend	NOUN
afbr-404	208	23	policy	policy	NOUN
afbr-404	208	24	.	.	PUNCT
afbr-404	209	1	hierarchy	hierarchy	NOUN
afbr-404	209	2	theory	theory	NOUN
afbr-404	209	3	(	(	PUNCT
afbr-404	209	4	hierarchical	hierarchical	ADJ
afbr-404	209	5	theory	theory	NOUN
afbr-404	209	6	)	)	PUNCT
afbr-404	209	7	assumes	assume	VERB
afbr-404	209	8	that	that	SCONJ
afbr-404	209	9	entrepreneurs	entrepreneur	NOUN
afbr-404	209	10	determine	determine	VERB
afbr-404	209	11	the	the	DET
afbr-404	209	12	priority	priority	NOUN
afbr-404	209	13	sources	source	NOUN
afbr-404	209	14	of	of	ADP
afbr-404	209	15	capital	capital	NOUN
afbr-404	209	16	,	,	PUNCT
afbr-404	209	17	not	not	PART
afbr-404	209	18	the	the	DET
afbr-404	209	19	optimal	optimal	ADJ
afbr-404	209	20	relationship	relationship	NOUN
afbr-404	209	21	between	between	ADP
afbr-404	209	22	liabilities	liability	NOUN
afbr-404	209	23	and	and	CCONJ
afbr-404	209	24	social	social	ADJ
afbr-404	209	25	capital	capital	NOUN
afbr-404	209	26	.	.	PUNCT
afbr-404	210	1	entrepreneurs	entrepreneur	NOUN
afbr-404	210	2	prefer	prefer	VERB
afbr-404	210	3	to	to	PART
afbr-404	210	4	finance	finance	VERB
afbr-404	210	5	their	their	PRON
afbr-404	210	6	activities	activity	NOUN
afbr-404	210	7	from	from	ADP
afbr-404	210	8	internal	internal	ADJ
afbr-404	210	9	sources	source	NOUN
afbr-404	210	10	,	,	PUNCT
afbr-404	210	11	such	such	ADJ
afbr-404	210	12	as	as	ADP
afbr-404	210	13	net	net	ADJ
afbr-404	210	14	profit	profit	NOUN
afbr-404	210	15	less	less	ADJ
afbr-404	210	16	dividends	dividend	NOUN
afbr-404	210	17	,	,	PUNCT
afbr-404	210	18	depreciation	depreciation	NOUN
afbr-404	210	19	income	income	NOUN
afbr-404	210	20	,	,	PUNCT
afbr-404	210	21	and	and	CCONJ
afbr-404	210	22	proceeds	proceed	NOUN
afbr-404	210	23	from	from	ADP
afbr-404	210	24	the	the	DET
afbr-404	210	25	sale	sale	NOUN
afbr-404	210	26	of	of	ADP
afbr-404	210	27	short	short	ADJ
afbr-404	210	28	-	-	PUNCT
afbr-404	210	29	term	term	NOUN
afbr-404	210	30	securities	security	NOUN
afbr-404	210	31	and	and	CCONJ
afbr-404	210	32	other	other	ADJ
afbr-404	210	33	surplus	surplus	ADJ
afbr-404	210	34	assets	asset	NOUN
afbr-404	210	35	.	.	PUNCT
afbr-404	211	1	in	in	ADP
afbr-404	211	2	cases	case	NOUN
afbr-404	211	3	where	where	SCONJ
afbr-404	211	4	debt	debt	NOUN
afbr-404	211	5	financing	financing	NOUN
afbr-404	211	6	is	be	AUX
afbr-404	211	7	required	require	VERB
afbr-404	211	8	,	,	PUNCT
afbr-404	211	9	bonds	bond	NOUN
afbr-404	211	10	are	be	AUX
afbr-404	211	11	first	first	ADV
afbr-404	211	12	issued	issue	VERB
afbr-404	211	13	,	,	PUNCT
afbr-404	211	14	followed	follow	VERB
afbr-404	211	15	by	by	ADP
afbr-404	211	16	new	new	ADJ
afbr-404	211	17	operations	operation	NOUN
afbr-404	211	18	(	(	PUNCT
afbr-404	211	19	quan	quan	PROPN
afbr-404	211	20	,	,	PUNCT
afbr-404	211	21	2002	2002	NUM
afbr-404	211	22	;	;	PUNCT
afbr-404	211	23	mazur	mazur	PROPN
afbr-404	211	24	,	,	PUNCT
afbr-404	211	25	2007	2007	NUM
afbr-404	211	26	;	;	PUNCT
afbr-404	211	27	mcmanus	mcmanus	PROPN
afbr-404	211	28	et	et	PROPN
afbr-404	211	29	al	al	PROPN
afbr-404	211	30	.	.	PROPN
afbr-404	211	31	,	,	PUNCT
afbr-404	211	32	2006	2006	NUM
afbr-404	211	33	)	)	PUNCT
afbr-404	211	34	.	.	PUNCT
afbr-404	212	1	nitta	nitta	PROPN
afbr-404	212	2	(	(	PUNCT
afbr-404	212	3	2006	2006	NUM
afbr-404	212	4	)	)	PUNCT
afbr-404	212	5	analyzed	analyze	VERB
afbr-404	212	6	dividend	dividend	NOUN
afbr-404	212	7	policy	policy	NOUN
afbr-404	212	8	from	from	ADP
afbr-404	212	9	the	the	DET
afbr-404	212	10	perspective	perspective	NOUN
afbr-404	212	11	of	of	ADP
afbr-404	212	12	an	an	DET
afbr-404	212	13	interactive	interactive	ADJ
afbr-404	212	14	game	game	NOUN
afbr-404	212	15	between	between	ADP
afbr-404	212	16	corporate	corporate	ADJ
afbr-404	212	17	executives	executive	NOUN
afbr-404	212	18	and	and	CCONJ
afbr-404	212	19	shareholders	shareholder	NOUN
afbr-404	212	20	,	,	PUNCT
afbr-404	212	21	looking	look	VERB
afbr-404	212	22	at	at	ADP
afbr-404	212	23	the	the	DET
afbr-404	212	24	key	key	ADJ
afbr-404	212	25	question	question	NOUN
afbr-404	212	26	of	of	ADP
afbr-404	212	27	how	how	SCONJ
afbr-404	212	28	dividend	dividend	NOUN
afbr-404	212	29	policy	policy	NOUN
afbr-404	212	30	could	could	AUX
afbr-404	212	31	affect	affect	VERB
afbr-404	212	32	shareholder	shareholder	NOUN
afbr-404	212	33	value	value	NOUN
afbr-404	212	34	.	.	PUNCT
afbr-404	213	1	dividend	dividend	NOUN
afbr-404	213	2	policy	policy	NOUN
afbr-404	213	3	can	can	AUX
afbr-404	213	4	provide	provide	VERB
afbr-404	213	5	shareholders	shareholder	NOUN
afbr-404	213	6	with	with	ADP
afbr-404	213	7	information	information	NOUN
afbr-404	213	8	on	on	ADP
afbr-404	213	9	management	management	NOUN
afbr-404	213	10	's	's	PART
afbr-404	213	11	position	position	NOUN
afbr-404	213	12	on	on	ADP
afbr-404	213	13	earnings	earning	NOUN
afbr-404	213	14	trends	trend	NOUN
afbr-404	213	15	and	and	CCONJ
afbr-404	213	16	current	current	ADJ
afbr-404	213	17	stock	stock	NOUN
afbr-404	213	18	prices	price	NOUN
afbr-404	213	19	,	,	PUNCT
afbr-404	213	20	as	as	ADV
afbr-404	213	21	well	well	ADV
afbr-404	213	22	as	as	ADP
afbr-404	213	23	their	their	PRON
afbr-404	213	24	financial	financial	ADJ
afbr-404	213	25	position	position	NOUN
afbr-404	213	26	.	.	PUNCT
afbr-404	214	1	asghar	asghar	PROPN
afbr-404	214	2	et	et	PROPN
afbr-404	214	3	al	al	PROPN
afbr-404	214	4	.	.	PROPN
afbr-404	215	1	(	(	PUNCT
afbr-404	215	2	2011	2011	NUM
afbr-404	215	3	)	)	PUNCT
afbr-404	215	4	have	have	AUX
afbr-404	215	5	shown	show	VERB
afbr-404	215	6	a	a	DET
afbr-404	215	7	positive	positive	ADJ
afbr-404	215	8	and	and	CCONJ
afbr-404	215	9	significant	significant	ADJ
afbr-404	215	10	relationship	relationship	NOUN
afbr-404	215	11	between	between	ADP
afbr-404	215	12	price	price	NOUN
afbr-404	215	13	volatility	volatility	NOUN
afbr-404	215	14	and	and	CCONJ
afbr-404	215	15	dividend	dividend	NOUN
afbr-404	215	16	yield	yield	NOUN
afbr-404	215	17	,	,	PUNCT
afbr-404	215	18	but	but	CCONJ
afbr-404	215	19	after	after	ADP
afbr-404	215	20	adding	add	VERB
afbr-404	215	21	control	control	NOUN
afbr-404	215	22	variables	variable	NOUN
afbr-404	215	23	,	,	PUNCT
afbr-404	215	24	dividend	dividend	NOUN
afbr-404	215	25	payment	payment	NOUN
afbr-404	215	26	and	and	CCONJ
afbr-404	215	27	dividend	dividend	NOUN
afbr-404	215	28	yield	yield	NOUN
afbr-404	215	29	are	be	AUX
afbr-404	215	30	an	an	DET
afbr-404	215	31	insignificant	insignificant	ADJ
afbr-404	215	32	relationship	relationship	NOUN
afbr-404	215	33	and	and	CCONJ
afbr-404	215	34	positive	positive	ADJ
afbr-404	215	35	with	with	ADP
afbr-404	215	36	price	price	NOUN
afbr-404	215	37	volatility	volatility	NOUN
afbr-404	215	38	and	and	CCONJ
afbr-404	215	39	an	an	DET
afbr-404	215	40	insignificant	insignificant	ADJ
afbr-404	215	41	relationship	relationship	NOUN
afbr-404	215	42	with	with	ADP
afbr-404	215	43	income	income	NOUN
afbr-404	215	44	volatility	volatility	NOUN
afbr-404	215	45	.	.	PUNCT
afbr-404	216	1	naser	naser	PROPN
afbr-404	216	2	et	et	PROPN
afbr-404	216	3	al	al	PROPN
afbr-404	216	4	(	(	PUNCT
afbr-404	216	5	2013	2013	NUM
afbr-404	216	6	)	)	PUNCT
afbr-404	216	7	"	"	PUNCT
afbr-404	216	8	show	show	VERB
afbr-404	216	9	the	the	DET
afbr-404	216	10	bird	bird	NOUN
afbr-404	216	11	-	-	PUNCT
afbr-404	216	12	in	in	ADP
afbr-404	216	13	-	-	PUNCT
afbr-404	216	14	hand	hand	NOUN
afbr-404	216	15	theory	theory	NOUN
afbr-404	216	16	and	and	CCONJ
afbr-404	216	17	the	the	DET
afbr-404	216	18	relevant	relevant	ADJ
afbr-404	216	19	value	value	NOUN
afbr-404	216	20	theory	theory	NOUN
afbr-404	216	21	managers	manager	NOUN
afbr-404	216	22	consider	consider	VERB
afbr-404	216	23	to	to	PART
afbr-404	216	24	explain	explain	VERB
afbr-404	216	25	dividend	dividend	NOUN
afbr-404	216	26	policy	policy	NOUN
afbr-404	216	27	.	.	PUNCT
afbr-404	217	1	external	external	ADJ
afbr-404	217	2	factors	factor	NOUN
afbr-404	217	3	related	relate	VERB
afbr-404	217	4	to	to	ADP
afbr-404	217	5	the	the	DET
afbr-404	217	6	economic	economic	ADJ
afbr-404	217	7	conditions	condition	NOUN
afbr-404	217	8	together	together	ADV
afbr-404	217	9	with	with	ADP
afbr-404	217	10	the	the	DET
afbr-404	217	11	state	state	NOUN
afbr-404	217	12	of	of	ADP
afbr-404	217	13	the	the	DET
afbr-404	217	14	capital	capital	NOUN
afbr-404	217	15	market	market	NOUN
afbr-404	217	16	and	and	CCONJ
afbr-404	217	17	lending	lending	NOUN
afbr-404	217	18	conditions	condition	NOUN
afbr-404	217	19	are	be	AUX
afbr-404	217	20	all	all	PRON
afbr-404	217	21	important	important	ADJ
afbr-404	217	22	factors	factor	NOUN
afbr-404	217	23	in	in	ADP
afbr-404	217	24	formulating	formulate	VERB
afbr-404	217	25	dividend	dividend	NOUN
afbr-404	217	26	policy	policy	NOUN
afbr-404	217	27	by	by	ADP
afbr-404	217	28	companies	company	NOUN
afbr-404	217	29	listed	list	VERB
afbr-404	217	30	on	on	ADP
afbr-404	217	31	the	the	DET
afbr-404	217	32	abur	abur	PROPN
afbr-404	217	33	dhabi	dhabi	PROPN
afbr-404	217	34	securities	securities	PROPN
afbr-404	217	35	exchange	exchange	PROPN
afbr-404	217	36	.	.	PUNCT
afbr-404	218	1	the	the	DET
afbr-404	218	2	extensive	extensive	ADJ
afbr-404	218	3	review	review	NOUN
afbr-404	218	4	of	of	ADP
afbr-404	218	5	dividend	dividend	NOUN
afbr-404	218	6	policies	policy	NOUN
afbr-404	218	7	and	and	CCONJ
afbr-404	218	8	the	the	DET
afbr-404	218	9	empirical	empirical	ADJ
afbr-404	218	10	evidence	evidence	NOUN
afbr-404	218	11	in	in	ADP
afbr-404	218	12	husan	husan	PROPN
afbr-404	218	13	-	-	PUNCT
afbr-404	218	14	aldin	aldin	NOUN
afbr-404	218	15	,	,	PUNCT
afbr-404	218	16	et	et	PROPN
afbr-404	218	17	al	al	PROPN
afbr-404	218	18	(	(	PUNCT
afbr-404	218	19	2010	2010	NUM
afbr-404	218	20	)	)	PUNCT
afbr-404	218	21	still	still	ADV
afbr-404	218	22	conclude	conclude	VERB
afbr-404	218	23	that	that	SCONJ
afbr-404	218	24	the	the	DET
afbr-404	218	25	reason	reason	NOUN
afbr-404	218	26	why	why	SCONJ
afbr-404	218	27	companies	company	NOUN
afbr-404	218	28	pay	pay	VERB
afbr-404	218	29	dividends	dividend	NOUN
afbr-404	218	30	,	,	PUNCT
afbr-404	218	31	or	or	CCONJ
afbr-404	218	32	adopt	adopt	VERB
afbr-404	218	33	a	a	DET
afbr-404	218	34	particular	particular	ADJ
afbr-404	218	35	dividend	dividend	NOUN
afbr-404	218	36	policy	policy	NOUN
afbr-404	218	37	is	be	AUX
afbr-404	218	38	still	still	ADV
afbr-404	218	39	a	a	DET
afbr-404	218	40	puzzle	puzzle	NOUN
afbr-404	218	41	.	.	PUNCT
afbr-404	218	42	"	"	PUNCT
afbr-404	219	1	the	the	DET
afbr-404	219	2	works	work	NOUN
afbr-404	219	3	of	of	ADP
afbr-404	219	4	murekefu	murekefu	PROPN
afbr-404	219	5	and	and	CCONJ
afbr-404	219	6	ouma	ouma	PROPN
afbr-404	219	7	(	(	PUNCT
afbr-404	219	8	2012	2012	NUM
afbr-404	219	9	)	)	PUNCT
afbr-404	219	10	"	"	PUNCT
afbr-404	219	11	sought	seek	VERB
afbr-404	219	12	to	to	PART
afbr-404	219	13	establish	establish	VERB
afbr-404	219	14	the	the	DET
afbr-404	219	15	relationship	relationship	NOUN
afbr-404	219	16	between	between	ADP
afbr-404	219	17	a	a	DET
afbr-404	219	18	dividend	dividend	NOUN
afbr-404	219	19	payout	payout	NOUN
afbr-404	219	20	and	and	CCONJ
afbr-404	219	21	firm	firm	ADJ
afbr-404	219	22	performance	performance	NOUN
afbr-404	219	23	among	among	ADP
afbr-404	219	24	listed	list	VERB
afbr-404	219	25	firms	firm	NOUN
afbr-404	219	26	in	in	ADP
afbr-404	219	27	the	the	DET
afbr-404	219	28	nairobi	nairobi	PROPN
afbr-404	219	29	securities	securities	PROPN
afbr-404	219	30	exchange	exchange	PROPN
afbr-404	219	31	.	.	PUNCT
afbr-404	220	1	the	the	DET
afbr-404	220	2	results	result	NOUN
afbr-404	220	3	indicated	indicate	VERB
afbr-404	220	4	that	that	SCONJ
afbr-404	220	5	dividend	dividend	NOUN
afbr-404	220	6	payout	payout	NOUN
afbr-404	220	7	was	be	AUX
afbr-404	220	8	a	a	DET
afbr-404	220	9	major	major	ADJ
afbr-404	220	10	factor	factor	NOUN
afbr-404	220	11	affecting	affect	VERB
afbr-404	220	12	firm	firm	ADJ
afbr-404	220	13	performance	performance	NOUN
afbr-404	220	14	,	,	PUNCT
afbr-404	220	15	hence	hence	ADV
afbr-404	220	16	dividend	dividend	NOUN
afbr-404	220	17	policy	policy	NOUN
afbr-404	220	18	is	be	AUX
afbr-404	220	19	relevant	relevant	ADJ
afbr-404	220	20	.	.	PUNCT
afbr-404	220	21	"	"	PUNCT
afbr-404	221	1	mehta	mehta	PROPN
afbr-404	221	2	(	(	PUNCT
afbr-404	221	3	2012	2012	NUM
afbr-404	221	4	)	)	PUNCT
afbr-404	221	5	"	"	PUNCT
afbr-404	221	6	attempted	attempt	VERB
afbr-404	221	7	to	to	PART
afbr-404	221	8	determine	determine	VERB
afbr-404	221	9	empirically	empirically	ADV
afbr-404	221	10	the	the	DET
afbr-404	221	11	important	important	ADJ
afbr-404	221	12	factors	factor	NOUN
afbr-404	221	13	which	which	PRON
afbr-404	221	14	affect	affect	VERB
afbr-404	221	15	the	the	DET
afbr-404	221	16	dividend	dividend	NOUN
afbr-404	221	17	payout	payout	NOUN
afbr-404	221	18	decisions	decision	NOUN
afbr-404	221	19	of	of	ADP
afbr-404	221	20	uae	uae	PROPN
afbr-404	221	21	firms	firm	NOUN
afbr-404	221	22	.	.	PUNCT
afbr-404	222	1	the	the	DET
afbr-404	222	2	study	study	NOUN
afbr-404	222	3	provides	provide	VERB
afbr-404	222	4	evidence	evidence	NOUN
afbr-404	222	5	that	that	SCONJ
afbr-404	222	6	profitability	profitability	NOUN
afbr-404	222	7	and	and	CCONJ
afbr-404	222	8	size	size	NOUN
afbr-404	222	9	are	be	AUX
afbr-404	222	10	the	the	DET
afbr-404	222	11	most	most	ADV
afbr-404	222	12	important	important	ADJ
afbr-404	222	13	considerations	consideration	NOUN
afbr-404	222	14	of	of	ADP
afbr-404	222	15	dividend	dividend	NOUN
afbr-404	222	16	payout	payout	NOUN
afbr-404	222	17	decisions	decision	NOUN
afbr-404	222	18	by	by	ADP
afbr-404	222	19	uae	uae	PROPN
afbr-404	222	20	firms	firm	NOUN
afbr-404	222	21	.	.	PUNCT
afbr-404	222	22	"	"	PUNCT
afbr-404	223	1	arshad	arshad	VERB
afbr-404	223	2	et	et	PROPN
afbr-404	223	3	al	al	PROPN
afbr-404	223	4	(	(	PUNCT
afbr-404	223	5	2013	2013	NUM
afbr-404	223	6	)	)	PUNCT
afbr-404	223	7	"	"	PUNCT
afbr-404	223	8	studied	study	VERB
afbr-404	223	9	the	the	DET
afbr-404	223	10	association	association	NOUN
afbr-404	223	11	between	between	ADP
afbr-404	223	12	dividend	dividend	NOUN
afbr-404	223	13	payout	payout	NOUN
afbr-404	223	14	policy	policy	NOUN
afbr-404	223	15	and	and	CCONJ
afbr-404	223	16	ownership	ownership	NOUN
afbr-404	223	17	structure	structure	NOUN
afbr-404	223	18	of	of	ADP
afbr-404	223	19	karachi	karachi	PROPN
afbr-404	223	20	stock	stock	PROPN
afbr-404	223	21	exchange	exchange	PROPN
afbr-404	223	22	firms	firm	NOUN
afbr-404	223	23	over	over	ADP
afbr-404	223	24	the	the	DET
afbr-404	223	25	period	period	NOUN
afbr-404	223	26	2007	2007	NUM
afbr-404	223	27	-	-	SYM
afbr-404	223	28	2011	2011	NUM
afbr-404	223	29	.	.	PUNCT
afbr-404	224	1	the	the	DET
afbr-404	224	2	results	result	NOUN
afbr-404	224	3	did	do	AUX
afbr-404	224	4	not	not	PART
afbr-404	224	5	consistently	consistently	ADV
afbr-404	224	6	support	support	VERB
afbr-404	224	7	the	the	DET
afbr-404	224	8	positive	positive	ADJ
afbr-404	224	9	association	association	NOUN
afbr-404	224	10	between	between	ADP
afbr-404	224	11	ownership	ownership	NOUN
afbr-404	224	12	structure	structure	NOUN
afbr-404	224	13	and	and	CCONJ
afbr-404	224	14	dividend	dividend	NOUN
afbr-404	224	15	payout	payout	ADJ
afbr-404	224	16	policy	policy	NOUN
afbr-404	224	17	and	and	CCONJ
afbr-404	224	18	dividend	dividend	NOUN
afbr-404	224	19	decision	decision	NOUN
afbr-404	224	20	.	.	PUNCT
afbr-404	224	21	"	"	PUNCT
afbr-404	225	1	copyright	copyright	NOUN
afbr-404	225	2	©	©	PROPN
afbr-404	225	3	cc	cc	PROPN
afbr-404	225	4	-	-	PUNCT
afbr-404	225	5	by	by	ADP
afbr-404	225	6	-	-	PUNCT
afbr-404	225	7	nc	nc	PROPN
afbr-404	225	8	2019	2019	NUM
afbr-404	225	9	,	,	PUNCT
afbr-404	225	10	cribfb	cribfb	PROPN
afbr-404	225	11	|	|	ADV
afbr-404	225	12	afbr	afbr	PROPN
afbr-404	225	13	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	225	14	australian	australian	ADJ
afbr-404	225	15	finance	finance	PROPN
afbr-404	225	16	&	&	CCONJ
afbr-404	225	17	banking	banking	PROPN
afbr-404	225	18	review	review	PROPN
afbr-404	225	19	vol	vol	NOUN
afbr-404	225	20	.	.	PROPN
afbr-404	226	1	3	3	NUM
afbr-404	226	2	,	,	PUNCT
afbr-404	226	3	no	no	INTJ
afbr-404	226	4	.	.	NOUN
afbr-404	226	5	2	2	NUM
afbr-404	226	6	;	;	PUNCT
afbr-404	226	7	2019	2019	NUM
afbr-404	226	8	24	24	NUM
afbr-404	226	9	ramadan	ramadan	PROPN
afbr-404	226	10	(	(	PUNCT
afbr-404	226	11	2013	2013	NUM
afbr-404	226	12	)	)	PUNCT
afbr-404	226	13	"	"	PUNCT
afbr-404	226	14	investigates	investigate	VERB
afbr-404	226	15	the	the	DET
afbr-404	226	16	influence	influence	NOUN
afbr-404	226	17	of	of	ADP
afbr-404	226	18	dividend	dividend	NOUN
afbr-404	226	19	policy	policy	NOUN
afbr-404	226	20	on	on	ADP
afbr-404	226	21	the	the	DET
afbr-404	226	22	share	share	NOUN
afbr-404	226	23	price	price	NOUN
afbr-404	226	24	volatility	volatility	NOUN
afbr-404	226	25	for	for	ADP
afbr-404	226	26	jordanian	jordanian	ADJ
afbr-404	226	27	industrial	industrial	ADJ
afbr-404	226	28	firms	firm	NOUN
afbr-404	226	29	.	.	PUNCT
afbr-404	227	1	the	the	DET
afbr-404	227	2	experimental	experimental	ADJ
afbr-404	227	3	results	result	NOUN
afbr-404	227	4	showed	show	VERB
afbr-404	227	5	that	that	SCONJ
afbr-404	227	6	the	the	DET
afbr-404	227	7	two	two	NUM
afbr-404	227	8	components	component	NOUN
afbr-404	227	9	of	of	ADP
afbr-404	227	10	dividend	dividend	NOUN
afbr-404	227	11	policy	policy	NOUN
afbr-404	227	12	studied	study	VERB
afbr-404	227	13	,	,	PUNCT
afbr-404	227	14	dividend	dividend	NOUN
afbr-404	227	15	yield	yield	NOUN
afbr-404	227	16	and	and	CCONJ
afbr-404	227	17	dividend	dividend	NOUN
afbr-404	227	18	payout	payout	NOUN
afbr-404	227	19	,	,	PUNCT
afbr-404	227	20	have	have	VERB
afbr-404	227	21	a	a	DET
afbr-404	227	22	significantly	significantly	ADV
afbr-404	227	23	inverse	inverse	ADJ
afbr-404	227	24	correlation	correlation	NOUN
afbr-404	227	25	with	with	ADP
afbr-404	227	26	share	share	NOUN
afbr-404	227	27	price	price	NOUN
afbr-404	227	28	volatility	volatility	NOUN
afbr-404	227	29	.	.	PUNCT
afbr-404	227	30	"	"	PUNCT
afbr-404	228	1	khan	khan	PROPN
afbr-404	228	2	(	(	PUNCT
afbr-404	228	3	2012	2012	NUM
afbr-404	228	4	)	)	PUNCT
afbr-404	228	5	"	"	PUNCT
afbr-404	228	6	has	have	AUX
afbr-404	228	7	studied	study	VERB
afbr-404	228	8	a	a	DET
afbr-404	228	9	sample	sample	NOUN
afbr-404	228	10	of	of	ADP
afbr-404	228	11	29	29	NUM
afbr-404	228	12	chemical	chemical	NOUN
afbr-404	228	13	and	and	CCONJ
afbr-404	228	14	pharmaceutical	pharmaceutical	NOUN
afbr-404	228	15	companies	company	NOUN
afbr-404	228	16	listed	list	VERB
afbr-404	228	17	on	on	ADP
afbr-404	228	18	the	the	DET
afbr-404	228	19	karachi	karachi	PROPN
afbr-404	228	20	stock	stock	PROPN
afbr-404	228	21	exchange	exchange	PROPN
afbr-404	228	22	for	for	ADP
afbr-404	228	23	the	the	DET
afbr-404	228	24	period	period	NOUN
afbr-404	228	25	2001	2001	NUM
afbr-404	228	26	-	-	SYM
afbr-404	228	27	2010	2010	NUM
afbr-404	228	28	and	and	CCONJ
afbr-404	228	29	found	find	VERB
afbr-404	228	30	that	that	SCONJ
afbr-404	228	31	stock	stock	NOUN
afbr-404	228	32	dividend	dividend	NOUN
afbr-404	228	33	,	,	PUNCT
afbr-404	228	34	earnings	earning	NOUN
afbr-404	228	35	per	per	ADP
afbr-404	228	36	share	share	NOUN
afbr-404	228	37	and	and	CCONJ
afbr-404	228	38	profit	profit	NOUN
afbr-404	228	39	after	after	ADP
afbr-404	228	40	tax	tax	NOUN
afbr-404	228	41	have	have	VERB
afbr-404	228	42	a	a	DET
afbr-404	228	43	significantly	significantly	ADV
afbr-404	228	44	positive	positive	ADJ
afbr-404	228	45	relationship	relationship	NOUN
afbr-404	228	46	with	with	ADP
afbr-404	228	47	stock	stock	NOUN
afbr-404	228	48	prices	price	NOUN
afbr-404	228	49	.	.	PUNCT
afbr-404	228	50	"	"	PUNCT
afbr-404	229	1	ozuomba	ozuomba	NOUN
afbr-404	229	2	et	et	PROPN
afbr-404	229	3	al	al	PROPN
afbr-404	229	4	(	(	PUNCT
afbr-404	229	5	2013	2013	NUM
afbr-404	229	6	)	)	PUNCT
afbr-404	229	7	"	"	PUNCT
afbr-404	229	8	found	find	VERB
afbr-404	229	9	that	that	SCONJ
afbr-404	229	10	the	the	DET
afbr-404	229	11	dividend	dividend	NOUN
afbr-404	229	12	policy	policy	NOUN
afbr-404	229	13	of	of	ADP
afbr-404	229	14	public	public	ADJ
afbr-404	229	15	limited	limited	ADJ
afbr-404	229	16	companies	company	NOUN
afbr-404	229	17	influences	influence	VERB
afbr-404	229	18	the	the	DET
afbr-404	229	19	wealth	wealth	NOUN
afbr-404	229	20	of	of	ADP
afbr-404	229	21	shareholders	shareholder	NOUN
afbr-404	229	22	in	in	ADP
afbr-404	229	23	nigeria	nigeria	PROPN
afbr-404	229	24	.	.	PUNCT
afbr-404	229	25	"	"	PUNCT
afbr-404	230	1	adediran	adediran	ADJ
afbr-404	230	2	and	and	CCONJ
afbr-404	230	3	alade	alade	NOUN
afbr-404	230	4	(	(	PUNCT
afbr-404	230	5	2013	2013	NUM
afbr-404	230	6	)	)	PUNCT
afbr-404	231	1	"	"	PUNCT
afbr-404	231	2	found	find	VERB
afbr-404	231	3	a	a	DET
afbr-404	231	4	significantly	significantly	ADV
afbr-404	231	5	positive	positive	ADJ
afbr-404	231	6	relationship	relationship	NOUN
afbr-404	231	7	between	between	ADP
afbr-404	231	8	dividend	dividend	NOUN
afbr-404	231	9	policy	policy	NOUN
afbr-404	231	10	and	and	CCONJ
afbr-404	231	11	profitability	profitability	NOUN
afbr-404	231	12	in	in	ADP
afbr-404	231	13	nigeria	nigeria	PROPN
afbr-404	231	14	.	.	PUNCT
afbr-404	231	15	"	"	PUNCT
afbr-404	232	1	illaboya	illaboya	NOUN
afbr-404	232	2	and	and	CCONJ
afbr-404	232	3	aggreh	aggreh	NOUN
afbr-404	232	4	(	(	PUNCT
afbr-404	232	5	2013	2013	NUM
afbr-404	232	6	)	)	PUNCT
afbr-404	232	7	"	"	PUNCT
afbr-404	232	8	examined	examine	VERB
afbr-404	232	9	the	the	DET
afbr-404	232	10	relationship	relationship	NOUN
afbr-404	232	11	between	between	ADP
afbr-404	232	12	dividend	dividend	NOUN
afbr-404	232	13	policy	policy	NOUN
afbr-404	232	14	and	and	CCONJ
afbr-404	232	15	share	share	NOUN
afbr-404	232	16	price	price	NOUN
afbr-404	232	17	volatility	volatility	NOUN
afbr-404	232	18	in	in	ADP
afbr-404	232	19	26	26	NUM
afbr-404	232	20	sampled	sample	VERB
afbr-404	232	21	firms	firm	NOUN
afbr-404	232	22	listed	list	VERB
afbr-404	232	23	on	on	ADP
afbr-404	232	24	the	the	DET
afbr-404	232	25	nigerian	nigerian	ADJ
afbr-404	232	26	stock	stock	NOUN
afbr-404	232	27	exchange	exchange	PROPN
afbr-404	232	28	(	(	PUNCT
afbr-404	232	29	nse	nse	NOUN
afbr-404	232	30	)	)	PUNCT
afbr-404	232	31	for	for	ADP
afbr-404	232	32	the	the	DET
afbr-404	232	33	period	period	NOUN
afbr-404	232	34	2004	2004	NUM
afbr-404	232	35	to	to	ADP
afbr-404	232	36	2011	2011	NUM
afbr-404	232	37	.	.	PUNCT
afbr-404	233	1	the	the	DET
afbr-404	233	2	finding	finding	NOUN
afbr-404	233	3	indicates	indicate	VERB
afbr-404	233	4	that	that	SCONJ
afbr-404	233	5	dividend	dividend	NOUN
afbr-404	233	6	yield	yield	NOUN
afbr-404	233	7	exerts	exert	VERB
afbr-404	233	8	a	a	DET
afbr-404	233	9	positive	positive	ADJ
afbr-404	233	10	and	and	CCONJ
afbr-404	233	11	significant	significant	ADJ
afbr-404	233	12	influence	influence	NOUN
afbr-404	233	13	on	on	ADP
afbr-404	233	14	share	share	NOUN
afbr-404	233	15	price	price	NOUN
afbr-404	233	16	volatility	volatility	NOUN
afbr-404	233	17	while	while	SCONJ
afbr-404	233	18	dividend	dividend	NOUN
afbr-404	233	19	payout	payout	NOUN
afbr-404	233	20	exerts	exert	VERB
afbr-404	233	21	a	a	DET
afbr-404	233	22	negative	negative	ADJ
afbr-404	233	23	and	and	CCONJ
afbr-404	233	24	insignificant	insignificant	ADJ
afbr-404	233	25	influence	influence	NOUN
afbr-404	233	26	on	on	ADP
afbr-404	233	27	share	share	NOUN
afbr-404	233	28	price	price	NOUN
afbr-404	233	29	volatility	volatility	NOUN
afbr-404	233	30	.	.	PUNCT
afbr-404	233	31	"	"	PUNCT
afbr-404	234	1	bougatef	bougatef	PROPN
afbr-404	234	2	(	(	PUNCT
afbr-404	234	3	2014	2014	NUM
afbr-404	234	4	)	)	PUNCT
afbr-404	234	5	"	"	PUNCT
afbr-404	234	6	investigates	investigate	VERB
afbr-404	234	7	the	the	DET
afbr-404	234	8	impact	impact	NOUN
afbr-404	234	9	of	of	ADP
afbr-404	234	10	dividend	dividend	NOUN
afbr-404	234	11	payments	payment	NOUN
afbr-404	234	12	on	on	ADP
afbr-404	234	13	common	common	ADJ
afbr-404	234	14	stock	stock	NOUN
afbr-404	234	15	prices	price	NOUN
afbr-404	234	16	using	use	VERB
afbr-404	234	17	a	a	DET
afbr-404	234	18	panel	panel	NOUN
afbr-404	234	19	data	datum	NOUN
afbr-404	234	20	of	of	ADP
afbr-404	234	21	listed	list	VERB
afbr-404	234	22	firms	firm	NOUN
afbr-404	234	23	in	in	ADP
afbr-404	234	24	tunis	tunis	PROPN
afbr-404	234	25	stock	stock	NOUN
afbr-404	234	26	exchange	exchange	NOUN
afbr-404	234	27	for	for	ADP
afbr-404	234	28	a	a	DET
afbr-404	234	29	period	period	NOUN
afbr-404	234	30	of	of	ADP
afbr-404	234	31	2000	2000	NUM
afbr-404	234	32	to	to	ADP
afbr-404	234	33	2008	2008	NUM
afbr-404	234	34	.	.	PUNCT
afbr-404	235	1	the	the	DET
afbr-404	235	2	empirical	empirical	ADJ
afbr-404	235	3	evidence	evidence	NOUN
afbr-404	235	4	reveals	reveal	VERB
afbr-404	235	5	that	that	SCONJ
afbr-404	235	6	tunisian	tunisian	ADJ
afbr-404	235	7	investors	investor	NOUN
afbr-404	235	8	reward	reward	VERB
afbr-404	235	9	firms	firm	NOUN
afbr-404	235	10	paying	pay	VERB
afbr-404	235	11	cash	cash	NOUN
afbr-404	235	12	dividends	dividend	NOUN
afbr-404	235	13	.	.	PUNCT
afbr-404	235	14	"	"	PUNCT
afbr-404	236	1	3	3	X
afbr-404	236	2	.	.	X
afbr-404	236	3	methodology	methodology	NOUN
afbr-404	236	4	"	"	PUNCT
afbr-404	236	5	this	this	DET
afbr-404	236	6	study	study	NOUN
afbr-404	236	7	used	use	VERB
afbr-404	236	8	quasi	quasi	ADJ
afbr-404	236	9	experimental	experimental	ADJ
afbr-404	236	10	research	research	NOUN
afbr-404	236	11	design	design	NOUN
afbr-404	236	12	approach	approach	NOUN
afbr-404	236	13	to	to	PART
afbr-404	236	14	test	test	VERB
afbr-404	236	15	the	the	DET
afbr-404	236	16	validity	validity	NOUN
afbr-404	236	17	of	of	ADP
afbr-404	236	18	mm	mm	PROPN
afbr-404	236	19	hypothesis	hypothesis	NOUN
afbr-404	236	20	on	on	ADP
afbr-404	236	21	irrelevance	irrelevance	NOUN
afbr-404	236	22	of	of	ADP
afbr-404	236	23	dividend	dividend	NOUN
afbr-404	236	24	policy	policy	NOUN
afbr-404	236	25	in	in	ADP
afbr-404	236	26	nigeria	nigeria	PROPN
afbr-404	236	27	.	.	PUNCT
afbr-404	237	1	this	this	DET
afbr-404	237	2	approach	approach	NOUN
afbr-404	237	3	combines	combine	VERB
afbr-404	237	4	theoretical	theoretical	ADJ
afbr-404	237	5	consideration	consideration	NOUN
afbr-404	237	6	(	(	PUNCT
afbr-404	237	7	a	a	PRON
afbr-404	237	8	-	-	PUNCT
afbr-404	237	9	prior	prior	ADJ
afbr-404	237	10	criterion	criterion	NOUN
afbr-404	237	11	)	)	PUNCT
afbr-404	237	12	with	with	ADP
afbr-404	237	13	the	the	DET
afbr-404	237	14	empirical	empirical	ADJ
afbr-404	237	15	observation	observation	NOUN
afbr-404	237	16	and	and	CCONJ
afbr-404	237	17	extract	extract	VERB
afbr-404	237	18	maximum	maximum	ADJ
afbr-404	237	19	information	information	NOUN
afbr-404	237	20	from	from	ADP
afbr-404	237	21	the	the	DET
afbr-404	237	22	available	available	ADJ
afbr-404	237	23	data	datum	NOUN
afbr-404	237	24	.	.	PUNCT
afbr-404	238	1	the	the	DET
afbr-404	238	2	researcher	researcher	NOUN
afbr-404	238	3	’s	’s	PART
afbr-404	238	4	aim	aim	NOUN
afbr-404	238	5	in	in	ADP
afbr-404	238	6	this	this	DET
afbr-404	238	7	study	study	NOUN
afbr-404	238	8	is	be	AUX
afbr-404	238	9	to	to	PART
afbr-404	238	10	ascertain	ascertain	VERB
afbr-404	238	11	whether	whether	SCONJ
afbr-404	238	12	dividend	dividend	NOUN
afbr-404	238	13	policy	policy	NOUN
afbr-404	238	14	is	be	AUX
afbr-404	238	15	irrelevant	irrelevant	ADJ
afbr-404	238	16	in	in	ADP
afbr-404	238	17	nigeria	nigeria	PROPN
afbr-404	238	18	as	as	SCONJ
afbr-404	238	19	proposed	propose	VERB
afbr-404	238	20	by	by	ADP
afbr-404	238	21	miller	miller	PROPN
afbr-404	238	22	and	and	CCONJ
afbr-404	238	23	modigliani	modigliani	PROPN
afbr-404	238	24	in	in	ADP
afbr-404	238	25	1959	1959	NUM
afbr-404	238	26	.	.	PUNCT
afbr-404	238	27	"	"	PUNCT
afbr-404	239	1	sources	source	NOUN
afbr-404	239	2	of	of	ADP
afbr-404	239	3	data	datum	NOUN
afbr-404	239	4	collection	collection	NOUN
afbr-404	239	5	the	the	DET
afbr-404	239	6	study	study	NOUN
afbr-404	239	7	used	use	VERB
afbr-404	239	8	for	for	ADP
afbr-404	239	9	collecting	collect	VERB
afbr-404	239	10	data	datum	NOUN
afbr-404	239	11	for	for	ADP
afbr-404	239	12	this	this	DET
afbr-404	239	13	research	research	NOUN
afbr-404	239	14	is	be	AUX
afbr-404	239	15	the	the	DET
afbr-404	239	16	secondary	secondary	ADJ
afbr-404	239	17	source	source	NOUN
afbr-404	239	18	of	of	ADP
afbr-404	239	19	data	data	NOUN
afbr-404	239	20	collection	collection	NOUN
afbr-404	239	21	obtained	obtain	VERB
afbr-404	239	22	from	from	ADP
afbr-404	239	23	various	various	ADJ
afbr-404	239	24	issues	issue	NOUN
afbr-404	239	25	of	of	ADP
afbr-404	239	26	:	:	PUNCT
afbr-404	239	27	(	(	PUNCT
afbr-404	239	28	i	i	NOUN
afbr-404	239	29	)	)	PUNCT
afbr-404	239	30	nigerian	nigerian	ADJ
afbr-404	239	31	stock	stock	NOUN
afbr-404	239	32	exchange	exchange	PROPN
afbr-404	239	33	(	(	PUNCT
afbr-404	239	34	nse	nse	NOUN
afbr-404	239	35	)	)	PUNCT
afbr-404	239	36	annual	annual	ADJ
afbr-404	239	37	reports	report	NOUN
afbr-404	239	38	and	and	CCONJ
afbr-404	239	39	statement	statement	NOUN
afbr-404	239	40	of	of	ADP
afbr-404	239	41	accounts	account	NOUN
afbr-404	239	42	.	.	PUNCT
afbr-404	240	1	data	datum	NOUN
afbr-404	240	2	analysis	analysis	NOUN
afbr-404	240	3	instrument	instrument	NOUN
afbr-404	240	4	the	the	DET
afbr-404	240	5	study	study	NOUN
afbr-404	240	6	employed	employ	VERB
afbr-404	240	7	a	a	DET
afbr-404	240	8	"	"	PUNCT
afbr-404	240	9	panel	panel	NOUN
afbr-404	240	10	data	datum	NOUN
afbr-404	240	11	regression	regression	NOUN
afbr-404	240	12	analysis	analysis	NOUN
afbr-404	240	13	.	.	PUNCT
afbr-404	241	1	this	this	PRON
afbr-404	241	2	is	be	AUX
afbr-404	241	3	because	because	SCONJ
afbr-404	241	4	the	the	DET
afbr-404	241	5	data	datum	NOUN
afbr-404	241	6	set	set	VERB
afbr-404	241	7	consists	consist	NOUN
afbr-404	241	8	of	of	ADP
afbr-404	241	9	observations	observation	NOUN
afbr-404	241	10	of	of	ADP
afbr-404	241	11	multiple	multiple	ADJ
afbr-404	241	12	variables	variable	NOUN
afbr-404	241	13	over	over	ADP
afbr-404	241	14	multiple	multiple	ADJ
afbr-404	241	15	time	time	NOUN
afbr-404	241	16	periods	period	NOUN
afbr-404	241	17	.	.	PUNCT
afbr-404	242	1	thus	thus	ADV
afbr-404	242	2	panel	panel	NOUN
afbr-404	242	3	data	datum	NOUN
afbr-404	242	4	combines	combine	VERB
afbr-404	242	5	time	time	NOUN
afbr-404	242	6	series	series	NOUN
afbr-404	242	7	and	and	CCONJ
afbr-404	242	8	cross	cross	VERB
afbr-404	242	9	sectional	sectional	ADJ
afbr-404	242	10	data	datum	NOUN
afbr-404	242	11	.	.	PUNCT
afbr-404	243	1	it	it	PRON
afbr-404	243	2	allows	allow	VERB
afbr-404	243	3	the	the	DET
afbr-404	243	4	researcher	researcher	NOUN
afbr-404	243	5	the	the	DET
afbr-404	243	6	flexibility	flexibility	NOUN
afbr-404	243	7	in	in	ADP
afbr-404	243	8	modeling	model	VERB
afbr-404	243	9	differences	difference	NOUN
afbr-404	243	10	in	in	ADP
afbr-404	243	11	behaviour	behaviour	NOUN
afbr-404	243	12	across	across	ADP
afbr-404	243	13	individuals	individual	NOUN
afbr-404	243	14	firm	firm	ADJ
afbr-404	243	15	,	,	PUNCT
afbr-404	243	16	it	it	PRON
afbr-404	243	17	is	be	AUX
afbr-404	243	18	also	also	ADV
afbr-404	243	19	appropriate	appropriate	ADJ
afbr-404	243	20	for	for	ADP
afbr-404	243	21	this	this	DET
afbr-404	243	22	study	study	NOUN
afbr-404	243	23	because	because	SCONJ
afbr-404	243	24	of	of	ADP
afbr-404	243	25	its	its	PRON
afbr-404	243	26	ability	ability	NOUN
afbr-404	243	27	to	to	PART
afbr-404	243	28	take	take	VERB
afbr-404	243	29	into	into	ADP
afbr-404	243	30	account	account	NOUN
afbr-404	243	31	heterogeneity	heterogeneity	NOUN
afbr-404	243	32	problem	problem	NOUN
afbr-404	243	33	or	or	CCONJ
afbr-404	243	34	individual	individual	ADJ
afbr-404	243	35	effects	effect	NOUN
afbr-404	243	36	in	in	ADP
afbr-404	243	37	cross	cross	NOUN
afbr-404	243	38	sectional	sectional	ADJ
afbr-404	243	39	data	datum	NOUN
afbr-404	243	40	and	and	CCONJ
afbr-404	243	41	give	give	VERB
afbr-404	243	42	more	more	ADV
afbr-404	243	43	informative	informative	ADJ
afbr-404	243	44	data	datum	NOUN
afbr-404	243	45	.	.	PUNCT
afbr-404	244	1	the	the	DET
afbr-404	244	2	panel	panel	NOUN
afbr-404	244	3	regress	regress	NOUN
afbr-404	244	4	ion	ion	NOUN
afbr-404	244	5	equation	equation	NOUN
afbr-404	244	6	is	be	AUX
afbr-404	244	7	different	different	ADJ
afbr-404	244	8	from	from	ADP
afbr-404	244	9	a	a	DET
afbr-404	244	10	regular	regular	ADJ
afbr-404	244	11	time	time	NOUN
afbr-404	244	12	-	-	PUNCT
afbr-404	244	13	series	series	NOUN
afbr-404	244	14	or	or	CCONJ
afbr-404	244	15	cross	cross	NOUN
afbr-404	244	16	section	section	NOUN
afbr-404	244	17	regression	regression	NOUN
afbr-404	244	18	by	by	ADP
afbr-404	244	19	the	the	DET
afbr-404	244	20	double	double	ADJ
afbr-404	244	21	subscript	subscript	NOUN
afbr-404	244	22	attached	attach	VERB
afbr-404	244	23	to	to	ADP
afbr-404	244	24	each	each	DET
afbr-404	244	25	variable	variable	NOUN
afbr-404	244	26	.	.	PUNCT
afbr-404	245	1	the	the	DET
afbr-404	245	2	general	general	ADJ
afbr-404	245	3	form	form	NOUN
afbr-404	245	4	of	of	ADP
afbr-404	245	5	the	the	DET
afbr-404	245	6	panel	panel	NOUN
afbr-404	245	7	data	datum	NOUN
afbr-404	245	8	model	model	NOUN
afbr-404	245	9	is	be	AUX
afbr-404	245	10	specified	specify	VERB
afbr-404	245	11	as	as	ADP
afbr-404	245	12	"	"	PUNCT
afbr-404	245	13	:	:	PUNCT
afbr-404	245	14	titii	titii	VERB
afbr-404	245	15	xy	xy	PROPN
afbr-404	245	16	,	,	PUNCT
afbr-404	245	17	,	,	PUNCT
afbr-404	245	18	,	,	PUNCT
afbr-404	245	19			PROPN
afbr-404	245	20			PROPN
afbr-404	245	21	1	1	NUM
afbr-404	245	22	the	the	DET
afbr-404	245	23	"	"	PUNCT
afbr-404	245	24	subscript	subscript	NOUN
afbr-404	245	25	i	i	PRON
afbr-404	245	26	denotes	denote	VERB
afbr-404	245	27	the	the	DET
afbr-404	245	28	cross	cross	ADJ
afbr-404	245	29	-	-	ADJ
afbr-404	245	30	sectional	sectional	ADJ
afbr-404	245	31	dimension	dimension	NOUN
afbr-404	245	32	and	and	CCONJ
afbr-404	245	33	t	t	NOUN
afbr-404	245	34	represents	represent	VERB
afbr-404	245	35	the	the	DET
afbr-404	245	36	time	time	NOUN
afbr-404	245	37	-	-	PUNCT
afbr-404	245	38	series	series	NOUN
afbr-404	245	39	dimension	dimension	NOUN
afbr-404	245	40	.	.	PUNCT
afbr-404	246	1	the	the	DET
afbr-404	246	2	left	left	ADJ
afbr-404	246	3	-	-	PUNCT
afbr-404	246	4	hand	hand	NOUN
afbr-404	246	5	variable	variable	NOUN
afbr-404	246	6	y	y	PROPN
afbr-404	246	7	represents	represent	VERB
afbr-404	246	8	the	the	DET
afbr-404	246	9	dependent	dependent	ADJ
afbr-404	246	10	variable	variable	NOUN
afbr-404	246	11	in	in	ADP
afbr-404	246	12	the	the	DET
afbr-404	246	13	model	model	NOUN
afbr-404	246	14	which	which	PRON
afbr-404	246	15	represents	represent	VERB
afbr-404	246	16	the	the	DET
afbr-404	246	17	value	value	NOUN
afbr-404	246	18	relevance	relevance	NOUN
afbr-404	246	19	of	of	ADP
afbr-404	246	20	firms	firm	NOUN
afbr-404	246	21	listed	list	VERB
afbr-404	246	22	on	on	ADP
afbr-404	246	23	the	the	DET
afbr-404	246	24	nigeria	nigeria	PROPN
afbr-404	246	25	stock	stock	PROPN
afbr-404	246	26	exchange	exchange	PROPN
afbr-404	246	27	,	,	PUNCT
afbr-404	246	28	x	x	PROPN
afbr-404	246	29	contains	contain	VERB
afbr-404	246	30	the	the	DET
afbr-404	246	31	set	set	NOUN
afbr-404	246	32	of	of	ADP
afbr-404	246	33	explanatory	explanatory	ADJ
afbr-404	246	34	variables	variable	NOUN
afbr-404	246	35	in	in	ADP
afbr-404	246	36	the	the	DET
afbr-404	246	37	estimation	estimation	NOUN
afbr-404	246	38	model	model	NOUN
afbr-404	246	39	,	,	PUNCT
afbr-404	246	40			X
afbr-404	246	41	and	and	CCONJ
afbr-404	246	42	is	be	AUX
afbr-404	246	43	taken	take	VERB
afbr-404	246	44	to	to	PART
afbr-404	246	45	be	be	AUX
afbr-404	246	46	constant	constant	ADJ
afbr-404	246	47	overtime	overtime	NOUN
afbr-404	246	48	t	t	NOUN
afbr-404	246	49	and	and	CCONJ
afbr-404	246	50	specific	specific	ADJ
afbr-404	246	51	to	to	ADP
afbr-404	246	52	the	the	DET
afbr-404	246	53	individual	individual	ADJ
afbr-404	246	54	cross	cross	ADJ
afbr-404	246	55	-	-	ADJ
afbr-404	246	56	sectional	sectional	ADJ
afbr-404	246	57	unit	unit	NOUN
afbr-404	246	58	"	"	PUNCT
afbr-404	246	59	model	model	NOUN
afbr-404	246	60	specification	specification	NOUN
afbr-404	246	61			NOUN
afbr-404	246	62	dpsdyrrdprfmv	dpsdyrrdprfmv	X
afbr-404	246	63	,	,	PUNCT
afbr-404	246	64	,	,	PUNCT
afbr-404	246	65	,	,	PUNCT
afbr-404	246	66			PROPN
afbr-404	246	67	2	2	NUM
afbr-404	246	68	the	the	DET
afbr-404	246	69	regression	regression	NOUN
afbr-404	246	70	models	model	NOUN
afbr-404	246	71	are	be	AUX
afbr-404	246	72	thus	thus	ADV
afbr-404	246	73	formulated	formulate	VERB
afbr-404	246	74	as	as	ADP
afbr-404	246	75			PROPN
afbr-404	246	76			PROPN
afbr-404	246	77	iiii	iiii	PROPN
afbr-404	246	78	dpsdyrrdprmv	dpsdyrrdprmv	PROPN
afbr-404	246	79	432101	432101	NUM
afbr-404	246	80	3	3	NUM
afbr-404	246	81	where	where	SCONJ
afbr-404	246	82	mv	mv	PROPN
afbr-404	246	83	=	=	NOUN
afbr-404	246	84	market	market	NOUN
afbr-404	246	85	value	value	NOUN
afbr-404	246	86	proxy	proxy	NOUN
afbr-404	246	87	tobin	tobin	PROPN
afbr-404	246	88	q	q	PROPN
afbr-404	246	89	dpr=	dpr=	PROPN
afbr-404	246	90	dividend	dividend	NOUN
afbr-404	246	91	payout	payout	NOUN
afbr-404	246	92	ratio	ratio	NOUN
afbr-404	246	93	rr	rr	NOUN
afbr-404	247	1	=	=	PUNCT
afbr-404	247	2	retention	retention	NOUN
afbr-404	247	3	ratio	ratio	NOUN
afbr-404	247	4	dy=	dy=	PROPN
afbr-404	247	5	dividend	dividend	NOUN
afbr-404	247	6	yield	yield	NOUN
afbr-404	247	7	dps=	dps=	ADJ
afbr-404	247	8	dividend	dividend	NOUN
afbr-404	247	9	per	per	ADP
afbr-404	247	10	share	share	NOUN
afbr-404	247	11	method	method	NOUN
afbr-404	247	12	of	of	ADP
afbr-404	247	13	estimation	estimation	NOUN
afbr-404	247	14	and	and	CCONJ
afbr-404	247	15	testing	testing	NOUN
afbr-404	247	16	i.	i.	PROPN
afbr-404	247	17	panel	panel	PROPN
afbr-404	247	18	data	data	PROPN
afbr-404	247	19	regression	regression	NOUN
afbr-404	247	20	model	model	NOUN
afbr-404	247	21	specifications	specification	NOUN
afbr-404	247	22	copyright	copyright	NOUN
afbr-404	247	23	©	©	PROPN
afbr-404	247	24	cc	cc	PROPN
afbr-404	247	25	-	-	PUNCT
afbr-404	247	26	by	by	ADP
afbr-404	247	27	-	-	PUNCT
afbr-404	247	28	nc	nc	PROPN
afbr-404	247	29	2019	2019	NUM
afbr-404	247	30	,	,	PUNCT
afbr-404	247	31	cribfb	cribfb	PROPN
afbr-404	247	32	|	|	ADV
afbr-404	247	33	afbr	afbr	PROPN
afbr-404	247	34	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	247	35	australian	australian	ADJ
afbr-404	247	36	finance	finance	PROPN
afbr-404	247	37	&	&	CCONJ
afbr-404	247	38	banking	banking	PROPN
afbr-404	247	39	review	review	PROPN
afbr-404	247	40	vol	vol	NOUN
afbr-404	247	41	.	.	PROPN
afbr-404	248	1	3	3	NUM
afbr-404	248	2	,	,	PUNCT
afbr-404	248	3	no	no	INTJ
afbr-404	248	4	.	.	NOUN
afbr-404	248	5	2	2	NUM
afbr-404	248	6	;	;	PUNCT
afbr-404	248	7	2019	2019	NUM
afbr-404	248	8	25	25	NUM
afbr-404	248	9	panel	panel	NOUN
afbr-404	248	10	data	datum	NOUN
afbr-404	248	11	can	can	AUX
afbr-404	248	12	be	be	AUX
afbr-404	248	13	estimated	estimate	VERB
afbr-404	248	14	and	and	CCONJ
afbr-404	248	15	analyzed	analyze	VERB
afbr-404	248	16	in	in	ADP
afbr-404	248	17	three	three	NUM
afbr-404	248	18	different	different	ADJ
afbr-404	248	19	specification	specification	NOUN
afbr-404	248	20	models	model	NOUN
afbr-404	248	21	.	.	PUNCT
afbr-404	249	1	these	these	PRON
afbr-404	249	2	are	be	AUX
afbr-404	249	3	the	the	DET
afbr-404	249	4	correlation	correlation	NOUN
afbr-404	249	5	matrices	matrice	VERB
afbr-404	249	6	the	the	DET
afbr-404	249	7	fixed	fixed	ADJ
afbr-404	249	8	effect	effect	NOUN
afbr-404	249	9	model	model	NOUN
afbr-404	249	10	(	(	PUNCT
afbr-404	249	11	fem	fem	NOUN
afbr-404	249	12	)	)	PUNCT
afbr-404	249	13	and	and	CCONJ
afbr-404	249	14	the	the	DET
afbr-404	249	15	random	random	ADJ
afbr-404	249	16	effect	effect	NOUN
afbr-404	249	17	model	model	NOUN
afbr-404	249	18	(	(	PUNCT
afbr-404	249	19	rem	rem	NOUN
afbr-404	249	20	)	)	PUNCT
afbr-404	249	21	.	.	PUNCT
afbr-404	250	1	in	in	ADP
afbr-404	250	2	this	this	DET
afbr-404	250	3	study	study	NOUN
afbr-404	250	4	the	the	DET
afbr-404	250	5	fixed	fix	VERB
afbr-404	250	6	effect	effect	NOUN
afbr-404	250	7	model	model	NOUN
afbr-404	250	8	is	be	AUX
afbr-404	250	9	chosen	choose	VERB
afbr-404	250	10	over	over	ADP
afbr-404	250	11	pooled	pool	VERB
afbr-404	250	12	ols	ol	NOUN
afbr-404	250	13	regression	regression	NOUN
afbr-404	250	14	because	because	SCONJ
afbr-404	250	15	of	of	ADP
afbr-404	250	16	the	the	DET
afbr-404	250	17	advantages	advantage	NOUN
afbr-404	250	18	the	the	DET
afbr-404	250	19	former	former	NOUN
afbr-404	250	20	has	have	VERB
afbr-404	250	21	over	over	ADP
afbr-404	250	22	the	the	DET
afbr-404	250	23	latter	latter	ADJ
afbr-404	250	24	.	.	PUNCT
afbr-404	251	1	ii	ii	PROPN
afbr-404	251	2	.	.	PROPN
afbr-404	251	3	pooled	pool	VERB
afbr-404	251	4	regression	regression	NOUN
afbr-404	251	5	model	model	NOUN
afbr-404	251	6	albrigim	albrigim	PROPN
afbr-404	251	7	zappe	zappe	PROPN
afbr-404	251	8	and	and	CCONJ
afbr-404	251	9	winston	winston	PROPN
afbr-404	251	10	(	(	PUNCT
afbr-404	251	11	2011	2011	NUM
afbr-404	251	12	)	)	PUNCT
afbr-404	251	13	stipulated	stipulate	VERB
afbr-404	251	14	that	that	SCONJ
afbr-404	251	15	the	the	DET
afbr-404	251	16	error	error	NOUN
afbr-404	251	17	term	term	NOUN
afbr-404	251	18	should	should	AUX
afbr-404	251	19	be	be	AUX
afbr-404	251	20	independently	independently	ADV
afbr-404	251	21	and	and	CCONJ
afbr-404	251	22	normally	normally	ADV
afbr-404	251	23	distributed	distribute	VERB
afbr-404	251	24	with	with	ADP
afbr-404	251	25	zero	zero	NUM
afbr-404	251	26	mean	mean	ADJ
afbr-404	251	27	and	and	CCONJ
afbr-404	251	28	constant	constant	ADJ
afbr-404	251	29	variance	variance	NOUN
afbr-404	251	30	and	and	CCONJ
afbr-404	251	31	more	more	ADV
afbr-404	251	32	importantly	importantly	ADV
afbr-404	251	33	must	must	AUX
afbr-404	251	34	not	not	PART
afbr-404	251	35	correlated	correlate	VERB
afbr-404	251	36	with	with	ADP
afbr-404	251	37	the	the	DET
afbr-404	251	38	independent	independent	ADJ
afbr-404	251	39	variables	variable	NOUN
afbr-404	251	40	pooled	pool	VERB
afbr-404	251	41	ols	ol	NOUN
afbr-404	251	42	linear	linear	ADJ
afbr-404	251	43	regression	regression	NOUN
afbr-404	251	44	is	be	AUX
afbr-404	251	45	given	give	VERB
afbr-404	251	46	as	as	SCONJ
afbr-404	251	47	follows	follow	VERB
afbr-404	251	48	:	:	PUNCT
afbr-404	252	1	itititititit	itititititit	PROPN
afbr-404	252	2	uxxxxy	uxxxxy	PROPN
afbr-404	252	3			PROPN
afbr-404	252	4	544322110	544322110	NUM
afbr-404	252	5			X
afbr-404	252	6	4	4	NUM
afbr-404	252	7	where	where	SCONJ
afbr-404	252	8	yitis	yitis	PROPN
afbr-404	252	9	the	the	DET
afbr-404	252	10	dependent	dependent	ADJ
afbr-404	252	11	variable	variable	NOUN
afbr-404	252	12	;	;	PUNCT
afbr-404	252	13	0	0	NOUN
afbr-404	252	14	is	be	AUX
afbr-404	252	15	a	a	DET
afbr-404	252	16	constant	constant	ADJ
afbr-404	252	17	term	term	NOUN
afbr-404	252	18	:	:	PUNCT
afbr-404	252	19	x1	x1	NUM
afbr-404	252	20	,	,	PUNCT
afbr-404	252	21	to	to	ADP
afbr-404	252	22	x5	x5	PROPN
afbr-404	252	23	,	,	PUNCT
afbr-404	252	24	are	be	AUX
afbr-404	252	25	the	the	DET
afbr-404	252	26	independent	independent	ADJ
afbr-404	252	27	variables	variable	NOUN
afbr-404	252	28	;	;	PUNCT
afbr-404	252	29	41	41	NUM
afbr-404	252	30			NOUN
afbr-404	252	31	to	to	PART
afbr-404	252	32	are	are	VERB
afbr-404	252	33	slope	slope	NOUN
afbr-404	252	34	parameters	parameter	NOUN
afbr-404	252	35	:	:	PUNCT
afbr-404	252	36	i	i	PRON
afbr-404	252	37	...	...	PUNCT
afbr-404	252	38	n	n	PROPN
afbr-404	252	39	refers	refer	VERB
afbr-404	252	40	to	to	ADP
afbr-404	252	41	the	the	DET
afbr-404	252	42	cross	cross	ADJ
afbr-404	252	43	-	-	ADJ
afbr-404	252	44	sectional	sectional	ADJ
afbr-404	252	45	units	unit	NOUN
afbr-404	252	46	and	and	CCONJ
afbr-404	252	47	t	t	PROPN
afbr-404	252	48	is	be	AUX
afbr-404	252	49	the	the	DET
afbr-404	252	50	time	time	NOUN
afbr-404	252	51	period	period	NOUN
afbr-404	252	52	.	.	PUNCT
afbr-404	253	1	ii	ii	X
afbr-404	253	2	.	.	PUNCT
afbr-404	254	1	the	the	DET
afbr-404	254	2	fixed	fix	VERB
afbr-404	254	3	effect	effect	NOUN
afbr-404	254	4	model	model	NOUN
afbr-404	254	5	the	the	DET
afbr-404	254	6	fixed	fix	VERB
afbr-404	254	7	model	model	NOUN
afbr-404	254	8	can	can	AUX
afbr-404	254	9	be	be	AUX
afbr-404	254	10	specified	specify	VERB
afbr-404	254	11	as	as	ADP
afbr-404	254	12	itititititiit	itititititiit	NOUN
afbr-404	254	13	uxxxxy	uxxxxy	PROPN
afbr-404	254	14			VERB
afbr-404	254	15	43211	43211	NUM
afbr-404	254	16			ADV
afbr-404	254	17	5	5	NUM
afbr-404	254	18	where	where	SCONJ
afbr-404	254	19	i	i	PRON
afbr-404	254	20	in	in	ADP
afbr-404	254	21	refers	refer	VERB
afbr-404	254	22	to	to	ADP
afbr-404	254	23	the	the	DET
afbr-404	254	24	cross	cross	ADJ
afbr-404	254	25	-	-	ADJ
afbr-404	254	26	sectional	sectional	ADJ
afbr-404	254	27	units	unit	NOUN
afbr-404	254	28	representing	represent	VERB
afbr-404	254	29	the	the	DET
afbr-404	254	30	intercept	intercept	NOUN
afbr-404	254	31	value	value	NOUN
afbr-404	254	32	for	for	ADP
afbr-404	254	33	each	each	DET
afbr-404	254	34	cross	cross	ADJ
afbr-404	254	35	-	-	ADJ
afbr-404	254	36	sectional	sectional	ADJ
afbr-404	254	37	unit	unit	NOUN
afbr-404	254	38	.	.	PUNCT
afbr-404	255	1	a	a	DET
afbr-404	255	2	-	-	PUNCT
afbr-404	255	3	priori	priori	ADJ
afbr-404	255	4	expectation	expectation	NOUN
afbr-404	255	5	base	base	NOUN
afbr-404	255	6	on	on	ADP
afbr-404	255	7	theories	theory	NOUN
afbr-404	255	8	such	such	ADJ
afbr-404	255	9	as	as	ADP
afbr-404	255	10	market	market	NOUN
afbr-404	255	11	efficiency	efficiency	NOUN
afbr-404	255	12	theory	theory	NOUN
afbr-404	255	13	and	and	CCONJ
afbr-404	255	14	empirical	empirical	ADJ
afbr-404	255	15	results	result	NOUN
afbr-404	255	16	examined	examine	VERB
afbr-404	255	17	in	in	ADP
afbr-404	255	18	this	this	DET
afbr-404	255	19	study	study	NOUN
afbr-404	255	20	,	,	PUNCT
afbr-404	255	21	the	the	DET
afbr-404	255	22	variables	variable	NOUN
afbr-404	255	23	are	be	AUX
afbr-404	255	24	expected	expect	VERB
afbr-404	255	25	to	to	PART
afbr-404	255	26	have	have	VERB
afbr-404	255	27	a	a	DET
afbr-404	255	28	positive	positive	ADJ
afbr-404	255	29	effect	effect	NOUN
afbr-404	255	30	on	on	ADP
afbr-404	255	31	the	the	DET
afbr-404	255	32	dependent	dependent	ADJ
afbr-404	255	33	variables	variable	NOUN
afbr-404	255	34	.	.	PUNCT
afbr-404	256	1	the	the	DET
afbr-404	256	2	mathematical	mathematical	ADJ
afbr-404	256	3	implication	implication	NOUN
afbr-404	256	4	is	be	AUX
afbr-404	256	5	stated	state	VERB
afbr-404	256	6	as	as	SCONJ
afbr-404	256	7	follows	follow	VERB
afbr-404	256	8	:	:	PUNCT
afbr-404	256	9	1	1	NUM
afbr-404	256	10	>	>	X
afbr-404	256	11	1	1	PROPN
afbr-404	256	12	>	>	X
afbr-404	256	13	1	1	PROPN
afbr-404	256	14	>	>	X
afbr-404	256	15	1	1	PROPN
afbr-404	256	16	>	>	SYM
afbr-404	256	17	0	0	NUM
afbr-404	256	18	reject	reject	VERB
afbr-404	256	19	mm	mm	PROPN
afbr-404	256	20	hypothesis	hypothesis	NOUN
afbr-404	256	21	1	1	PROPN
afbr-404	256	22	<	<	X
afbr-404	256	23	1	1	PROPN
afbr-404	256	24	<	<	X
afbr-404	256	25	1	1	PROPN
afbr-404	256	26	<	<	X
afbr-404	256	27	1	1	PROPN
afbr-404	256	28	>	>	SYM
afbr-404	256	29	0	0	NUM
afbr-404	256	30	accept	accept	VERB
afbr-404	256	31	mm	mm	PROPN
afbr-404	256	32	hypothesis	hypothesis	NOUN
afbr-404	256	33	1	1	NUM
afbr-404	256	34	t	t	NOUN
afbr-404	256	35	>	>	X
afbr-404	256	36	1	1	NUM
afbr-404	256	37	t	t	X
afbr-404	256	38	>	>	X
afbr-404	256	39	1	1	NUM
afbr-404	256	40	t	t	X
afbr-404	256	41	>	>	X
afbr-404	256	42	1	1	NUM
afbr-404	256	43	t	t	NOUN
afbr-404	256	44	>	>	SYM
afbr-404	256	45	0	0	NUM
afbr-404	256	46	reject	reject	VERB
afbr-404	256	47	mm	mm	PROPN
afbr-404	256	48	hypothesis	hypothesis	NOUN
afbr-404	256	49	1	1	NUM
afbr-404	256	50	t	t	NOUN
afbr-404	256	51	<	<	X
afbr-404	256	52	1	1	NUM
afbr-404	256	53	t	t	NOUN
afbr-404	256	54	>	>	X
afbr-404	256	55	1	1	NUM
afbr-404	256	56	t	t	X
afbr-404	256	57	>	>	X
afbr-404	256	58	1	1	NUM
afbr-404	256	59	t	t	NOUN
afbr-404	256	60	>	>	SYM
afbr-404	256	61	0	0	NUM
afbr-404	256	62	accept	accept	VERB
afbr-404	256	63	mm	mm	PROPN
afbr-404	256	64	hypothesis	hypothesis	NOUN
afbr-404	256	65	4	4	NUM
afbr-404	256	66	.	.	PUNCT
afbr-404	256	67	analysis	analysis	NOUN
afbr-404	256	68	and	and	CCONJ
afbr-404	256	69	discussion	discussion	NOUN
afbr-404	256	70	of	of	ADP
afbr-404	256	71	findings	finding	NOUN
afbr-404	256	72	the	the	DET
afbr-404	256	73	objective	objective	NOUN
afbr-404	256	74	of	of	ADP
afbr-404	256	75	the	the	DET
afbr-404	256	76	study	study	NOUN
afbr-404	256	77	as	as	SCONJ
afbr-404	256	78	earlier	early	ADV
afbr-404	256	79	stated	state	VERB
afbr-404	256	80	was	be	AUX
afbr-404	256	81	to	to	ADP
afbr-404	256	82	the	the	DET
afbr-404	256	83	validity	validity	NOUN
afbr-404	256	84	of	of	ADP
afbr-404	256	85	mm	mm	PROPN
afbr-404	256	86	dividend	dividend	NOUN
afbr-404	256	87	policy	policy	NOUN
afbr-404	256	88	irrelevant	irrelevant	ADJ
afbr-404	256	89	hypothesis	hypothesis	NOUN
afbr-404	256	90	in	in	ADP
afbr-404	256	91	among	among	ADP
afbr-404	256	92	nigeria	nigeria	PROPN
afbr-404	256	93	quoted	quote	VERB
afbr-404	256	94	manufacturing	manufacturing	NOUN
afbr-404	256	95	firms	firm	NOUN
afbr-404	256	96	.	.	PUNCT
afbr-404	257	1	table	table	NOUN
afbr-404	257	2	1	1	NUM
afbr-404	257	3	random	random	ADJ
afbr-404	257	4	effect	effect	NOUN
afbr-404	257	5	versus	versus	ADP
afbr-404	257	6	fixed	fix	VERB
afbr-404	257	7	effect	effect	NOUN
afbr-404	257	8	models	model	NOUN
afbr-404	257	9	redundant	redundant	VERB
afbr-404	257	10	fixed	fix	VERB
afbr-404	257	11	effects	effect	NOUN
afbr-404	257	12	tests	test	VERB
afbr-404	257	13	effects	effect	NOUN
afbr-404	257	14	test	test	NOUN
afbr-404	257	15	statistic	statistic	PROPN
afbr-404	257	16	d.f	d.f	PROPN
afbr-404	257	17	.	.	PROPN
afbr-404	257	18	prob	prob	PROPN
afbr-404	257	19	.	.	PUNCT
afbr-404	258	1	cross	cross	NOUN
afbr-404	258	2	-	-	NOUN
afbr-404	258	3	section	section	ADJ
afbr-404	258	4	f	f	PROPN
afbr-404	258	5	2.529902	2.529902	NUM
afbr-404	258	6	(	(	PUNCT
afbr-404	258	7	14,69	14,69	PROPN
afbr-404	258	8	)	)	PUNCT
afbr-404	258	9	0.0056	0.0056	NUM
afbr-404	258	10	cross	cross	ADJ
afbr-404	258	11	-	-	ADJ
afbr-404	258	12	section	section	ADJ
afbr-404	258	13	chi	chi	ADJ
afbr-404	258	14	-	-	PUNCT
afbr-404	258	15	square	square	ADJ
afbr-404	258	16	36.458539	36.458539	NUM
afbr-404	258	17	14	14	NUM
afbr-404	258	18	0.0009	0.0009	NUM
afbr-404	258	19	correlated	correlate	VERB
afbr-404	258	20	random	random	ADJ
afbr-404	258	21	effects	effect	NOUN
afbr-404	258	22	hausman	hausman	PROPN
afbr-404	258	23	test	test	NOUN
afbr-404	258	24	test	test	NOUN
afbr-404	258	25	summary	summary	NOUN
afbr-404	258	26	chi	chi	PROPN
afbr-404	258	27	-	-	PUNCT
afbr-404	258	28	sq	sq	PROPN
afbr-404	258	29	.	.	PROPN
afbr-404	258	30	statistic	statistic	ADJ
afbr-404	258	31	chi	chi	PROPN
afbr-404	258	32	-	-	PUNCT
afbr-404	258	33	sq	sq	PROPN
afbr-404	258	34	.	.	PUNCT
afbr-404	258	35	d.f	d.f	PROPN
afbr-404	258	36	.	.	PROPN
afbr-404	258	37	prob	prob	PROPN
afbr-404	258	38	.	.	PUNCT
afbr-404	259	1	cross	cross	ADJ
afbr-404	259	2	-	-	ADJ
afbr-404	259	3	section	section	ADJ
afbr-404	259	4	random	random	ADJ
afbr-404	259	5	3.144965	3.144965	NUM
afbr-404	259	6	4	4	NUM
afbr-404	259	7	0.0009	0.0009	NUM
afbr-404	259	8	source	source	NOUN
afbr-404	259	9	:	:	PUNCT
afbr-404	259	10	computed	compute	VERB
afbr-404	259	11	from	from	ADP
afbr-404	259	12	e	e	NOUN
afbr-404	259	13	-	-	NOUN
afbr-404	259	14	view	view	NOUN
afbr-404	259	15	output	output	NOUN
afbr-404	259	16	the	the	DET
afbr-404	259	17	"	"	PUNCT
afbr-404	259	18	hausman	hausman	ADJ
afbr-404	259	19	test	test	NOUN
afbr-404	259	20	tests	test	VERB
afbr-404	259	21	the	the	DET
afbr-404	259	22	null	null	ADJ
afbr-404	259	23	hypothesis	hypothesis	NOUN
afbr-404	259	24	that	that	PRON
afbr-404	259	25	the	the	DET
afbr-404	259	26	coefficients	coefficient	NOUN
afbr-404	259	27	which	which	PRON
afbr-404	259	28	are	be	AUX
afbr-404	259	29	estimated	estimate	VERB
afbr-404	259	30	by	by	ADP
afbr-404	259	31	the	the	DET
afbr-404	259	32	efficient	efficient	ADJ
afbr-404	259	33	random	random	ADJ
afbr-404	259	34	effects	effect	NOUN
afbr-404	259	35	estimator	estimator	NOUN
afbr-404	259	36	are	be	AUX
afbr-404	259	37	the	the	DET
afbr-404	259	38	same	same	ADJ
afbr-404	259	39	as	as	ADP
afbr-404	259	40	the	the	DET
afbr-404	259	41	ones	one	NOUN
afbr-404	259	42	estimated	estimate	VERB
afbr-404	259	43	by	by	ADP
afbr-404	259	44	the	the	DET
afbr-404	259	45	consistent	consistent	ADJ
afbr-404	259	46	fixed	fix	VERB
afbr-404	259	47	effects	effect	NOUN
afbr-404	259	48	estimator	estimator	NOUN
afbr-404	259	49	.	.	PUNCT
afbr-404	260	1	therefore	therefore	ADV
afbr-404	260	2	,	,	PUNCT
afbr-404	260	3	this	this	PRON
afbr-404	260	4	includes	include	VERB
afbr-404	260	5	insignificant	insignificant	ADJ
afbr-404	260	6	p	p	NOUN
afbr-404	260	7	-	-	PUNCT
afbr-404	260	8	value	value	NOUN
afbr-404	260	9	,	,	PUNCT
afbr-404	260	10	prob	prob	NOUN
afbr-404	260	11	>	>	X
afbr-404	260	12	chi2	chi2	NOUN
afbr-404	260	13	larger	large	ADJ
afbr-404	260	14	than	than	ADP
afbr-404	260	15	0.05	0.05	NUM
afbr-404	260	16	,	,	PUNCT
afbr-404	260	17	the	the	DET
afbr-404	260	18	null	null	NOUN
afbr-404	260	19	is	be	AUX
afbr-404	260	20	more	more	ADV
afbr-404	260	21	suitable	suitable	ADJ
afbr-404	260	22	to	to	PART
afbr-404	260	23	use	use	VERB
afbr-404	260	24	random	random	ADJ
afbr-404	260	25	effects	effect	NOUN
afbr-404	260	26	.	.	PUNCT
afbr-404	261	1	according	accord	VERB
afbr-404	261	2	to	to	ADP
afbr-404	261	3	above	above	ADP
afbr-404	261	4	table	table	NOUN
afbr-404	261	5	shows	show	VERB
afbr-404	261	6	hausman	hausman	PROPN
afbr-404	261	7	specification	specification	PROPN
afbr-404	261	8	test	test	NOUN
afbr-404	261	9	the	the	DET
afbr-404	261	10	model	model	NOUN
afbr-404	261	11	has	have	VERB
afbr-404	261	12	the	the	DET
afbr-404	261	13	value	value	NOUN
afbr-404	261	14	of	of	ADP
afbr-404	261	15	p=0.0009	p=0.0009	NOUN
afbr-404	261	16	for	for	ADP
afbr-404	261	17	the	the	DET
afbr-404	261	18	regression	regression	NOUN
afbr-404	261	19	model	model	NOUN
afbr-404	261	20	of	of	ADP
afbr-404	261	21	dependent	dependent	ADJ
afbr-404	261	22	and	and	CCONJ
afbr-404	261	23	independent	independent	ADJ
afbr-404	261	24	variables	variable	NOUN
afbr-404	261	25	.	.	PUNCT
afbr-404	262	1	this	this	DET
afbr-404	262	2	copyright	copyright	NOUN
afbr-404	262	3	©	©	PROPN
afbr-404	262	4	cc	cc	PROPN
afbr-404	262	5	-	-	PUNCT
afbr-404	262	6	by	by	ADP
afbr-404	262	7	-	-	PUNCT
afbr-404	262	8	nc	nc	PROPN
afbr-404	262	9	2019	2019	NUM
afbr-404	262	10	,	,	PUNCT
afbr-404	262	11	cribfb	cribfb	PROPN
afbr-404	262	12	|	|	ADV
afbr-404	262	13	afbr	afbr	PROPN
afbr-404	262	14	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	262	15	australian	australian	ADJ
afbr-404	262	16	finance	finance	PROPN
afbr-404	262	17	&	&	CCONJ
afbr-404	262	18	banking	banking	PROPN
afbr-404	262	19	review	review	PROPN
afbr-404	262	20	vol	vol	NOUN
afbr-404	262	21	.	.	PROPN
afbr-404	263	1	3	3	NUM
afbr-404	263	2	,	,	PUNCT
afbr-404	263	3	no	no	INTJ
afbr-404	263	4	.	.	NOUN
afbr-404	263	5	2	2	NUM
afbr-404	263	6	;	;	PUNCT
afbr-404	263	7	2019	2019	NUM
afbr-404	263	8	26	26	NUM
afbr-404	263	9	shows	show	VERB
afbr-404	263	10	fixed	fix	VERB
afbr-404	263	11	effect	effect	NOUN
afbr-404	263	12	model	model	NOUN
afbr-404	263	13	is	be	AUX
afbr-404	263	14	more	more	ADV
afbr-404	263	15	appropriate	appropriate	ADJ
afbr-404	263	16	,	,	PUNCT
afbr-404	263	17	because	because	SCONJ
afbr-404	263	18	the	the	DET
afbr-404	263	19	null	null	ADJ
afbr-404	263	20	hypothesis	hypothesis	NOUN
afbr-404	263	21	is	be	AUX
afbr-404	263	22	not	not	PART
afbr-404	263	23	accepted	accept	VERB
afbr-404	263	24	.	.	PUNCT
afbr-404	264	1	therefore	therefore	ADV
afbr-404	264	2	,	,	PUNCT
afbr-404	264	3	this	this	PRON
afbr-404	264	4	includes	include	VERB
afbr-404	264	5	insignificant	insignificant	ADJ
afbr-404	264	6	p	p	NOUN
afbr-404	264	7	-	-	PUNCT
afbr-404	264	8	value	value	NOUN
afbr-404	264	9	,	,	PUNCT
afbr-404	264	10	prob	prob	NOUN
afbr-404	264	11	>	>	X
afbr-404	264	12	chi2	chi2	NOUN
afbr-404	264	13	larger	large	ADJ
afbr-404	264	14	than	than	ADP
afbr-404	264	15	0.05	0.05	NUM
afbr-404	264	16	,	,	PUNCT
afbr-404	264	17	then	then	ADV
afbr-404	264	18	it	it	PRON
afbr-404	264	19	is	be	AUX
afbr-404	264	20	more	more	ADV
afbr-404	264	21	suitable	suitable	ADJ
afbr-404	264	22	to	to	PART
afbr-404	264	23	use	use	VERB
afbr-404	264	24	random	random	ADJ
afbr-404	264	25	effects	effect	NOUN
afbr-404	264	26	.	.	PUNCT
afbr-404	265	1	however	however	ADV
afbr-404	265	2	,	,	PUNCT
afbr-404	265	3	if	if	SCONJ
afbr-404	265	4	we	we	PRON
afbr-404	265	5	have	have	VERB
afbr-404	265	6	a	a	DET
afbr-404	265	7	significant	significant	ADJ
afbr-404	265	8	p	p	NOUN
afbr-404	265	9	-	-	PUNCT
afbr-404	265	10	value	value	NOUN
afbr-404	265	11	,	,	PUNCT
afbr-404	265	12	then	then	ADV
afbr-404	265	13	we	we	PRON
afbr-404	265	14	should	should	AUX
afbr-404	265	15	use	use	VERB
afbr-404	265	16	fixed	fix	VERB
afbr-404	265	17	effects	effect	NOUN
afbr-404	265	18	models	model	NOUN
afbr-404	265	19	.	.	PUNCT
afbr-404	265	20	"	"	PUNCT
afbr-404	266	1	regression	regression	NOUN
afbr-404	266	2	results	result	VERB
afbr-404	266	3	the	the	DET
afbr-404	266	4	table	table	NOUN
afbr-404	266	5	below	below	ADV
afbr-404	266	6	has	have	VERB
afbr-404	266	7	detail	detail	NOUN
afbr-404	266	8	of	of	ADP
afbr-404	266	9	the	the	DET
afbr-404	266	10	regression	regression	NOUN
afbr-404	266	11	results	result	NOUN
afbr-404	266	12	for	for	ADP
afbr-404	266	13	the	the	DET
afbr-404	266	14	study	study	NOUN
afbr-404	266	15	.	.	PUNCT
afbr-404	267	1	table	table	NOUN
afbr-404	267	2	2	2	NUM
afbr-404	267	3	:	:	PUNCT
afbr-404	267	4	presentation	presentation	NOUN
afbr-404	267	5	of	of	ADP
afbr-404	267	6	regression	regression	NOUN
afbr-404	267	7	results	result	NOUN
afbr-404	267	8	fixed	fix	VERB
afbr-404	267	9	effect	effect	NOUN
afbr-404	267	10	model	model	NOUN
afbr-404	267	11	variable	variable	ADJ
afbr-404	267	12	coefficient	coefficient	NOUN
afbr-404	267	13	std	std	PROPN
afbr-404	267	14	.	.	NOUN
afbr-404	267	15	error	error	NOUN
afbr-404	267	16	t	t	NOUN
afbr-404	267	17	-	-	PUNCT
afbr-404	267	18	statistic	statistic	NOUN
afbr-404	267	19	prob	prob	NOUN
afbr-404	267	20	.	.	PUNCT
afbr-404	268	1	dpr	dpr	PROPN
afbr-404	268	2	0.818574	0.818574	NUM
afbr-404	269	1	3.167067	3.167067	NUM
afbr-404	269	2	3.276949	3.276949	NUM
afbr-404	269	3	0.0026	0.0026	NUM
afbr-404	269	4	rr	rr	NOUN
afbr-404	269	5	0.733345	0.733345	NUM
afbr-404	269	6	4.451247	4.451247	NUM
afbr-404	269	7	2.650678	2.650678	NUM
afbr-404	269	8	0.0174	0.0174	NUM
afbr-404	269	9	dy	dy	NOUN
afbr-404	269	10	0.800215	0.800215	NUM
afbr-404	269	11	3.401035	3.401035	NUM
afbr-404	269	12	4.207544	4.207544	NUM
afbr-404	269	13	0.0362	0.0362	NUM
afbr-404	269	14	dps	dps	NOUN
afbr-404	269	15	0.612747	0.612747	NUM
afbr-404	269	16	3.560265	3.560265	NUM
afbr-404	269	17	2.870861	2.870861	NUM
afbr-404	269	18	0.0356	0.0356	NUM
afbr-404	269	19	c	c	NOUN
afbr-404	269	20	10.45667	10.45667	NUM
afbr-404	269	21	4.374480	4.374480	NUM
afbr-404	269	22	2.390380	2.390380	NUM
afbr-404	269	23	0.0196	0.0196	NUM
afbr-404	269	24	effects	effect	NOUN
afbr-404	269	25	specification	specification	NOUN
afbr-404	269	26	cross	cross	ADJ
afbr-404	269	27	-	-	ADJ
afbr-404	269	28	section	section	NOUN
afbr-404	269	29	fixed	fix	VERB
afbr-404	269	30	(	(	PUNCT
afbr-404	269	31	dummy	dummy	ADJ
afbr-404	269	32	variables	variable	NOUN
afbr-404	269	33	)	)	PUNCT
afbr-404	269	34	r	r	X
afbr-404	269	35	-	-	PUNCT
afbr-404	269	36	squared	square	VERB
afbr-404	269	37	0.753232	0.753232	NUM
afbr-404	269	38	mean	mean	VERB
afbr-404	269	39	dependent	dependent	ADJ
afbr-404	269	40	var	var	NOUN
afbr-404	269	41	14.35273	14.35273	NUM
afbr-404	269	42	adjusted	adjust	VERB
afbr-404	269	43	r	r	NOUN
afbr-404	269	44	-	-	PUNCT
afbr-404	269	45	squared	square	VERB
afbr-404	269	46	0.484510	0.484510	NUM
afbr-404	269	47	s.d	s.d	PROPN
afbr-404	269	48	.	.	PUNCT
afbr-404	270	1	dependent	dependent	ADJ
afbr-404	270	2	var	var	PROPN
afbr-404	270	3	4.122745	4.122745	NUM
afbr-404	270	4	s.e	s.e	PROPN
afbr-404	270	5	.	.	PROPN
afbr-404	270	6	of	of	ADP
afbr-404	270	7	regression	regression	NOUN
afbr-404	270	8	3.723024	3.723024	NUM
afbr-404	270	9	akaike	akaike	ADJ
afbr-404	270	10	info	info	NOUN
afbr-404	270	11	criterion	criterion	NOUN
afbr-404	270	12	5.655537	5.655537	NUM
afbr-404	270	13	sum	sum	NOUN
afbr-404	270	14	squared	square	VERB
afbr-404	270	15	resid	resid	NOUN
afbr-404	270	16	956.4025	956.4025	NUM
afbr-404	270	17	schwarz	schwarz	NOUN
afbr-404	270	18	criterion	criterion	NOUN
afbr-404	270	19	6.190417	6.190417	NUM
afbr-404	270	20	log	log	NOUN
afbr-404	270	21	likelihood	likelihood	NOUN
afbr-404	271	1	-229.8436	-229.8436	NUM
afbr-404	271	2	hannan	hannan	PROPN
afbr-404	271	3	-	-	PUNCT
afbr-404	271	4	quinn	quinn	PROPN
afbr-404	271	5	criter	criter	NOUN
afbr-404	271	6	.	.	PUNCT
afbr-404	272	1	5.871027	5.871027	NUM
afbr-404	272	2	f	f	X
afbr-404	272	3	-	-	PUNCT
afbr-404	272	4	statistic	statistic	ADJ
afbr-404	272	5	2.093574	2.093574	NUM
afbr-404	272	6	durbin	durbin	ADJ
afbr-404	272	7	-	-	PUNCT
afbr-404	272	8	watson	watson	NOUN
afbr-404	272	9	stat	stat	PROPN
afbr-404	272	10	2.362240	2.362240	NUM
afbr-404	272	11	prob(f	prob(f	NOUN
afbr-404	272	12	-	-	PUNCT
afbr-404	272	13	statistic	statistic	NOUN
afbr-404	272	14	)	)	PUNCT
afbr-404	272	15	0.005125	0.005125	NUM
afbr-404	272	16	random	random	ADJ
afbr-404	272	17	effect	effect	NOUN
afbr-404	272	18	model	model	NOUN
afbr-404	272	19	dpr	dpr	PROPN
afbr-404	273	1	0.619454	0.619454	NUM
afbr-404	273	2	3.062691	3.062691	NUM
afbr-404	273	3	3.310320	3.310320	NUM
afbr-404	273	4	0.0001	0.0001	NUM
afbr-404	273	5	rr	rr	NOUN
afbr-404	273	6	0.539439	0.539439	NUM
afbr-404	273	7	5.349744	5.349744	NUM
afbr-404	273	8	4.792833	4.792833	NUM
afbr-404	273	9	0.0000	0.0000	NUM
afbr-404	273	10	dy	dy	NOUN
afbr-404	273	11	5.606305	5.606305	NUM
afbr-404	273	12	2.301002	2.301002	NUM
afbr-404	273	13	3.055870	3.055870	NUM
afbr-404	273	14	0.0006	0.0006	NUM
afbr-404	273	15	dps	dps	NOUN
afbr-404	273	16	0.988076	0.988076	NUM
afbr-404	273	17	3.357661	3.357661	NUM
afbr-404	273	18	1.527497	1.527497	NUM
afbr-404	273	19	0.1304	0.1304	NUM
afbr-404	273	20	c	c	ADP
afbr-404	273	21	11.85007	11.85007	NUM
afbr-404	273	22	4.179509	4.179509	NUM
afbr-404	273	23	2.835278	2.835278	NUM
afbr-404	273	24	0.0057	0.0057	NUM
afbr-404	273	25	effects	effect	NOUN
afbr-404	273	26	specification	specification	PROPN
afbr-404	273	27	s.d	s.d	PROPN
afbr-404	273	28	.	.	PROPN
afbr-404	273	29	rho	rho	PROPN
afbr-404	273	30	cross	cross	ADJ
afbr-404	273	31	-	-	ADJ
afbr-404	273	32	section	section	ADJ
afbr-404	273	33	random	random	ADJ
afbr-404	273	34	2.038155	2.038155	NUM
afbr-404	273	35	0.2306	0.2306	NUM
afbr-404	273	36	idiosyncratic	idiosyncratic	ADJ
afbr-404	273	37	random	random	ADJ
afbr-404	273	38	3.723024	3.723024	NUM
afbr-404	273	39	0.7694	0.7694	NUM
afbr-404	273	40	weighted	weight	VERB
afbr-404	273	41	statistics	statistic	NOUN
afbr-404	273	42	r	r	NOUN
afbr-404	273	43	-	-	PUNCT
afbr-404	273	44	squared	square	VERB
afbr-404	273	45	0.636903	0.636903	NUM
afbr-404	273	46	mean	mean	NOUN
afbr-404	273	47	dependent	dependent	ADJ
afbr-404	273	48	var	var	NOUN
afbr-404	273	49	8.647318	8.647318	NUM
afbr-404	273	50	adjusted	adjusted	ADJ
afbr-404	273	51	r	r	NOUN
afbr-404	273	52	-	-	PUNCT
afbr-404	273	53	squared	square	VERB
afbr-404	273	54	0.509511	0.509511	PROPN
afbr-404	273	55	s.d	s.d	PROPN
afbr-404	273	56	.	.	PUNCT
afbr-404	274	1	dependent	dependent	ADJ
afbr-404	274	2	var	var	PROPN
afbr-404	274	3	3.717629	3.717629	NUM
afbr-404	274	4	s.e	s.e	PROPN
afbr-404	274	5	.	.	PROPN
afbr-404	274	6	of	of	ADP
afbr-404	274	7	regression	regression	NOUN
afbr-404	274	8	3.706214	3.706214	NUM
afbr-404	274	9	sum	sum	NOUN
afbr-404	274	10	squared	square	VERB
afbr-404	274	11	resid	resid	NOUN
afbr-404	274	12	1140.090	1140.090	NUM
afbr-404	274	13	f	f	X
afbr-404	274	14	-	-	PUNCT
afbr-404	274	15	statistic	statistic	ADJ
afbr-404	274	16	5.795075	5.795075	NUM
afbr-404	274	17	durbin	durbin	ADJ
afbr-404	274	18	-	-	PUNCT
afbr-404	274	19	watson	watson	NOUN
afbr-404	274	20	stat	stat	PROPN
afbr-404	274	21	2.126371	2.126371	NUM
afbr-404	274	22	prob(f	prob(f	NOUN
afbr-404	274	23	-	-	PUNCT
afbr-404	274	24	statistic	statistic	NOUN
afbr-404	274	25	)	)	PUNCT
afbr-404	274	26	0.000718	0.000718	NUM
afbr-404	274	27	unweighted	unweighte	VERB
afbr-404	274	28	statistics	statistic	NOUN
afbr-404	274	29	r	r	NOUN
afbr-404	274	30	-	-	PUNCT
afbr-404	274	31	squared	square	VERB
afbr-404	274	32	0.015568	0.015568	NUM
afbr-404	274	33	mean	mean	NOUN
afbr-404	274	34	dependent	dependent	ADJ
afbr-404	274	35	var	var	NOUN
afbr-404	274	36	14.35273	14.35273	NUM
afbr-404	274	37	sum	sum	NOUN
afbr-404	274	38	squared	square	VERB
afbr-404	274	39	resid	resid	NOUN
afbr-404	274	40	1455.720	1455.720	NUM
afbr-404	274	41	durbin	durbin	ADJ
afbr-404	274	42	-	-	PUNCT
afbr-404	274	43	watson	watson	NOUN
afbr-404	274	44	stat	stat	PROPN
afbr-404	274	45	1.759121	1.759121	NUM
afbr-404	274	46	source	source	NOUN
afbr-404	274	47	:	:	PUNCT
afbr-404	274	48	computed	compute	VERB
afbr-404	274	49	from	from	ADP
afbr-404	274	50	e	e	NOUN
afbr-404	274	51	-	-	NOUN
afbr-404	274	52	view	view	ADJ
afbr-404	274	53	output	output	NOUN
afbr-404	274	54	discussion	discussion	NOUN
afbr-404	274	55	of	of	ADP
afbr-404	274	56	findings	finding	NOUN
afbr-404	274	57	the	the	DET
afbr-404	274	58	opinion	opinion	NOUN
afbr-404	274	59	that	that	SCONJ
afbr-404	274	60	dividend	dividend	NOUN
afbr-404	274	61	policy	policy	NOUN
afbr-404	274	62	has	have	AUX
afbr-404	274	63	effect	effect	NOUN
afbr-404	274	64	on	on	ADP
afbr-404	274	65	the	the	DET
afbr-404	274	66	market	market	NOUN
afbr-404	274	67	value	value	NOUN
afbr-404	274	68	of	of	ADP
afbr-404	274	69	listed	list	VERB
afbr-404	274	70	companies	company	NOUN
afbr-404	274	71	has	have	AUX
afbr-404	274	72	long	long	ADV
afbr-404	274	73	been	be	AUX
afbr-404	274	74	a	a	DET
afbr-404	274	75	point	point	NOUN
afbr-404	274	76	of	of	ADP
afbr-404	274	77	departure	departure	NOUN
afbr-404	274	78	among	among	ADP
afbr-404	274	79	scholars	scholar	NOUN
afbr-404	274	80	in	in	ADP
afbr-404	274	81	the	the	DET
afbr-404	274	82	field	field	NOUN
afbr-404	274	83	of	of	ADP
afbr-404	274	84	finance	finance	NOUN
afbr-404	274	85	,	,	PUNCT
afbr-404	274	86	what	what	PRON
afbr-404	274	87	is	be	AUX
afbr-404	274	88	today	today	NOUN
afbr-404	274	89	known	know	VERB
afbr-404	274	90	as	as	ADP
afbr-404	274	91	the	the	DET
afbr-404	274	92	dividend	dividend	NOUN
afbr-404	274	93	puzzle	puzzle	NOUN
afbr-404	274	94	.	.	PUNCT
afbr-404	275	1	the	the	DET
afbr-404	275	2	gordons	gordon	NOUN
afbr-404	275	3	relevant	relevant	ADJ
afbr-404	275	4	theory	theory	NOUN
afbr-404	275	5	was	be	AUX
afbr-404	275	6	challenged	challenge	VERB
afbr-404	275	7	by	by	ADP
afbr-404	275	8	the	the	DET
afbr-404	275	9	miller	miller	PROPN
afbr-404	275	10	and	and	CCONJ
afbr-404	275	11	modigliani	modigliani	ADJ
afbr-404	275	12	irrelevant	irrelevant	ADJ
afbr-404	275	13	theory	theory	NOUN
afbr-404	275	14	.	.	PUNCT
afbr-404	276	1	however	however	ADV
afbr-404	276	2	,	,	PUNCT
afbr-404	276	3	it	it	PRON
afbr-404	276	4	is	be	AUX
afbr-404	276	5	important	important	ADJ
afbr-404	276	6	to	to	PART
afbr-404	276	7	note	note	VERB
afbr-404	276	8	that	that	SCONJ
afbr-404	276	9	the	the	DET
afbr-404	276	10	assumptions	assumption	NOUN
afbr-404	276	11	of	of	ADP
afbr-404	276	12	the	the	DET
afbr-404	276	13	mm	mm	PROPN
afbr-404	276	14	hypotheses	hypothesis	NOUN
afbr-404	276	15	are	be	AUX
afbr-404	276	16	not	not	PART
afbr-404	276	17	attainable	attainable	ADJ
afbr-404	276	18	mostly	mostly	ADV
afbr-404	276	19	in	in	ADP
afbr-404	276	20	the	the	DET
afbr-404	276	21	emerging	emerge	VERB
afbr-404	276	22	financial	financial	ADJ
afbr-404	276	23	market	market	NOUN
afbr-404	276	24	like	like	ADP
afbr-404	276	25	nigeria	nigeria	PRON
afbr-404	276	26	where	where	SCONJ
afbr-404	276	27	the	the	DET
afbr-404	276	28	financial	financial	ADJ
afbr-404	276	29	market	market	NOUN
afbr-404	276	30	can	can	AUX
afbr-404	276	31	not	not	PART
afbr-404	276	32	be	be	AUX
afbr-404	276	33	defined	define	VERB
afbr-404	276	34	as	as	ADP
afbr-404	276	35	a	a	DET
afbr-404	276	36	regulated	regulated	ADJ
afbr-404	276	37	or	or	CCONJ
afbr-404	276	38	deregulated	deregulated	ADJ
afbr-404	276	39	market	market	NOUN
afbr-404	276	40	.	.	PUNCT
afbr-404	277	1	empirical	empirical	ADJ
afbr-404	277	2	evidence	evidence	NOUN
afbr-404	277	3	has	have	AUX
afbr-404	277	4	validated	validate	VERB
afbr-404	277	5	the	the	DET
afbr-404	277	6	relevant	relevant	ADJ
afbr-404	277	7	theory	theory	NOUN
afbr-404	277	8	as	as	SCONJ
afbr-404	277	9	opposed	oppose	VERB
afbr-404	277	10	to	to	ADP
afbr-404	277	11	the	the	DET
afbr-404	277	12	irrelevant	irrelevant	ADJ
afbr-404	277	13	theory	theory	NOUN
afbr-404	277	14	.	.	PUNCT
afbr-404	278	1	the	the	DET
afbr-404	278	2	findings	finding	NOUN
afbr-404	278	3	in	in	ADP
afbr-404	278	4	the	the	DET
afbr-404	278	5	sectors	sector	NOUN
afbr-404	278	6	above	above	ADP
afbr-404	278	7	consolidate	consolidate	VERB
afbr-404	278	8	the	the	DET
afbr-404	278	9	opinion	opinion	NOUN
afbr-404	278	10	of	of	ADP
afbr-404	278	11	gordons	gordon	NOUN
afbr-404	278	12	and	and	CCONJ
afbr-404	278	13	invalidate	invalidate	VERB
afbr-404	278	14	the	the	DET
afbr-404	278	15	mm	mm	PROPN
afbr-404	278	16	hypotheses	hypothesis	NOUN
afbr-404	278	17	.	.	PUNCT
afbr-404	279	1	this	this	DET
afbr-404	279	2	finding	finding	NOUN
afbr-404	279	3	shows	show	VERB
afbr-404	279	4	that	that	SCONJ
afbr-404	279	5	dividend	dividend	NOUN
afbr-404	279	6	policy	policy	NOUN
afbr-404	279	7	is	be	AUX
afbr-404	279	8	a	a	DET
afbr-404	279	9	major	major	ADJ
afbr-404	279	10	determinant	determinant	NOUN
afbr-404	279	11	of	of	ADP
afbr-404	279	12	stock	stock	NOUN
afbr-404	279	13	prices	price	NOUN
afbr-404	279	14	of	of	ADP
afbr-404	279	15	the	the	DET
afbr-404	279	16	quoted	quote	VERB
afbr-404	279	17	firms	firm	NOUN
afbr-404	279	18	.	.	PUNCT
afbr-404	280	1	"	"	PUNCT
afbr-404	280	2	this	this	DET
afbr-404	280	3	finding	finding	NOUN
afbr-404	280	4	confirms	confirm	VERB
afbr-404	280	5	the	the	DET
afbr-404	280	6	findings	finding	NOUN
afbr-404	280	7	of	of	ADP
afbr-404	280	8	lucky	lucky	ADJ
afbr-404	280	9	et	et	NOUN
afbr-404	280	10	copyright	copyright	NOUN
afbr-404	280	11	©	©	PROPN
afbr-404	280	12	cc	cc	PROPN
afbr-404	280	13	-	-	PUNCT
afbr-404	280	14	by	by	ADP
afbr-404	280	15	-	-	PUNCT
afbr-404	280	16	nc	nc	PROPN
afbr-404	280	17	2019	2019	NUM
afbr-404	280	18	,	,	PUNCT
afbr-404	280	19	cribfb	cribfb	PROPN
afbr-404	280	20	|	|	ADV
afbr-404	280	21	afbr	afbr	PROPN
afbr-404	280	22	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	280	23	australian	australian	ADJ
afbr-404	280	24	finance	finance	PROPN
afbr-404	280	25	&	&	CCONJ
afbr-404	280	26	banking	banking	PROPN
afbr-404	280	27	review	review	PROPN
afbr-404	280	28	vol	vol	NOUN
afbr-404	280	29	.	.	PROPN
afbr-404	281	1	3	3	NUM
afbr-404	281	2	,	,	PUNCT
afbr-404	281	3	no	no	INTJ
afbr-404	281	4	.	.	NOUN
afbr-404	281	5	2	2	NUM
afbr-404	281	6	;	;	PUNCT
afbr-404	281	7	2019	2019	NUM
afbr-404	281	8	27	27	NUM
afbr-404	281	9	al	al	PROPN
afbr-404	281	10	.	.	PROPN
afbr-404	281	11	,	,	PUNCT
afbr-404	281	12	(	(	PUNCT
afbr-404	281	13	2015	2015	NUM
afbr-404	281	14	)	)	PUNCT
afbr-404	281	15	on	on	ADP
afbr-404	281	16	the	the	DET
afbr-404	281	17	effects	effect	NOUN
afbr-404	281	18	of	of	ADP
afbr-404	281	19	dividend	dividend	NOUN
afbr-404	281	20	policy	policy	NOUN
afbr-404	281	21	on	on	ADP
afbr-404	281	22	the	the	DET
afbr-404	281	23	stock	stock	NOUN
afbr-404	281	24	prices	price	NOUN
afbr-404	281	25	of	of	ADP
afbr-404	281	26	nigeria	nigeria	PROPN
afbr-404	281	27	commercial	commercial	ADJ
afbr-404	281	28	banks	bank	NOUN
afbr-404	281	29	,	,	PUNCT
afbr-404	281	30	it	it	PRON
afbr-404	281	31	confirm	confirm	VERB
afbr-404	281	32	the	the	DET
afbr-404	281	33	findings	finding	NOUN
afbr-404	281	34	of	of	ADP
afbr-404	281	35	baskin	baskin	PROPN
afbr-404	281	36	(	(	PUNCT
afbr-404	281	37	2005	2005	NUM
afbr-404	281	38	)	)	PUNCT
afbr-404	281	39	on	on	ADP
afbr-404	281	40	the	the	DET
afbr-404	281	41	relationship	relationship	NOUN
afbr-404	281	42	between	between	ADP
afbr-404	281	43	dividend	dividend	NOUN
afbr-404	281	44	policy	policy	NOUN
afbr-404	281	45	and	and	CCONJ
afbr-404	281	46	stock	stock	NOUN
afbr-404	281	47	prices	price	NOUN
afbr-404	281	48	in	in	ADP
afbr-404	281	49	united	united	PROPN
afbr-404	281	50	states	states	PROPN
afbr-404	281	51	of	of	ADP
afbr-404	281	52	america	america	PROPN
afbr-404	281	53	.	.	PUNCT
afbr-404	282	1	it	it	PRON
afbr-404	282	2	is	be	AUX
afbr-404	282	3	in	in	ADP
afbr-404	282	4	line	line	NOUN
afbr-404	282	5	with	with	ADP
afbr-404	282	6	the	the	DET
afbr-404	282	7	findings	finding	NOUN
afbr-404	282	8	of	of	ADP
afbr-404	282	9	naziret	naziret	PROPN
afbr-404	282	10	al	al	PROPN
afbr-404	282	11	(	(	PUNCT
afbr-404	282	12	2010	2010	NUM
afbr-404	282	13	)	)	PUNCT
afbr-404	282	14	who	who	PRON
afbr-404	282	15	concluded	conclude	VERB
afbr-404	282	16	that	that	SCONJ
afbr-404	282	17	share	share	NOUN
afbr-404	282	18	price	price	NOUN
afbr-404	282	19	volatility	volatility	NOUN
afbr-404	282	20	is	be	AUX
afbr-404	282	21	significantly	significantly	ADV
afbr-404	282	22	correlated	correlate	VERB
afbr-404	282	23	to	to	PART
afbr-404	282	24	dividend	dividend	VERB
afbr-404	282	25	policy	policy	NOUN
afbr-404	282	26	;	;	PUNCT
afbr-404	282	27	the	the	DET
afbr-404	282	28	findings	finding	NOUN
afbr-404	282	29	of	of	ADP
afbr-404	282	30	suleiman	suleiman	PROPN
afbr-404	282	31	et	et	PROPN
afbr-404	282	32	al	al	PROPN
afbr-404	282	33	.	.	PROPN
afbr-404	282	34	,	,	PUNCT
afbr-404	282	35	(	(	PUNCT
afbr-404	282	36	2011	2011	NUM
afbr-404	282	37	)	)	PUNCT
afbr-404	282	38	studied	study	VERB
afbr-404	282	39	the	the	DET
afbr-404	282	40	association	association	NOUN
afbr-404	282	41	of	of	ADP
afbr-404	282	42	dividend	dividend	NOUN
afbr-404	282	43	policy	policy	NOUN
afbr-404	282	44	with	with	ADP
afbr-404	282	45	share	share	NOUN
afbr-404	282	46	price	price	NOUN
afbr-404	282	47	volatility	volatility	NOUN
afbr-404	282	48	in	in	ADP
afbr-404	282	49	pakistan	pakistan	PROPN
afbr-404	282	50	and	and	CCONJ
afbr-404	282	51	the	the	DET
afbr-404	282	52	findings	finding	NOUN
afbr-404	282	53	of	of	ADP
afbr-404	282	54	hussainey	hussainey	NOUN
afbr-404	282	55	et	et	PROPN
afbr-404	282	56	al	al	PROPN
afbr-404	282	57	(	(	PUNCT
afbr-404	282	58	2011	2011	NUM
afbr-404	282	59	)	)	PUNCT
afbr-404	282	60	on	on	ADP
afbr-404	282	61	the	the	DET
afbr-404	282	62	relationship	relationship	NOUN
afbr-404	282	63	between	between	ADP
afbr-404	282	64	dividend	dividend	NOUN
afbr-404	282	65	policies	policy	NOUN
afbr-404	282	66	in	in	ADP
afbr-404	282	67	uk	uk	PROPN
afbr-404	282	68	.	.	PUNCT
afbr-404	282	69	"	"	PUNCT
afbr-404	283	1	5	5	NUM
afbr-404	283	2	.	.	X
afbr-404	283	3	conclusion	conclusion	NOUN
afbr-404	283	4	the	the	DET
afbr-404	283	5	study	study	NOUN
afbr-404	283	6	used	use	VERB
afbr-404	283	7	pooled	pool	VERB
afbr-404	283	8	panel	panel	NOUN
afbr-404	283	9	data	datum	NOUN
afbr-404	283	10	regression	regression	NOUN
afbr-404	283	11	analysis	analysis	NOUN
afbr-404	283	12	to	to	PART
afbr-404	283	13	test	test	VERB
afbr-404	283	14	the	the	DET
afbr-404	283	15	irrelevance	irrelevance	NOUN
afbr-404	283	16	of	of	ADP
afbr-404	283	17	mm	mm	PROPN
afbr-404	283	18	hypotheses	hypothesis	NOUN
afbr-404	283	19	of	of	ADP
afbr-404	283	20	quoted	quote	VERB
afbr-404	283	21	companies	company	NOUN
afbr-404	283	22	in	in	ADP
afbr-404	283	23	nigeria	nigeria	PROPN
afbr-404	283	24	.	.	PUNCT
afbr-404	284	1	data	datum	NOUN
afbr-404	284	2	from	from	ADP
afbr-404	284	3	20	20	NUM
afbr-404	284	4	quoted	quote	VERB
afbr-404	284	5	companies	company	NOUN
afbr-404	284	6	spanning	span	VERB
afbr-404	284	7	2008	2008	NUM
afbr-404	284	8	to	to	ADP
afbr-404	284	9	2017	2017	NUM
afbr-404	284	10	were	be	AUX
afbr-404	284	11	analyzed	analyze	VERB
afbr-404	284	12	.	.	PUNCT
afbr-404	285	1	the	the	DET
afbr-404	285	2	empirical	empirical	ADJ
afbr-404	285	3	results	result	NOUN
afbr-404	285	4	obtained	obtain	VERB
afbr-404	285	5	from	from	ADP
afbr-404	285	6	the	the	DET
afbr-404	285	7	panel	panel	NOUN
afbr-404	285	8	regression	regression	NOUN
afbr-404	285	9	analysis	analysis	NOUN
afbr-404	285	10	show	show	VERB
afbr-404	285	11	that	that	SCONJ
afbr-404	285	12	dividend	dividend	NOUN
afbr-404	285	13	policy	policy	NOUN
afbr-404	285	14	,	,	PUNCT
afbr-404	285	15	measured	measure	VERB
afbr-404	285	16	by	by	ADP
afbr-404	285	17	dividend	dividend	NOUN
afbr-404	285	18	payout	payout	NOUN
afbr-404	285	19	ratio	ratio	NOUN
afbr-404	285	20	,	,	PUNCT
afbr-404	285	21	retention	retention	NOUN
afbr-404	285	22	ratio	ratio	NOUN
afbr-404	285	23	,	,	PUNCT
afbr-404	285	24	dividend	dividend	NOUN
afbr-404	285	25	per	per	ADP
afbr-404	285	26	share	share	NOUN
afbr-404	285	27	and	and	CCONJ
afbr-404	285	28	dividend	dividend	NOUN
afbr-404	285	29	yield	yield	NOUN
afbr-404	285	30	.	.	PUNCT
afbr-404	286	1	the	the	DET
afbr-404	286	2	study	study	NOUN
afbr-404	286	3	found	find	VERB
afbr-404	286	4	there	there	PRON
afbr-404	286	5	is	be	VERB
afbr-404	286	6	positive	positive	ADJ
afbr-404	286	7	and	and	CCONJ
afbr-404	286	8	significant	significant	ADJ
afbr-404	286	9	impact	impact	NOUN
afbr-404	286	10	on	on	ADP
afbr-404	286	11	the	the	DET
afbr-404	286	12	market	market	NOUN
afbr-404	286	13	value	value	NOUN
afbr-404	286	14	of	of	ADP
afbr-404	286	15	quoted	quote	VERB
afbr-404	286	16	companies	company	NOUN
afbr-404	286	17	on	on	ADP
afbr-404	286	18	floor	floor	NOUN
afbr-404	286	19	of	of	ADP
afbr-404	286	20	nigerian	nigerian	ADJ
afbr-404	286	21	stock	stock	NOUN
afbr-404	286	22	exchange	exchange	NOUN
afbr-404	286	23	.	.	PUNCT
afbr-404	287	1	it	it	PRON
afbr-404	287	2	can	can	AUX
afbr-404	287	3	therefore	therefore	ADV
afbr-404	287	4	be	be	AUX
afbr-404	287	5	concluded	conclude	VERB
afbr-404	287	6	that	that	SCONJ
afbr-404	287	7	dividend	dividend	NOUN
afbr-404	287	8	policy	policy	NOUN
afbr-404	287	9	is	be	AUX
afbr-404	287	10	relevant	relevant	ADJ
afbr-404	287	11	in	in	ADP
afbr-404	287	12	the	the	DET
afbr-404	287	13	valuation	valuation	NOUN
afbr-404	287	14	of	of	ADP
afbr-404	287	15	market	market	NOUN
afbr-404	287	16	value	value	NOUN
afbr-404	287	17	.	.	PUNCT
afbr-404	288	1	this	this	PRON
afbr-404	288	2	signifies	signify	VERB
afbr-404	288	3	that	that	SCONJ
afbr-404	288	4	managers	manager	NOUN
afbr-404	288	5	and	and	CCONJ
afbr-404	288	6	policy	policy	NOUN
afbr-404	288	7	makers	maker	NOUN
afbr-404	288	8	can	can	AUX
afbr-404	288	9	influence	influence	VERB
afbr-404	288	10	value	value	NOUN
afbr-404	288	11	of	of	ADP
afbr-404	288	12	quoted	quote	VERB
afbr-404	288	13	firms	firm	NOUN
afbr-404	288	14	by	by	ADP
afbr-404	288	15	variation	variation	NOUN
afbr-404	288	16	in	in	ADP
afbr-404	288	17	dividend	dividend	NOUN
afbr-404	288	18	policy	policy	NOUN
afbr-404	288	19	.	.	PUNCT
afbr-404	289	1	6	6	X
afbr-404	289	2	.	.	X
afbr-404	289	3	recommendation	recommendation	NOUN
afbr-404	289	4	based	base	VERB
afbr-404	289	5	on	on	ADP
afbr-404	289	6	the	the	DET
afbr-404	289	7	findings	finding	NOUN
afbr-404	289	8	of	of	ADP
afbr-404	289	9	the	the	DET
afbr-404	289	10	study	study	NOUN
afbr-404	289	11	,	,	PUNCT
afbr-404	289	12	the	the	DET
afbr-404	289	13	following	follow	VERB
afbr-404	289	14	recommendations	recommendation	NOUN
afbr-404	289	15	are	be	AUX
afbr-404	289	16	made	make	VERB
afbr-404	289	17	:	:	PUNCT
afbr-404	289	18			NUM
afbr-404	289	19	quoted	quote	VERB
afbr-404	289	20	companies	company	NOUN
afbr-404	289	21	should	should	AUX
afbr-404	289	22	manage	manage	VERB
afbr-404	289	23	their	their	PRON
afbr-404	289	24	dividend	dividend	NOUN
afbr-404	289	25	policies	policy	NOUN
afbr-404	289	26	effectively	effectively	ADV
afbr-404	289	27	since	since	SCONJ
afbr-404	289	28	it	it	PRON
afbr-404	289	29	has	have	VERB
afbr-404	289	30	significant	significant	ADJ
afbr-404	289	31	impact	impact	NOUN
afbr-404	289	32	on	on	ADP
afbr-404	289	33	their	their	PRON
afbr-404	289	34	market	market	NOUN
afbr-404	289	35	value	value	NOUN
afbr-404	289	36	and	and	CCONJ
afbr-404	289	37	optimal	optimal	ADJ
afbr-404	289	38	dividend	dividend	NOUN
afbr-404	289	39	policy	policy	NOUN
afbr-404	289	40	which	which	PRON
afbr-404	289	41	implies	imply	VERB
afbr-404	289	42	policy	policy	NOUN
afbr-404	289	43	of	of	ADP
afbr-404	289	44	trade	trade	NOUN
afbr-404	289	45	-	-	PUNCT
afbr-404	289	46	off	off	NOUN
afbr-404	289	47	between	between	ADP
afbr-404	289	48	dividend	dividend	NOUN
afbr-404	289	49	payout	payout	NOUN
afbr-404	289	50	and	and	CCONJ
afbr-404	289	51	retain	retain	VERB
afbr-404	289	52	earnings	earning	NOUN
afbr-404	289	53	should	should	AUX
afbr-404	289	54	be	be	AUX
afbr-404	289	55	well	well	ADV
afbr-404	289	56	managed	manage	VERB
afbr-404	289	57	and	and	CCONJ
afbr-404	289	58	investors	investor	NOUN
afbr-404	289	59	should	should	AUX
afbr-404	289	60	have	have	VERB
afbr-404	289	61	adequate	adequate	ADJ
afbr-404	289	62	knowledge	knowledge	NOUN
afbr-404	289	63	of	of	ADP
afbr-404	289	64	dividend	dividend	NOUN
afbr-404	289	65	policy	policy	NOUN
afbr-404	289	66	of	of	ADP
afbr-404	289	67	quoted	quote	VERB
afbr-404	289	68	firms	firm	NOUN
afbr-404	289	69	that	that	PRON
afbr-404	289	70	will	will	AUX
afbr-404	289	71	correspond	correspond	VERB
afbr-404	289	72	with	with	ADP
afbr-404	289	73	their	their	PRON
afbr-404	289	74	investment	investment	NOUN
afbr-404	289	75	objectives	objective	NOUN
afbr-404	289	76	of	of	ADP
afbr-404	289	77	avoid	avoid	VERB
afbr-404	289	78	conflict	conflict	NOUN
afbr-404	289	79	in	in	ADP
afbr-404	289	80	dividend	dividend	NOUN
afbr-404	289	81	policy	policy	NOUN
afbr-404	289	82	.	.	PUNCT
afbr-404	290	1			PROPN
afbr-404	290	2	management	management	NOUN
afbr-404	290	3	,	,	PUNCT
afbr-404	290	4	the	the	DET
afbr-404	290	5	regulatory	regulatory	ADJ
afbr-404	290	6	authorities	authority	NOUN
afbr-404	290	7	and	and	CCONJ
afbr-404	290	8	macroeconomic	macroeconomic	ADJ
afbr-404	290	9	variables	variable	NOUN
afbr-404	290	10	should	should	AUX
afbr-404	290	11	be	be	AUX
afbr-404	290	12	properly	properly	ADV
afbr-404	290	13	planned	plan	VERB
afbr-404	290	14	to	to	PART
afbr-404	290	15	affect	affect	VERB
afbr-404	290	16	positively	positively	ADV
afbr-404	290	17	dividend	dividend	NOUN
afbr-404	290	18	policy	policy	NOUN
afbr-404	290	19	and	and	CCONJ
afbr-404	290	20	the	the	DET
afbr-404	290	21	market	market	NOUN
afbr-404	290	22	value	value	NOUN
afbr-404	290	23	of	of	ADP
afbr-404	290	24	quoted	quote	VERB
afbr-404	290	25	firms	firm	NOUN
afbr-404	290	26	and	and	CCONJ
afbr-404	290	27	the	the	DET
afbr-404	290	28	dividend	dividend	NOUN
afbr-404	290	29	policy	policy	NOUN
afbr-404	290	30	of	of	ADP
afbr-404	290	31	the	the	DET
afbr-404	290	32	quoted	quote	VERB
afbr-404	290	33	firms	firm	NOUN
afbr-404	290	34	should	should	AUX
afbr-404	290	35	be	be	AUX
afbr-404	290	36	properly	properly	ADV
afbr-404	290	37	defined	define	VERB
afbr-404	290	38	in	in	ADP
afbr-404	290	39	such	such	DET
afbr-404	290	40	a	a	DET
afbr-404	290	41	way	way	NOUN
afbr-404	290	42	that	that	PRON
afbr-404	290	43	environmental	environmental	ADJ
afbr-404	290	44	factors	factor	NOUN
afbr-404	290	45	would	would	AUX
afbr-404	290	46	not	not	PART
afbr-404	290	47	affect	affect	VERB
afbr-404	290	48	the	the	DET
afbr-404	290	49	market	market	NOUN
afbr-404	290	50	of	of	ADP
afbr-404	290	51	the	the	DET
afbr-404	290	52	quoted	quote	VERB
afbr-404	290	53	firms	firm	NOUN
afbr-404	290	54	.	.	PUNCT
afbr-404	291	1			VERB
afbr-404	292	1	the	the	DET
afbr-404	292	2	regulatory	regulatory	ADJ
afbr-404	292	3	bodies	body	NOUN
afbr-404	292	4	should	should	AUX
afbr-404	292	5	device	device	VERB
afbr-404	292	6	policies	policy	NOUN
afbr-404	292	7	that	that	PRON
afbr-404	292	8	help	help	VERB
afbr-404	292	9	create	create	VERB
afbr-404	292	10	conducive	conducive	ADJ
afbr-404	292	11	environments	environment	NOUN
afbr-404	292	12	that	that	PRON
afbr-404	292	13	will	will	AUX
afbr-404	292	14	enhance	enhance	VERB
afbr-404	292	15	stock	stock	NOUN
afbr-404	292	16	prices	price	NOUN
afbr-404	292	17	of	of	ADP
afbr-404	292	18	quoted	quote	VERB
afbr-404	292	19	firms	firm	NOUN
afbr-404	292	20	and	and	CCONJ
afbr-404	292	21	nigerian	nigerian	ADJ
afbr-404	292	22	capital	capital	NOUN
afbr-404	292	23	market	market	NOUN
afbr-404	292	24	and	and	CCONJ
afbr-404	292	25	the	the	DET
afbr-404	292	26	regulators	regulator	NOUN
afbr-404	292	27	should	should	AUX
afbr-404	292	28	make	make	VERB
afbr-404	292	29	policies	policy	NOUN
afbr-404	292	30	that	that	PRON
afbr-404	292	31	will	will	AUX
afbr-404	292	32	enhance	enhance	VERB
afbr-404	292	33	and	and	CCONJ
afbr-404	292	34	advance	advance	VERB
afbr-404	292	35	the	the	DET
afbr-404	292	36	operation	operation	NOUN
afbr-404	292	37	of	of	ADP
afbr-404	292	38	the	the	DET
afbr-404	292	39	capital	capital	NOUN
afbr-404	292	40	market	market	NOUN
afbr-404	292	41	for	for	ADP
afbr-404	292	42	better	well	ADJ
afbr-404	292	43	dividend	dividend	NOUN
afbr-404	292	44	policy	policy	NOUN
afbr-404	292	45	and	and	CCONJ
afbr-404	292	46	stock	stock	NOUN
afbr-404	292	47	prices	price	NOUN
afbr-404	292	48	.	.	PUNCT
afbr-404	292	49			PART
afbr-404	293	1	policies	policy	NOUN
afbr-404	293	2	should	should	AUX
afbr-404	293	3	be	be	AUX
afbr-404	293	4	made	make	VERB
afbr-404	293	5	to	to	PART
afbr-404	293	6	enhance	enhance	VERB
afbr-404	293	7	optimal	optimal	ADJ
afbr-404	293	8	capital	capital	NOUN
afbr-404	293	9	structure	structure	NOUN
afbr-404	293	10	of	of	ADP
afbr-404	293	11	the	the	DET
afbr-404	293	12	quoted	quote	VERB
afbr-404	293	13	firms	firm	NOUN
afbr-404	293	14	for	for	ADP
afbr-404	293	15	better	well	ADJ
afbr-404	293	16	dividend	dividend	NOUN
afbr-404	293	17	policy	policy	NOUN
afbr-404	293	18	and	and	CCONJ
afbr-404	293	19	positive	positive	ADJ
afbr-404	293	20	effect	effect	NOUN
afbr-404	293	21	on	on	ADP
afbr-404	293	22	stock	stock	NOUN
afbr-404	293	23	prices	price	NOUN
afbr-404	293	24	and	and	CCONJ
afbr-404	293	25	policies	policy	NOUN
afbr-404	293	26	should	should	AUX
afbr-404	293	27	be	be	AUX
afbr-404	293	28	formulated	formulate	VERB
afbr-404	293	29	by	by	ADP
afbr-404	293	30	the	the	DET
afbr-404	293	31	management	management	NOUN
afbr-404	293	32	of	of	ADP
afbr-404	293	33	the	the	DET
afbr-404	293	34	quoted	quote	VERB
afbr-404	293	35	firms	firm	NOUN
afbr-404	293	36	and	and	CCONJ
afbr-404	293	37	the	the	DET
afbr-404	293	38	regulatory	regulatory	ADJ
afbr-404	293	39	authority	authority	NOUN
afbr-404	293	40	to	to	PART
afbr-404	293	41	manage	manage	VERB
afbr-404	293	42	external	external	ADJ
afbr-404	293	43	forces	force	NOUN
afbr-404	293	44	such	such	ADJ
afbr-404	293	45	as	as	ADP
afbr-404	293	46	global	global	ADJ
afbr-404	293	47	financial	financial	ADJ
afbr-404	293	48	crises	crisis	NOUN
afbr-404	293	49	that	that	PRON
afbr-404	293	50	affects	affect	VERB
afbr-404	293	51	the	the	DET
afbr-404	293	52	capital	capital	NOUN
afbr-404	293	53	market	market	NOUN
afbr-404	293	54	and	and	CCONJ
afbr-404	293	55	the	the	DET
afbr-404	293	56	stock	stock	NOUN
afbr-404	293	57	prices	price	NOUN
afbr-404	293	58	of	of	ADP
afbr-404	293	59	the	the	DET
afbr-404	293	60	quoted	quote	VERB
afbr-404	293	61	firms	firm	NOUN
afbr-404	293	62	.	.	PUNCT
afbr-404	294	1	references	reference	NOUN
afbr-404	294	2	abdul	abdul	PROPN
afbr-404	294	3	,	,	PUNCT
afbr-404	294	4	a.	a.	PROPN
afbr-404	294	5	,	,	PUNCT
afbr-404	294	6	&	&	CCONJ
afbr-404	294	7	muhibudeen	muhibudeen	PROPN
afbr-404	294	8	,	,	PUNCT
afbr-404	294	9	l.	l.	PROPN
afbr-404	294	10	(	(	PUNCT
afbr-404	294	11	2015	2015	NUM
afbr-404	294	12	)	)	PUNCT
afbr-404	294	13	.	.	PUNCT
afbr-404	295	1	relationship	relationship	NOUN
afbr-404	295	2	between	between	ADP
afbr-404	295	3	dividend	dividend	NOUN
afbr-404	295	4	payout	payout	NOUN
afbr-404	295	5	and	and	CCONJ
afbr-404	295	6	firms	firm	NOUN
afbr-404	295	7	performance	performance	NOUN
afbr-404	295	8	:	:	PUNCT
afbr-404	295	9	evaluation	evaluation	NOUN
afbr-404	295	10	of	of	ADP
afbr-404	295	11	dividend	dividend	NOUN
afbr-404	295	12	policy	policy	NOUN
afbr-404	295	13	of	of	ADP
afbr-404	295	14	oando	oando	PROPN
afbr-404	295	15	plc	plc	PROPN
afbr-404	295	16	.	.	PUNCT
afbr-404	296	1	international	international	PROPN
afbr-404	296	2	journal	journal	PROPN
afbr-404	296	3	of	of	ADP
afbr-404	296	4	contemporary	contemporary	PROPN
afbr-404	296	5	applied	apply	VERB
afbr-404	296	6	sciences	science	NOUN
afbr-404	296	7	,	,	PUNCT
afbr-404	296	8	2	2	NUM
afbr-404	296	9	(	(	PUNCT
afbr-404	296	10	6	6	NUM
afbr-404	296	11	)	)	PUNCT
afbr-404	296	12	,	,	PUNCT
afbr-404	296	13	56	56	NUM
afbr-404	296	14	abdullahi	abdullahi	NOUN
afbr-404	296	15	,	,	PUNCT
afbr-404	296	16	a.	a.	NOUN
afbr-404	296	17	(	(	PUNCT
afbr-404	296	18	2014).dividend	2014).dividend	NUM
afbr-404	296	19	policy	policy	NOUN
afbr-404	296	20	and	and	CCONJ
afbr-404	296	21	its	its	PRON
afbr-404	296	22	impact	impact	NOUN
afbr-404	296	23	on	on	ADP
afbr-404	296	24	stock	stock	NOUN
afbr-404	296	25	price	price	NOUN
afbr-404	296	26	:	:	PUNCT
afbr-404	296	27	a	a	DET
afbr-404	296	28	study	study	NOUN
afbr-404	296	29	on	on	ADP
afbr-404	296	30	commercial	commercial	ADJ
afbr-404	296	31	banks	bank	NOUN
afbr-404	296	32	listed	list	VERB
afbr-404	296	33	in	in	ADP
afbr-404	296	34	dhaka	dhaka	PROPN
afbr-404	296	35	stock	stock	PROPN
afbr-404	296	36	exchange	exchange	PROPN
afbr-404	296	37	.	.	PUNCT
afbr-404	297	1	global	global	ADJ
afbr-404	297	2	disclosure	disclosure	NOUN
afbr-404	297	3	of	of	ADP
afbr-404	297	4	economics	economic	NOUN
afbr-404	297	5	and	and	CCONJ
afbr-404	297	6	business	business	NOUN
afbr-404	297	7	,	,	PUNCT
afbr-404	297	8	3	3	NUM
afbr-404	297	9	(	(	PUNCT
afbr-404	297	10	1	1	NUM
afbr-404	297	11	)	)	PUNCT
afbr-404	297	12	,	,	PUNCT
afbr-404	297	13	9	9	NUM
afbr-404	297	14	abor	abor	NOUN
afbr-404	297	15	,	,	PUNCT
afbr-404	297	16	j.	j.	PROPN
afbr-404	297	17	(	(	PUNCT
afbr-404	297	18	2008	2008	NUM
afbr-404	297	19	)	)	PUNCT
afbr-404	297	20	.	.	PUNCT
afbr-404	298	1	determinants	determinant	NOUN
afbr-404	298	2	of	of	ADP
afbr-404	298	3	capital	capital	NOUN
afbr-404	298	4	structure	structure	NOUN
afbr-404	298	5	of	of	ADP
afbr-404	298	6	ghanaian	ghanaian	ADJ
afbr-404	298	7	firms	firm	NOUN
afbr-404	298	8	.	.	PUNCT
afbr-404	299	1	african	african	ADJ
afbr-404	299	2	economic	economic	ADJ
afbr-404	299	3	research	research	PROPN
afbr-404	299	4	consortium	consortium	NOUN
afbr-404	299	5	biannual	biannual	ADJ
afbr-404	299	6	workshop	workshop	NOUN
afbr-404	299	7	(	(	PUNCT
afbr-404	299	8	aerc	aerc	NOUN
afbr-404	299	9	)	)	PUNCT
afbr-404	299	10	research	research	NOUN
afbr-404	299	11	paper	paper	NOUN
afbr-404	299	12	176	176	NUM
afbr-404	299	13	,	,	PUNCT
afbr-404	299	14	nairobi	nairobi	PROPN
afbr-404	299	15	,	,	PUNCT
afbr-404	299	16	kenya	kenya	PROPN
afbr-404	299	17	.	.	PUNCT
afbr-404	300	1	abubakhar	abubakhar	PROPN
afbr-404	300	2	,	,	PUNCT
afbr-404	300	3	s.	s.	PROPN
afbr-404	300	4	(	(	PUNCT
afbr-404	300	5	2012	2012	NUM
afbr-404	300	6	)	)	PUNCT
afbr-404	300	7	.	.	PUNCT
afbr-404	301	1	dividend	dividend	NOUN
afbr-404	301	2	payout	payout	NOUN
afbr-404	301	3	ratio	ratio	NOUN
afbr-404	301	4	and	and	CCONJ
afbr-404	301	5	share	share	NOUN
afbr-404	301	6	price	price	NOUN
afbr-404	301	7	movement	movement	NOUN
afbr-404	301	8	of	of	ADP
afbr-404	301	9	listed	list	VERB
afbr-404	301	10	non	non	ADJ
afbr-404	301	11	-	-	ADJ
afbr-404	301	12	service	service	ADJ
afbr-404	301	13	firms	firm	NOUN
afbr-404	301	14	in	in	ADP
afbr-404	301	15	nigeria	nigeria	PROPN
afbr-404	301	16	:	:	PUNCT
afbr-404	301	17	empirical	empirical	ADJ
afbr-404	301	18	study	study	NOUN
afbr-404	301	19	.	.	PUNCT
afbr-404	302	1	www.abu.edu.ng/publications/2019	www.abu.edu.ng/publications/2019	PROPN
afbr-404	302	2	adediran	adediran	ADJ
afbr-404	302	3	,	,	PUNCT
afbr-404	302	4	s.	s.	PROPN
afbr-404	302	5	a.	a.	PROPN
afbr-404	302	6	and	and	CCONJ
afbr-404	302	7	alade	alade	PROPN
afbr-404	302	8	,	,	PUNCT
afbr-404	302	9	s.d	s.d	PROPN
afbr-404	302	10	.	.	PROPN
afbr-404	303	1	(	(	PUNCT
afbr-404	303	2	2013	2013	NUM
afbr-404	303	3	)	)	PUNCT
afbr-404	303	4	.	.	PUNCT
afbr-404	304	1	dividend	dividend	NOUN
afbr-404	304	2	policy	policy	NOUN
afbr-404	304	3	and	and	CCONJ
afbr-404	304	4	corporate	corporate	ADJ
afbr-404	304	5	performance	performance	NOUN
afbr-404	304	6	in	in	ADP
afbr-404	304	7	nigeria.american	nigeria.american	PROPN
afbr-404	304	8	journal	journal	NOUN
afbr-404	304	9	of	of	ADP
afbr-404	304	10	social	social	ADJ
afbr-404	304	11	and	and	CCONJ
afbr-404	304	12	management	management	NOUN
afbr-404	304	13	sciences	science	NOUN
afbr-404	304	14	,	,	PUNCT
afbr-404	304	15	4(2	4(2	NUM
afbr-404	304	16	)	)	PUNCT
afbr-404	304	17	,	,	PUNCT
afbr-404	304	18	71	71	NUM
afbr-404	304	19	-	-	SYM
afbr-404	304	20	77	77	NUM
afbr-404	304	21	.	.	PUNCT
afbr-404	305	1	adediran	adediran	PROPN
afbr-404	305	2	,	,	PUNCT
afbr-404	305	3	s.a	s.a	PROPN
afbr-404	305	4	.	.	PROPN
afbr-404	305	5	,	,	PUNCT
afbr-404	305	6	&	&	CCONJ
afbr-404	305	7	alade	alade	PROPN
afbr-404	305	8	,	,	PUNCT
afbr-404	305	9	s.d	s.d	PROPN
afbr-404	305	10	.	.	PROPN
afbr-404	306	1	(	(	PUNCT
afbr-404	306	2	2013	2013	NUM
afbr-404	306	3	)	)	PUNCT
afbr-404	306	4	.	.	PUNCT
afbr-404	307	1	dividend	dividend	NOUN
afbr-404	307	2	policy	policy	NOUN
afbr-404	307	3	and	and	CCONJ
afbr-404	307	4	corporate	corporate	ADJ
afbr-404	307	5	performance	performance	NOUN
afbr-404	307	6	in	in	ADP
afbr-404	307	7	nigeria.american	nigeria.american	PROPN
afbr-404	307	8	journal	journal	NOUN
afbr-404	307	9	of	of	ADP
afbr-404	307	10	social	social	ADJ
afbr-404	307	11	and	and	CCONJ
afbr-404	307	12	management	management	NOUN
afbr-404	307	13	sciences,4(2	sciences,4(2	PROPN
afbr-404	307	14	)	)	PUNCT
afbr-404	307	15	,	,	PUNCT
afbr-404	307	16	71	71	NUM
afbr-404	307	17	-	-	SYM
afbr-404	307	18	77	77	NUM
afbr-404	307	19	.	.	PUNCT
afbr-404	308	1	adefila	adefila	PROPN
afbr-404	308	2	,	,	PUNCT
afbr-404	308	3	j.j	j.j	PROPN
afbr-404	308	4	.	.	PROPN
afbr-404	308	5	,	,	PUNCT
afbr-404	308	6	oladipo	oladipo	PROPN
afbr-404	308	7	,	,	PUNCT
afbr-404	308	8	j.a	j.a	PROPN
afbr-404	308	9	.	.	PROPN
afbr-404	308	10	,	,	PUNCT
afbr-404	308	11	&	&	CCONJ
afbr-404	308	12	adeoti	adeoti	PROPN
afbr-404	308	13	,	,	PUNCT
afbr-404	308	14	j.o	j.o	PROPN
afbr-404	308	15	.	.	PROPN
afbr-404	308	16	(	(	PUNCT
afbr-404	308	17	2004	2004	NUM
afbr-404	308	18	)	)	PUNCT
afbr-404	308	19	.	.	PUNCT
afbr-404	309	1	the	the	DET
afbr-404	309	2	effect	effect	NOUN
afbr-404	309	3	of	of	ADP
afbr-404	309	4	dividend	dividend	NOUN
afbr-404	309	5	policy	policy	NOUN
afbr-404	309	6	on	on	ADP
afbr-404	309	7	the	the	DET
afbr-404	309	8	market	market	NOUN
afbr-404	309	9	price	price	NOUN
afbr-404	309	10	of	of	ADP
afbr-404	309	11	shares	share	NOUN
afbr-404	309	12	in	in	ADP
afbr-404	309	13	nigeria	nigeria	PROPN
afbr-404	309	14	:	:	PUNCT
afbr-404	309	15	case	case	NOUN
afbr-404	309	16	study	study	NOUN
afbr-404	309	17	of	of	ADP
afbr-404	309	18	fifteen	fifteen	NUM
afbr-404	309	19	quoted	quote	VERB
afbr-404	309	20	companies	company	NOUN
afbr-404	309	21	.	.	PUNCT
afbr-404	310	1	international	international	ADJ
afbr-404	310	2	journal	journal	PROPN
afbr-404	310	3	of	of	ADP
afbr-404	310	4	accounting	accounting	NOUN
afbr-404	310	5	.	.	PUNCT
afbr-404	311	1	university	university	NOUN
afbr-404	311	2	of	of	ADP
afbr-404	311	3	ado	ado	NOUN
afbr-404	311	4	-	-	PUNCT
afbr-404	311	5	ekiti	ekiti	ADJ
afbr-404	311	6	,	,	PUNCT
afbr-404	311	7	2	2	NUM
afbr-404	311	8	(	(	PUNCT
afbr-404	311	9	1	1	NUM
afbr-404	311	10	)	)	PUNCT
afbr-404	311	11	,	,	PUNCT
afbr-404	311	12	1	1	NUM
afbr-404	311	13	-	-	SYM
afbr-404	311	14	10	10	NUM
afbr-404	311	15	adesina	adesina	NOUN
afbr-404	311	16	,	,	PUNCT
afbr-404	311	17	k.	k.	PROPN
afbr-404	311	18	,	,	PUNCT
afbr-404	311	19	uwuigbe	uwuigbe	PROPN
afbr-404	311	20	,	,	PUNCT
afbr-404	311	21	u.	u.	PROPN
afbr-404	311	22	,	,	PUNCT
afbr-404	311	23	uwuigbe	uwuigbe	PROPN
afbr-404	311	24	,	,	PUNCT
afbr-404	311	25	o.r	o.r	PROPN
afbr-404	311	26	.	.	PROPN
afbr-404	311	27	,	,	PUNCT
afbr-404	311	28	asiriuwa	asiriuwa	ADJ
afbr-404	311	29	,	,	PUNCT
afbr-404	311	30	o.	o.	PROPN
afbr-404	311	31	&	&	CCONJ
afbr-404	311	32	oriabe	oriabe	PROPN
afbr-404	311	33	,	,	PUNCT
afbr-404	311	34	s.	s.	PROPN
afbr-404	311	35	(	(	PUNCT
afbr-404	311	36	2017	2017	NUM
afbr-404	311	37	)	)	PUNCT
afbr-404	311	38	.	.	PUNCT
afbr-404	312	1	dividend	dividend	NOUN
afbr-404	312	2	policy	policy	NOUN
afbr-404	312	3	and	and	CCONJ
afbr-404	312	4	share	share	NOUN
afbr-404	312	5	price	price	NOUN
afbr-404	312	6	valuation	valuation	NOUN
afbr-404	312	7	in	in	ADP
afbr-404	312	8	nigerian	nigerian	ADJ
afbr-404	312	9	banks	bank	NOUN
afbr-404	312	10	.	.	PUNCT
afbr-404	313	1	euroeconomica	euroeconomica	PROPN
afbr-404	313	2	,	,	PUNCT
afbr-404	313	3	36(1	36(1	NUM
afbr-404	313	4	)	)	PUNCT
afbr-404	313	5	,	,	PUNCT
afbr-404	313	6	1	1	NUM
afbr-404	313	7	-	-	SYM
afbr-404	313	8	1	1	NUM
afbr-404	313	9	amadasu	amadasu	NOUN
afbr-404	313	10	,	,	PUNCT
afbr-404	313	11	d.e	d.e	PROPN
afbr-404	313	12	.	.	PUNCT
afbr-404	314	1	(	(	PUNCT
afbr-404	314	2	2011).dividend	2011).dividend	NUM
afbr-404	314	3	is	be	AUX
afbr-404	314	4	relevant	relevant	ADJ
afbr-404	314	5	:	:	PUNCT
afbr-404	314	6	a	a	DET
afbr-404	314	7	restatement	restatement	NOUN
afbr-404	314	8	.	.	PUNCT
afbr-404	315	1	african	african	ADJ
afbr-404	315	2	research	research	PROPN
afbr-404	315	3	review	review	NOUN
afbr-404	315	4	journal	journal	NOUN
afbr-404	315	5	,	,	PUNCT
afbr-404	315	6	5(4	5(4	NUM
afbr-404	315	7	)	)	PUNCT
afbr-404	315	8	,	,	PUNCT
afbr-404	315	9	60	60	NUM
afbr-404	315	10	-	-	SYM
afbr-404	315	11	72	72	NUM
afbr-404	315	12	anil	anil	NOUN
afbr-404	315	13	,	,	PUNCT
afbr-404	315	14	k.	k.	PROPN
afbr-404	315	15	,	,	PUNCT
afbr-404	315	16	&	&	CCONJ
afbr-404	315	17	kapoor	kapoor	PROPN
afbr-404	315	18	,	,	PUNCT
afbr-404	315	19	s.	s.	PROPN
afbr-404	315	20	(	(	PUNCT
afbr-404	315	21	2008	2008	NUM
afbr-404	315	22	)	)	PUNCT
afbr-404	315	23	.	.	PUNCT
afbr-404	316	1	determinants	determinant	NOUN
afbr-404	316	2	of	of	ADP
afbr-404	316	3	dividend	dividend	NOUN
afbr-404	316	4	payout	payout	NOUN
afbr-404	316	5	ratios	ratio	NOUN
afbr-404	316	6	-	-	PUNCT
afbr-404	316	7	a	a	DET
afbr-404	316	8	study	study	NOUN
afbr-404	316	9	of	of	ADP
afbr-404	316	10	indian	indian	ADJ
afbr-404	316	11	information	information	NOUN
afbr-404	316	12	technology	technology	NOUN
afbr-404	316	13	sector	sector	NOUN
afbr-404	316	14	,	,	PUNCT
afbr-404	316	15	the	the	DET
afbr-404	316	16	international	international	ADJ
afbr-404	316	17	research	research	NOUN
afbr-404	316	18	journal	journal	NOUN
afbr-404	316	19	of	of	ADP
afbr-404	316	20	finance	finance	NOUN
afbr-404	316	21	and	and	CCONJ
afbr-404	316	22	economics	economic	NOUN
afbr-404	316	23	,	,	PUNCT
afbr-404	316	24	15(2	15(2	NUM
afbr-404	316	25	)	)	PUNCT
afbr-404	316	26	,	,	PUNCT
afbr-404	316	27	63	63	NUM
afbr-404	316	28	-	-	SYM
afbr-404	316	29	71	71	NUM
afbr-404	316	30	arshad	arshad	VERB
afbr-404	316	31	,	,	PUNCT
afbr-404	316	32	z.	z.	PROPN
afbr-404	316	33	akram	akram	PROPN
afbr-404	316	34	,	,	PUNCT
afbr-404	316	35	y	y	PROPN
afbr-404	316	36	,	,	PUNCT
afbr-404	316	37	amjad	amjad	PROPN
afbr-404	316	38	,	,	PUNCT
afbr-404	316	39	m.	m.	PROPN
afbr-404	316	40	&	&	CCONJ
afbr-404	316	41	usman	usman	PROPN
afbr-404	316	42	,	,	PUNCT
afbr-404	316	43	m.	m.	NOUN
afbr-404	316	44	(	(	PUNCT
afbr-404	316	45	2013	2013	NUM
afbr-404	316	46	)	)	PUNCT
afbr-404	316	47	.	.	PUNCT
afbr-404	317	1	ownership	ownership	NOUN
afbr-404	317	2	structure	structure	NOUN
afbr-404	317	3	and	and	CCONJ
afbr-404	317	4	dividend	dividend	NOUN
afbr-404	317	5	policy	policy	NOUN
afbr-404	317	6	,	,	PUNCT
afbr-404	317	7	interdisciplinary.journal	interdisciplinary.journal	PROPN
afbr-404	317	8	of	of	ADP
afbr-404	317	9	contemporary	contemporary	ADJ
afbr-404	317	10	research	research	NOUN
afbr-404	317	11	in	in	ADP
afbr-404	317	12	business	business	NOUN
afbr-404	317	13	,	,	PUNCT
afbr-404	317	14	5(5	5(5	NUM
afbr-404	317	15	)	)	PUNCT
afbr-404	317	16	,	,	PUNCT
afbr-404	317	17	378	378	NUM
afbr-404	317	18	-	-	SYM
afbr-404	317	19	401	401	NUM
afbr-404	317	20	.	.	PUNCT
afbr-404	318	1	arslan	arslan	PROPN
afbr-404	318	2	,	,	PUNCT
afbr-404	318	3	i.	i.	PROPN
afbr-404	318	4	,	,	PUNCT
afbr-404	318	5	farooq	farooq	PROPN
afbr-404	318	6	,	,	PUNCT
afbr-404	318	7	a.	a.	PROPN
afbr-404	318	8	,	,	PUNCT
afbr-404	318	9	&	&	CCONJ
afbr-404	318	10	ali	ali	PROPN
afbr-404	318	11	raja	raja	PROPN
afbr-404	318	12	,	,	PUNCT
afbr-404	318	13	s.	s.	PROPN
afbr-404	318	14	(	(	PUNCT
afbr-404	318	15	2014).the	2014).the	DET
afbr-404	318	16	effect	effect	NOUN
afbr-404	318	17	of	of	ADP
afbr-404	318	18	dividend	dividend	NOUN
afbr-404	318	19	bubble	bubble	NOUN
afbr-404	318	20	on	on	ADP
afbr-404	318	21	share	share	NOUN
afbr-404	318	22	price	price	NOUN
afbr-404	318	23	:	:	PUNCT
afbr-404	318	24	evidence	evidence	NOUN
afbr-404	318	25	from	from	ADP
afbr-404	318	26	kse-30	kse-30	DET
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afbr-404	318	28	.	.	PUNCT
afbr-404	319	1	research	research	NOUN
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afbr-404	319	5	and	and	CCONJ
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afbr-404	319	7	,	,	PUNCT
afbr-404	319	8	5(13	5(13	NUM
afbr-404	319	9	)	)	PUNCT
afbr-404	319	10	,	,	PUNCT
afbr-404	319	11	83	83	NUM
afbr-404	319	12	-	-	SYM
afbr-404	319	13	87	87	NUM
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afbr-404	320	5	-	-	PUNCT
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afbr-404	320	7	-	-	PUNCT
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afbr-404	320	10	,	,	PUNCT
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afbr-404	320	12	|	|	ADV
afbr-404	320	13	afbr	afbr	PROPN
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afbr-404	320	15	australian	australian	ADJ
afbr-404	320	16	finance	finance	PROPN
afbr-404	320	17	&	&	CCONJ
afbr-404	320	18	banking	banking	PROPN
afbr-404	320	19	review	review	PROPN
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afbr-404	320	21	.	.	PROPN
afbr-404	321	1	3	3	NUM
afbr-404	321	2	,	,	PUNCT
afbr-404	321	3	no	no	INTJ
afbr-404	321	4	.	.	NOUN
afbr-404	321	5	2	2	NUM
afbr-404	321	6	;	;	PUNCT
afbr-404	321	7	2019	2019	NUM
afbr-404	321	8	28	28	NUM
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afbr-404	321	10	,	,	PUNCT
afbr-404	321	11	h.k	h.k	PROPN
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afbr-404	321	13	,	,	PUNCT
afbr-404	321	14	&	&	CCONJ
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afbr-404	321	16	,	,	PUNCT
afbr-404	321	17	r.	r.	PROPN
afbr-404	321	18	(	(	PUNCT
afbr-404	321	19	2014	2014	NUM
afbr-404	321	20	)	)	PUNCT
afbr-404	321	21	.	.	PUNCT
afbr-404	322	1	corporate	corporate	ADJ
afbr-404	322	2	dividend	dividend	NOUN
afbr-404	322	3	policy	policy	NOUN
afbr-404	322	4	revisited	revisit	VERB
afbr-404	322	5	.	.	PUNCT
afbr-404	323	1	journal	journal	NOUN
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afbr-404	323	3	managerial	managerial	ADJ
afbr-404	323	4	finance	finance	NOUN
afbr-404	323	5	,	,	PUNCT
afbr-404	323	6	4(2	4(2	NUM
afbr-404	323	7	)	)	PUNCT
afbr-404	323	8	,	,	PUNCT
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afbr-404	323	10	-	-	SYM
afbr-404	323	11	144	144	NUM
afbr-404	323	12	.	.	PUNCT
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afbr-404	324	4	-	-	PUNCT
afbr-404	324	5	2014	2014	NUM
afbr-404	324	6	-	-	SYM
afbr-404	324	7	0077	0077	NUM
afbr-404	324	8	.	.	PUNCT
afbr-404	325	1	bougatef	bougatef	PROPN
afbr-404	325	2	,	,	PUNCT
afbr-404	325	3	k.	k.	PROPN
afbr-404	325	4	(	(	PUNCT
afbr-404	325	5	2014	2014	NUM
afbr-404	325	6	)	)	PUNCT
afbr-404	325	7	.	.	PUNCT
afbr-404	326	1	how	how	SCONJ
afbr-404	326	2	do	do	AUX
afbr-404	326	3	dividend	dividend	NOUN
afbr-404	326	4	payments	payment	NOUN
afbr-404	326	5	affect	affect	VERB
afbr-404	326	6	stock	stock	NOUN
afbr-404	326	7	prices	price	NOUN
afbr-404	326	8	?	?	PUNCT
afbr-404	327	1	the	the	DET
afbr-404	327	2	case	case	NOUN
afbr-404	327	3	of	of	ADP
afbr-404	327	4	tunisian	tunisian	ADJ
afbr-404	327	5	firms	firm	NOUN
afbr-404	327	6	.	.	PUNCT
afbr-404	328	1	the	the	DET
afbr-404	328	2	journal	journal	PROPN
afbr-404	328	3	of	of	ADP
afbr-404	328	4	commerce	commerce	PROPN
afbr-404	328	5	,	,	PUNCT
afbr-404	328	6	3(2	3(2	NUM
afbr-404	328	7	)	)	PUNCT
afbr-404	328	8	,	,	PUNCT
afbr-404	328	9	21	21	NUM
afbr-404	328	10	-	-	SYM
afbr-404	328	11	25	25	NUM
afbr-404	328	12	.	.	PUNCT
afbr-404	328	13	budagaga	budagaga	NOUN
afbr-404	328	14	,	,	PUNCT
afbr-404	328	15	a.	a.	NOUN
afbr-404	328	16	(	(	PUNCT
afbr-404	328	17	2017).dividend	2017).dividend	NUM
afbr-404	328	18	payment	payment	NOUN
afbr-404	328	19	and	and	CCONJ
afbr-404	328	20	its	its	PRON
afbr-404	328	21	impact	impact	NOUN
afbr-404	328	22	on	on	ADP
afbr-404	328	23	the	the	DET
afbr-404	328	24	value	value	NOUN
afbr-404	328	25	of	of	ADP
afbr-404	328	26	firms	firm	NOUN
afbr-404	328	27	listed	list	VERB
afbr-404	328	28	on	on	ADP
afbr-404	328	29	istanbul	istanbul	PROPN
afbr-404	328	30	stock	stock	PROPN
afbr-404	328	31	exchange	exchange	PROPN
afbr-404	328	32	:	:	PUNCT
afbr-404	328	33	a	a	DET
afbr-404	328	34	res	re	NOUN
afbr-404	328	35	idual	idual	ADJ
afbr-404	328	36	income	income	NOUN
afbr-404	328	37	approach	approach	NOUN
afbr-404	328	38	.	.	PUNCT
afbr-404	329	1	international	international	ADJ
afbr-404	329	2	journal	journal	PROPN
afbr-404	329	3	of	of	ADP
afbr-404	329	4	economics	economic	NOUN
afbr-404	329	5	and	and	CCONJ
afbr-404	329	6	financial	financial	ADJ
afbr-404	329	7	issues	issue	NOUN
afbr-404	329	8	,	,	PUNCT
afbr-404	329	9	7(2	7(2	NUM
afbr-404	329	10	)	)	PUNCT
afbr-404	329	11	,	,	PUNCT
afbr-404	329	12	370	370	NUM
afbr-404	329	13	-	-	SYM
afbr-404	329	14	376	376	NUM
afbr-404	329	15	.	.	PUNCT
afbr-404	330	1	http.www.econjournals.com	http.www.econjournals.com	VERB
afbr-404	331	1	chirima	chirima	PROPN
afbr-404	331	2	,	,	PUNCT
afbr-404	331	3	d.t	d.t	PROPN
afbr-404	331	4	.	.	PUNCT
afbr-404	331	5	(	(	PUNCT
afbr-404	331	6	2015	2015	NUM
afbr-404	331	7	)	)	PUNCT
afbr-404	331	8	.	.	PUNCT
afbr-404	332	1	the	the	DET
afbr-404	332	2	impact	impact	NOUN
afbr-404	332	3	of	of	ADP
afbr-404	332	4	dividend	dividend	NOUN
afbr-404	332	5	payments	payment	NOUN
afbr-404	332	6	on	on	ADP
afbr-404	332	7	stock	stock	NOUN
afbr-404	332	8	prices	price	NOUN
afbr-404	332	9	in	in	ADP
afbr-404	332	10	a	a	DET
afbr-404	332	11	developing	develop	VERB
afbr-404	332	12	economy	economy	NOUN
afbr-404	332	13	:	:	PUNCT
afbr-404	332	14	the	the	DET
afbr-404	332	15	case	case	NOUN
afbr-404	332	16	study	study	NOUN
afbr-404	332	17	of	of	ADP
afbr-404	332	18	services	service	NOUN
afbr-404	332	19	firms	firm	NOUN
afbr-404	332	20	listed	list	VERB
afbr-404	332	21	on	on	ADP
afbr-404	332	22	the	the	DET
afbr-404	332	23	zimbabwe	zimbabwe	ADJ
afbr-404	332	24	stock	stock	PROPN
afbr-404	332	25	exchange	exchange	PROPN
afbr-404	332	26	.	.	PUNCT
afbr-404	333	1	case	case	NOUN
afbr-404	333	2	studies	study	NOUN
afbr-404	333	3	journal	journal	NOUN
afbr-404	333	4	,	,	PUNCT
afbr-404	333	5	4(5	4(5	PROPN
afbr-404	333	6	)	)	PUNCT
afbr-404	333	7	,	,	PUNCT
afbr-404	333	8	126	126	NUM
afbr-404	333	9	-	-	SYM
afbr-404	333	10	133	133	NUM
afbr-404	333	11	dabrowska	dabrowska	NOUN
afbr-404	333	12	,	,	PUNCT
afbr-404	333	13	j.	j.	PROPN
afbr-404	333	14	(	(	PUNCT
afbr-404	333	15	2009	2009	NUM
afbr-404	333	16	)	)	PUNCT
afbr-404	333	17	.	.	PUNCT
afbr-404	334	1	does	do	AUX
afbr-404	334	2	dividend	dividend	VERB
afbr-404	334	3	policy	policy	NOUN
afbr-404	334	4	follow	follow	VERB
afbr-404	334	5	the	the	DET
afbr-404	334	6	capital	capital	NOUN
afbr-404	334	7	structure	structure	NOUN
afbr-404	334	8	theory	theory	NOUN
afbr-404	334	9	?	?	PUNCT
afbr-404	335	1	managing	manage	VERB
afbr-404	335	2	global	global	ADJ
afbr-404	335	3	transitions	transition	NOUN
afbr-404	335	4	,	,	PUNCT
afbr-404	335	5	7(4	7(4	NUM
afbr-404	335	6	)	)	PUNCT
afbr-404	335	7	,	,	PUNCT
afbr-404	335	8	367	367	NUM
afbr-404	335	9	-	-	SYM
afbr-404	335	10	382	382	NUM
afbr-404	335	11	.	.	PUNCT
afbr-404	335	12	de	de	PROPN
afbr-404	335	13	-	-	NOUN
afbr-404	335	14	angelo	angelo	PROPN
afbr-404	335	15	,	,	PUNCT
afbr-404	335	16	h.	h.	PROPN
afbr-404	335	17	,	,	PUNCT
afbr-404	335	18	&	&	CCONJ
afbr-404	335	19	de	de	PROPN
afbr-404	335	20	-	-	PROPN
afbr-404	335	21	angelo	angelo	PROPN
afbr-404	335	22	,	,	PUNCT
afbr-404	335	23	l.	l.	PROPN
afbr-404	335	24	(	(	PUNCT
afbr-404	335	25	2006	2006	NUM
afbr-404	335	26	)	)	PUNCT
afbr-404	335	27	.	.	PUNCT
afbr-404	336	1	the	the	DET
afbr-404	336	2	irrelevance	irrelevance	NOUN
afbr-404	336	3	of	of	ADP
afbr-404	336	4	the	the	DET
afbr-404	336	5	mm	mm	PROPN
afbr-404	336	6	dividend	dividend	NOUN
afbr-404	336	7	irrelevance	irrelevance	NOUN
afbr-404	336	8	theorem	theorem	PROPN
afbr-404	336	9	.	.	PROPN
afbr-404	336	10	journal	journal	PROPN
afbr-404	336	11	of	of	ADP
afbr-404	336	12	financial	financial	ADJ
afbr-404	336	13	economics	economic	NOUN
afbr-404	336	14	,	,	PUNCT
afbr-404	336	15	79(2	79(2	NOUN
afbr-404	336	16	)	)	PUNCT
afbr-404	336	17	,	,	PUNCT
afbr-404	336	18	293	293	NUM
afbr-404	336	19	-	-	SYM
afbr-404	336	20	315	315	NUM
afbr-404	336	21	.	.	PUNCT
afbr-404	337	1	deangelo	deangelo	PROPN
afbr-404	337	2	,	,	PUNCT
afbr-404	337	3	h.	h.	PROPN
afbr-404	337	4	,	,	PUNCT
afbr-404	337	5	deangelo	deangelo	PROPN
afbr-404	337	6	,	,	PUNCT
afbr-404	337	7	l.	l.	PROPN
afbr-404	337	8	&	&	CCONJ
afbr-404	337	9	skinner	skinner	PROPN
afbr-404	337	10	,	,	PUNCT
afbr-404	337	11	d.	d.	PROPN
afbr-404	337	12	(	(	PUNCT
afbr-404	337	13	2004	2004	NUM
afbr-404	337	14	)	)	PUNCT
afbr-404	337	15	.	.	PUNCT
afbr-404	338	1	are	be	AUX
afbr-404	338	2	dividends	dividend	NOUN
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afbr-404	338	4	?	?	PUNCT
afbr-404	339	1	dividend	dividend	NOUN
afbr-404	339	2	concentration	concentration	NOUN
afbr-404	339	3	and	and	CCONJ
afbr-404	339	4	the	the	DET
afbr-404	339	5	consolidation	consolidation	NOUN
afbr-404	339	6	of	of	ADP
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afbr-404	339	8	of	of	ADP
afbr-404	339	9	financial	financial	ADJ
afbr-404	339	10	economics	economic	NOUN
afbr-404	339	11	,	,	PUNCT
afbr-404	339	12	72	72	NUM
afbr-404	339	13	,	,	PUNCT
afbr-404	339	14	425	425	NUM
afbr-404	339	15	-	-	SYM
afbr-404	339	16	456	456	NUM
afbr-404	339	17	.	.	PUNCT
afbr-404	340	1	dittmar	dittmar	NOUN
afbr-404	340	2	,	,	PUNCT
afbr-404	340	3	a.	a.	NOUN
afbr-404	340	4	&	&	CCONJ
afbr-404	340	5	mahrt	mahrt	PROPN
afbr-404	340	6	-	-	PUNCT
afbr-404	340	7	smith	smith	PROPN
afbr-404	340	8	,	,	PUNCT
afbr-404	340	9	j.	j.	PROPN
afbr-404	340	10	(	(	PUNCT
afbr-404	340	11	2007).corporate	2007).corporate	PROPN
afbr-404	340	12	governance	governance	NOUN
afbr-404	340	13	and	and	CCONJ
afbr-404	340	14	the	the	DET
afbr-404	340	15	value	value	NOUN
afbr-404	340	16	of	of	ADP
afbr-404	340	17	cash	cash	NOUN
afbr-404	340	18	holdings.journal	holdings.journal	ADJ
afbr-404	340	19	of	of	ADP
afbr-404	340	20	financial	financial	ADJ
afbr-404	340	21	economics	economic	NOUN
afbr-404	340	22	,	,	PUNCT
afbr-404	340	23	83(3	83(3	NUM
afbr-404	340	24	)	)	PUNCT
afbr-404	340	25	,	,	PUNCT
afbr-404	340	26	599	599	NUM
afbr-404	340	27	-	-	SYM
afbr-404	340	28	634	634	NUM
afbr-404	340	29	.	.	PUNCT
afbr-404	341	1	edward	edward	PROPN
afbr-404	341	2	,	,	PUNCT
afbr-404	341	3	a.b	a.b	PROPN
afbr-404	341	4	.	.	PROPN
afbr-404	341	5	(	(	PUNCT
afbr-404	341	6	2014	2014	NUM
afbr-404	341	7	)	)	PUNCT
afbr-404	341	8	.	.	PUNCT
afbr-404	342	1	the	the	DET
afbr-404	342	2	impact	impact	NOUN
afbr-404	342	3	of	of	ADP
afbr-404	342	4	dividend	dividend	NOUN
afbr-404	342	5	payment	payment	NOUN
afbr-404	342	6	on	on	ADP
afbr-404	342	7	share	share	NOUN
afbr-404	342	8	prices	price	NOUN
afbr-404	342	9	of	of	ADP
afbr-404	342	10	some	some	DET
afbr-404	342	11	selected	select	VERB
afbr-404	342	12	listed	list	VERB
afbr-404	342	13	companies	company	NOUN
afbr-404	342	14	on	on	ADP
afbr-404	342	15	the	the	DET
afbr-404	342	16	ghana	ghana	PROPN
afbr-404	342	17	stock	stock	PROPN
afbr-404	342	18	exchange	exchange	PROPN
afbr-404	342	19	.	.	PUNCT
afbr-404	343	1	international	international	ADJ
afbr-404	343	2	journal	journal	PROPN
afbr-404	343	3	of	of	ADP
afbr-404	343	4	humanities	humanity	NOUN
afbr-404	343	5	and	and	CCONJ
afbr-404	343	6	social	social	ADJ
afbr-404	343	7	sciences	science	NOUN
afbr-404	343	8	,	,	PUNCT
afbr-404	343	9	4(1	4(1	NOUN
afbr-404	343	10	)	)	PUNCT
afbr-404	343	11	,	,	PUNCT
afbr-404	343	12	179	179	NUM
afbr-404	343	13	-	-	SYM
afbr-404	343	14	190	190	NUM
afbr-404	343	15	egbeonu	egbeonu	NOUN
afbr-404	343	16	,	,	PUNCT
afbr-404	343	17	o.c	o.c	PROPN
afbr-404	343	18	.	.	PROPN
afbr-404	343	19	,	,	PUNCT
afbr-404	343	20	edori	edori	PROPN
afbr-404	343	21	,	,	PUNCT
afbr-404	343	22	i.s	i.s	PROPN
afbr-404	343	23	.	.	PROPN
afbr-404	343	24	,	,	PUNCT
afbr-404	343	25	&	&	CCONJ
afbr-404	343	26	edori	edori	PROPN
afbr-404	343	27	,	,	PUNCT
afbr-404	343	28	d.s	d.s	PROPN
afbr-404	343	29	.	.	PROPN
afbr-404	343	30	(	(	PUNCT
afbr-404	343	31	2016	2016	NUM
afbr-404	343	32	)	)	PUNCT
afbr-404	343	33	.	.	PUNCT
afbr-404	344	1	effect	effect	NOUN
afbr-404	344	2	of	of	ADP
afbr-404	344	3	dividend	dividend	NOUN
afbr-404	344	4	policy	policy	NOUN
afbr-404	344	5	on	on	ADP
afbr-404	344	6	the	the	DET
afbr-404	344	7	value	value	NOUN
afbr-404	344	8	of	of	ADP
afbr-404	344	9	firms	firm	NOUN
afbr-404	344	10	:	:	PUNCT
afbr-404	344	11	empirical	empirical	ADJ
afbr-404	344	12	study	study	NOUN
afbr-404	344	13	of	of	ADP
afbr-404	344	14	quoted	quote	VERB
afbr-404	344	15	firms	firm	NOUN
afbr-404	344	16	in	in	ADP
afbr-404	344	17	nigeria	nigeria	PROPN
afbr-404	344	18	stock	stock	PROPN
afbr-404	344	19	exchange	exchange	PROPN
afbr-404	344	20	.	.	PUNCT
afbr-404	345	1	research	research	NOUN
afbr-404	345	2	journal	journal	PROPN
afbr-404	345	3	of	of	ADP
afbr-404	345	4	finance	finance	NOUN
afbr-404	345	5	and	and	CCONJ
afbr-404	345	6	accounting	accounting	NOUN
afbr-404	345	7	,	,	PUNCT
afbr-404	345	8	7(3	7(3	NUM
afbr-404	345	9	)	)	PUNCT
afbr-404	345	10	,	,	PUNCT
afbr-404	345	11	17	17	NUM
afbr-404	345	12	-	-	SYM
afbr-404	345	13	24	24	NUM
afbr-404	345	14	erasmus	erasmus	PROPN
afbr-404	345	15	,	,	PUNCT
afbr-404	345	16	p.	p.	PROPN
afbr-404	345	17	&	&	CCONJ
afbr-404	345	18	scheepers	scheeper	NOUN
afbr-404	345	19	,	,	PUNCT
afbr-404	345	20	r.	r.	PROPN
afbr-404	345	21	(	(	PUNCT
afbr-404	345	22	2008	2008	NUM
afbr-404	345	23	)	)	PUNCT
afbr-404	345	24	.	.	PUNCT
afbr-404	346	1	the	the	DET
afbr-404	346	2	relationship	relationship	NOUN
afbr-404	346	3	between	between	ADP
afbr-404	346	4	entrepreneurial	entrepreneurial	ADJ
afbr-404	346	5	intensity	intensity	NOUN
afbr-404	346	6	and	and	CCONJ
afbr-404	346	7	shareholder	shareholder	NOUN
afbr-404	346	8	value	value	NOUN
afbr-404	346	9	creation	creation	NOUN
afbr-404	346	10	,	,	PUNCT
afbr-404	346	11	managing	manage	VERB
afbr-404	346	12	global	global	ADJ
afbr-404	346	13	transitions	transition	NOUN
afbr-404	346	14	,	,	PUNCT
afbr-404	346	15	6(3	6(3	NUM
afbr-404	346	16	)	)	PUNCT
afbr-404	346	17	,	,	PUNCT
afbr-404	346	18	229	229	NUM
afbr-404	346	19	-	-	SYM
afbr-404	346	20	256	256	NUM
afbr-404	346	21	.	.	PUNCT
afbr-404	347	1	fama	fama	PROPN
afbr-404	347	2	,	,	PUNCT
afbr-404	347	3	e.f	e.f	PROPN
afbr-404	347	4	.	.	PROPN
afbr-404	347	5	&	&	CCONJ
afbr-404	347	6	h.	h.	PROPN
afbr-404	347	7	babiak	babiak	PROPN
afbr-404	347	8	(	(	PUNCT
afbr-404	347	9	1968	1968	NUM
afbr-404	347	10	)	)	PUNCT
afbr-404	347	11	.	.	PUNCT
afbr-404	348	1	dividend	dividend	NOUN
afbr-404	348	2	policy	policy	NOUN
afbr-404	348	3	:	:	PUNCT
afbr-404	348	4	an	an	DET
afbr-404	348	5	empirical	empirical	ADJ
afbr-404	348	6	model.journal	model.journal	NOUN
afbr-404	348	7	of	of	ADP
afbr-404	348	8	american	american	ADJ
afbr-404	348	9	statistical	statistical	ADJ
afbr-404	348	10	association	association	NOUN
afbr-404	348	11	,	,	PUNCT
afbr-404	348	12	63	63	NUM
afbr-404	348	13	,	,	PUNCT
afbr-404	348	14	11321161	11321161	NUM
afbr-404	348	15	.	.	PUNCT
afbr-404	349	1	hakeem	hakeem	PROPN
afbr-404	349	2	,	,	PUNCT
afbr-404	349	3	s.a	s.a	PROPN
afbr-404	349	4	.	.	PROPN
afbr-404	349	5	,	,	PUNCT
afbr-404	349	6	&	&	CCONJ
afbr-404	349	7	bambale	bambale	PROPN
afbr-404	349	8	,	,	PUNCT
afbr-404	349	9	a.j	a.j	PROPN
afbr-404	349	10	.	.	PROPN
afbr-404	350	1	(	(	PUNCT
afbr-404	350	2	2016).mediating	2016).mediating	NUM
afbr-404	350	3	effect	effect	NOUN
afbr-404	350	4	of	of	ADP
afbr-404	350	5	liquidity	liquidity	NOUN
afbr-404	350	6	on	on	ADP
afbr-404	350	7	firm	firm	ADJ
afbr-404	350	8	performance	performance	NOUN
afbr-404	350	9	and	and	CCONJ
afbr-404	350	10	dividend	dividend	NOUN
afbr-404	350	11	payout	payout	NOUN
afbr-404	350	12	of	of	ADP
afbr-404	350	13	listed	list	VERB
afbr-404	350	14	manufacturing	manufacturing	NOUN
afbr-404	350	15	companies	company	NOUN
afbr-404	350	16	in	in	ADP
afbr-404	350	17	nigeria	nigeria	PROPN
afbr-404	350	18	.	.	PUNCT
afbr-404	351	1	journal	journal	PROPN
afbr-404	351	2	of	of	ADP
afbr-404	351	3	economics	economics	PROPN
afbr-404	351	4	development	development	PROPN
afbr-404	351	5	,	,	PUNCT
afbr-404	351	6	management	management	NOUN
afbr-404	351	7	,	,	PUNCT
afbr-404	351	8	it	it	PRON
afbr-404	351	9	,	,	PUNCT
afbr-404	351	10	finance	finance	NOUN
afbr-404	351	11	and	and	CCONJ
afbr-404	351	12	marketing	marketing	NOUN
afbr-404	351	13	,	,	PUNCT
afbr-404	351	14	8(1	8(1	NOUN
afbr-404	351	15	)	)	PUNCT
afbr-404	351	16	,	,	PUNCT
afbr-404	351	17	15	15	NUM
afbr-404	351	18	-	-	SYM
afbr-404	351	19	35	35	NUM
afbr-404	351	20	.	.	PUNCT
afbr-404	352	1	huda	huda	PROPN
afbr-404	352	2	,	,	PUNCT
afbr-404	352	3	f.	f.	PROPN
afbr-404	352	4	,	,	PUNCT
afbr-404	352	5	&	&	CCONJ
afbr-404	352	6	farah	farah	PROPN
afbr-404	352	7	,	,	PUNCT
afbr-404	352	8	t.	t.	PROPN
afbr-404	352	9	(	(	PUNCT
afbr-404	352	10	2011	2011	NUM
afbr-404	352	11	)	)	PUNCT
afbr-404	352	12	.	.	PUNCT
afbr-404	353	1	determinants	determinant	NOUN
afbr-404	353	2	of	of	ADP
afbr-404	353	3	dividend	dividend	NOUN
afbr-404	353	4	decision	decision	NOUN
afbr-404	353	5	:	:	PUNCT
afbr-404	353	6	a	a	DET
afbr-404	353	7	focus	focus	NOUN
afbr-404	353	8	on	on	ADP
afbr-404	353	9	banking	banking	NOUN
afbr-404	353	10	sector	sector	NOUN
afbr-404	353	11	in	in	ADP
afbr-404	353	12	bangladesh.international	bangladesh.international	ADJ
afbr-404	353	13	research	research	NOUN
afbr-404	353	14	journal	journal	NOUN
afbr-404	353	15	of	of	ADP
afbr-404	353	16	finance	finance	NOUN
afbr-404	353	17	and	and	CCONJ
afbr-404	353	18	economics	economic	NOUN
afbr-404	353	19	,	,	PUNCT
afbr-404	353	20	77	77	NUM
afbr-404	353	21	,	,	PUNCT
afbr-404	353	22	33	33	NUM
afbr-404	353	23	-	-	SYM
afbr-404	353	24	46	46	NUM
afbr-404	353	25	husan	husan	NOUN
afbr-404	353	26	-	-	PUNCT
afbr-404	353	27	aldin	aldin	NOUN
afbr-404	353	28	,	,	PUNCT
afbr-404	353	29	n.a	n.a	PROPN
afbr-404	353	30	.	.	PROPN
afbr-404	353	31	,	,	PUNCT
afbr-404	353	32	rafforty	rafforty	PROPN
afbr-404	353	33	m	m	PROPN
afbr-404	353	34	,	,	PUNCT
afbr-404	353	35	&	&	CCONJ
afbr-404	353	36	pillqar	pillqar	PROPN
afbr-404	353	37	,	,	PUNCT
afbr-404	353	38	r.	r.	PROPN
afbr-404	353	39	(	(	PUNCT
afbr-404	353	40	2010	2010	NUM
afbr-404	353	41	)	)	PUNCT
afbr-404	353	42	.	.	PUNCT
afbr-404	354	1	dividend	dividend	NOUN
afbr-404	354	2	policy	policy	NOUN
afbr-404	354	3	:	:	PUNCT
afbr-404	354	4	a	a	DET
afbr-404	354	5	review	review	NOUN
afbr-404	354	6	of	of	ADP
afbr-404	354	7	theories	theory	NOUN
afbr-404	354	8	and	and	CCONJ
afbr-404	354	9	empirical	empirical	ADJ
afbr-404	354	10	evidence	evidence	NOUN
afbr-404	354	11	,	,	PUNCT
afbr-404	354	12	international	international	ADJ
afbr-404	354	13	bulletin	bulletin	NOUN
afbr-404	354	14	of	of	ADP
afbr-404	354	15	business	business	NOUN
afbr-404	354	16	administration	administration	NOUN
afbr-404	354	17	,	,	PUNCT
afbr-404	354	18	9	9	NUM
afbr-404	354	19	,	,	PUNCT
afbr-404	354	20	171	171	NUM
afbr-404	354	21	-	-	SYM
afbr-404	354	22	200	200	NUM
afbr-404	354	23	.	.	PUNCT
afbr-404	355	1	husan	husan	PROPN
afbr-404	355	2	-	-	PUNCT
afbr-404	355	3	aldin	aldin	PROPN
afbr-404	355	4	,	,	PUNCT
afbr-404	355	5	n.a	n.a	PROPN
afbr-404	355	6	.	.	PROPN
afbr-404	355	7	,	,	PUNCT
afbr-404	355	8	rafforty	rafforty	PROPN
afbr-404	355	9	m	m	PROPN
afbr-404	355	10	,	,	PUNCT
afbr-404	355	11	and	and	CCONJ
afbr-404	355	12	pillqar	pillqar	PROPN
afbr-404	355	13	,	,	PUNCT
afbr-404	355	14	r.	r.	PROPN
afbr-404	355	15	(	(	PUNCT
afbr-404	355	16	2010	2010	NUM
afbr-404	355	17	)	)	PUNCT
afbr-404	355	18	.	.	PUNCT
afbr-404	356	1	dividend	dividend	NOUN
afbr-404	356	2	policy	policy	NOUN
afbr-404	356	3	:	:	PUNCT
afbr-404	356	4	a	a	DET
afbr-404	356	5	review	review	NOUN
afbr-404	356	6	of	of	ADP
afbr-404	356	7	theories	theory	NOUN
afbr-404	356	8	and	and	CCONJ
afbr-404	356	9	empirical	empirical	ADJ
afbr-404	356	10	evidence	evidence	NOUN
afbr-404	356	11	,	,	PUNCT
afbr-404	356	12	international	international	ADJ
afbr-404	356	13	bulletin	bulletin	NOUN
afbr-404	356	14	of	of	ADP
afbr-404	356	15	business	business	NOUN
afbr-404	356	16	administration	administration	NOUN
afbr-404	356	17	,	,	PUNCT
afbr-404	356	18	9	9	NUM
afbr-404	356	19	,	,	PUNCT
afbr-404	356	20	171	171	NUM
afbr-404	356	21	-	-	SYM
afbr-404	356	22	200	200	NUM
afbr-404	356	23	.	.	PUNCT
afbr-404	357	1	iftikhar	iftikhar	PROPN
afbr-404	357	2	,	,	PUNCT
afbr-404	357	3	a.b	a.b	PROPN
afbr-404	357	4	.	.	PROPN
afbr-404	357	5	,	,	PUNCT
afbr-404	357	6	raja	raja	PROPN
afbr-404	357	7	,	,	PUNCT
afbr-404	357	8	n.j	n.j	PROPN
afbr-404	357	9	.	.	PROPN
afbr-404	357	10	,	,	PUNCT
afbr-404	357	11	&	&	CCONJ
afbr-404	357	12	sehran	sehran	PROPN
afbr-404	357	13	,	,	PUNCT
afbr-404	357	14	k.n	k.n	PROPN
afbr-404	357	15	.	.	PROPN
afbr-404	357	16	(	(	PUNCT
afbr-404	357	17	2017	2017	NUM
afbr-404	357	18	)	)	PUNCT
afbr-404	357	19	.	.	PUNCT
afbr-404	358	1	impact	impact	NOUN
afbr-404	358	2	of	of	ADP
afbr-404	358	3	dividend	dividend	NOUN
afbr-404	358	4	policy	policy	NOUN
afbr-404	358	5	on	on	ADP
afbr-404	358	6	stock	stock	NOUN
afbr-404	358	7	prices	price	NOUN
afbr-404	358	8	of	of	ADP
afbr-404	358	9	firms	firm	NOUN
afbr-404	358	10	.	.	PUNCT
afbr-404	359	1	international	international	ADJ
afbr-404	359	2	scientific	scientific	ADJ
afbr-404	359	3	journal	journal	NOUN
afbr-404	359	4	theoretical	theoretical	ADJ
afbr-404	359	5	and	and	CCONJ
afbr-404	359	6	applied	apply	VERB
afbr-404	359	7	science	science	NOUN
afbr-404	359	8	,	,	PUNCT
afbr-404	359	9	3(47	3(47	NUM
afbr-404	359	10	)	)	PUNCT
afbr-404	359	11	,	,	PUNCT
afbr-404	359	12	32	32	NUM
afbr-404	359	13	-	-	SYM
afbr-404	359	14	37	37	NUM
afbr-404	359	15	.	.	PUNCT
afbr-404	360	1	ilaboya	ilaboya	PROPN
afbr-404	360	2	,	,	PUNCT
afbr-404	360	3	o.	o.	PROPN
afbr-404	360	4	j.	j.	PROPN
afbr-404	360	5	&	&	CCONJ
afbr-404	360	6	aggreh	aggreh	PROPN
afbr-404	360	7	,	,	PUNCT
afbr-404	360	8	m.	m.	NOUN
afbr-404	360	9	(	(	PUNCT
afbr-404	360	10	2013	2013	NUM
afbr-404	360	11	)	)	PUNCT
afbr-404	360	12	.	.	PUNCT
afbr-404	361	1	dividend	dividend	NOUN
afbr-404	361	2	policy	policy	NOUN
afbr-404	361	3	and	and	CCONJ
afbr-404	361	4	share	share	NOUN
afbr-404	361	5	price	price	NOUN
afbr-404	361	6	volatility	volatility	NOUN
afbr-404	361	7	.	.	PUNCT
afbr-404	362	1	journal	journal	NOUN
afbr-404	362	2	of	of	ADP
afbr-404	362	3	asian	asian	PROPN
afbr-404	362	4	development	development	NOUN
afbr-404	362	5	studies	study	NOUN
afbr-404	362	6	,	,	PUNCT
afbr-404	362	7	2(2	2(2	NUM
afbr-404	362	8	)	)	PUNCT
afbr-404	362	9	,	,	PUNCT
afbr-404	362	10	109	109	NUM
afbr-404	362	11	-	-	SYM
afbr-404	362	12	122	122	NUM
afbr-404	362	13	.	.	PUNCT
afbr-404	363	1	inyiama	inyiama	NOUN
afbr-404	363	2	,	,	PUNCT
afbr-404	363	3	o.i	o.i	PROPN
afbr-404	363	4	.	.	PROPN
afbr-404	363	5	,	,	PUNCT
afbr-404	363	6	&	&	CCONJ
afbr-404	363	7	ugah	ugah	PROPN
afbr-404	363	8	,	,	PUNCT
afbr-404	363	9	h.	h.	PROPN
afbr-404	363	10	(	(	PUNCT
afbr-404	363	11	2015	2015	NUM
afbr-404	363	12	)	)	PUNCT
afbr-404	363	13	.	.	PUNCT
afbr-404	364	1	interactions	interaction	NOUN
afbr-404	364	2	between	between	ADP
afbr-404	364	3	earnings	earning	NOUN
afbr-404	364	4	and	and	CCONJ
afbr-404	364	5	dividend	dividend	NOUN
afbr-404	364	6	payout	payout	NOUN
afbr-404	364	7	rate	rate	NOUN
afbr-404	364	8	in	in	ADP
afbr-404	364	9	the	the	DET
afbr-404	364	10	oil	oil	NOUN
afbr-404	364	11	and	and	CCONJ
afbr-404	364	12	gas	gas	NOUN
afbr-404	364	13	sector	sector	NOUN
afbr-404	364	14	:	:	PUNCT
afbr-404	364	15	evidence	evidence	NOUN
afbr-404	364	16	from	from	ADP
afbr-404	364	17	nigeria	nigeria	PROPN
afbr-404	364	18	(	(	PUNCT
afbr-404	364	19	2004	2004	NUM
afbr-404	364	20	-	-	SYM
afbr-404	364	21	2014	2014	NUM
afbr-404	364	22	)	)	PUNCT
afbr-404	364	23	.	.	PUNCT
afbr-404	365	1	international	international	ADJ
afbr-404	365	2	journal	journal	PROPN
afbr-404	365	3	of	of	ADP
afbr-404	365	4	finance	finance	NOUN
afbr-404	365	5	and	and	CCONJ
afbr-404	365	6	accounting	accounting	NOUN
afbr-404	365	7	,	,	PUNCT
afbr-404	365	8	4(5	4(5	PROPN
afbr-404	365	9	)	)	PUNCT
afbr-404	365	10	,	,	PUNCT
afbr-404	365	11	253	253	NUM
afbr-404	365	12	-	-	SYM
afbr-404	365	13	261	261	NUM
afbr-404	365	14	iqbal	iqbal	PROPN
afbr-404	365	15	,	,	PUNCT
afbr-404	365	16	a.	a.	PROPN
afbr-404	365	17	,	,	PUNCT
afbr-404	365	18	ahmed	ahmed	PROPN
afbr-404	365	19	,	,	PUNCT
afbr-404	365	20	f.	f.	PROPN
afbr-404	365	21	,	,	PUNCT
afbr-404	365	22	&	&	CCONJ
afbr-404	365	23	shafi	shafi	PROPN
afbr-404	365	24	,	,	PUNCT
afbr-404	365	25	a.r	a.r	PROPN
afbr-404	365	26	.	.	PROPN
afbr-404	365	27	(	(	PUNCT
afbr-404	365	28	2014	2014	NUM
afbr-404	365	29	)	)	PUNCT
afbr-404	365	30	.	.	PUNCT
afbr-404	366	1	the	the	DET
afbr-404	366	2	effect	effect	NOUN
afbr-404	366	3	of	of	ADP
afbr-404	366	4	dividend	dividend	NOUN
afbr-404	366	5	bubble	bubble	NOUN
afbr-404	366	6	on	on	ADP
afbr-404	366	7	share	share	NOUN
afbr-404	366	8	price	price	NOUN
afbr-404	366	9	:	:	PUNCT
afbr-404	366	10	evidence	evidence	NOUN
afbr-404	366	11	from	from	ADP
afbr-404	366	12	kse-30	kse-30	DET
afbr-404	366	13	index	index	NOUN
afbr-404	366	14	.	.	PUNCT
afbr-404	367	1	research	research	NOUN
afbr-404	367	2	journal	journal	PROPN
afbr-404	367	3	of	of	ADP
afbr-404	367	4	finance	finance	NOUN
afbr-404	367	5	and	and	CCONJ
afbr-404	367	6	accounting	accounting	NOUN
afbr-404	367	7	,	,	PUNCT
afbr-404	367	8	5(13	5(13	NUM
afbr-404	367	9	)	)	PUNCT
afbr-404	367	10	,	,	PUNCT
afbr-404	367	11	83	83	NUM
afbr-404	367	12	-	-	SYM
afbr-404	367	13	87	87	NUM
afbr-404	367	14	iyiegbuniwe	iyiegbuniwe	NOUN
afbr-404	367	15	,	,	PUNCT
afbr-404	367	16	w.i	w.i	PROPN
afbr-404	367	17	.	.	PROPN
afbr-404	367	18	,	,	PUNCT
afbr-404	367	19	&	&	CCONJ
afbr-404	367	20	ezike	ezike	ADJ
afbr-404	367	21	,	,	PUNCT
afbr-404	367	22	j.e.(2018	j.e.(2018	PROPN
afbr-404	367	23	)	)	PUNCT
afbr-404	367	24	.	.	PUNCT
afbr-404	368	1	empirical	empirical	ADJ
afbr-404	368	2	analysis	analysis	NOUN
afbr-404	368	3	of	of	ADP
afbr-404	368	4	the	the	DET
afbr-404	368	5	impact	impact	NOUN
afbr-404	368	6	of	of	ADP
afbr-404	368	7	current	current	ADJ
afbr-404	368	8	dividend	dividend	NOUN
afbr-404	368	9	policy	policy	NOUN
afbr-404	368	10	on	on	ADP
afbr-404	368	11	share	share	NOUN
afbr-404	368	12	price	price	NOUN
afbr-404	368	13	:	:	PUNCT
afbr-404	368	14	evidence	evidence	NOUN
afbr-404	368	15	from	from	ADP
afbr-404	368	16	nigeria	nigeria	PROPN
afbr-404	368	17	.	.	PUNCT
afbr-404	369	1	unilag	unilag	PROPN
afbr-404	369	2	journal	journal	PROPN
afbr-404	369	3	of	of	ADP
afbr-404	369	4	business	business	NOUN
afbr-404	369	5	,	,	PUNCT
afbr-404	369	6	4(2),133	4(2),133	PROPN
afbr-404	369	7	-	-	SYM
afbr-404	369	8	160	160	NUM
afbr-404	369	9	walter	walter	NOUN
afbr-404	369	10	,	,	PUNCT
afbr-404	369	11	j.e	j.e	PROPN
afbr-404	369	12	.	.	PROPN
afbr-404	369	13	(	(	PUNCT
afbr-404	369	14	1962	1962	NUM
afbr-404	369	15	)	)	PUNCT
afbr-404	369	16	.	.	PUNCT
afbr-404	370	1	dividend	dividend	NOUN
afbr-404	370	2	policy	policy	NOUN
afbr-404	370	3	:	:	PUNCT
afbr-404	370	4	it	it	PRON
afbr-404	370	5	’s	’	VERB
afbr-404	370	6	influence	influence	NOUN
afbr-404	370	7	on	on	ADP
afbr-404	370	8	the	the	DET
afbr-404	370	9	value	value	NOUN
afbr-404	370	10	of	of	ADP
afbr-404	370	11	the	the	DET
afbr-404	370	12	enterprise	enterprise	NOUN
afbr-404	370	13	.	.	PUNCT
afbr-404	371	1	journal	journal	NOUN
afbr-404	371	2	of	of	ADP
afbr-404	371	3	finance,18(2	finance,18(2	PROPN
afbr-404	371	4	)	)	PUNCT
afbr-404	371	5	,	,	PUNCT
afbr-404	371	6	280	280	NUM
afbr-404	371	7	-	-	SYM
afbr-404	371	8	291	291	NUM
afbr-404	371	9	.	.	PUNCT
afbr-404	372	1	jensen	jensen	PROPN
afbr-404	372	2	,	,	PUNCT
afbr-404	372	3	m.c	m.c	PROPN
afbr-404	372	4	.	.	PROPN
afbr-404	372	5	&	&	CCONJ
afbr-404	372	6	meckling	meckling	PROPN
afbr-404	372	7	,	,	PUNCT
afbr-404	372	8	w.h	w.h	PROPN
afbr-404	372	9	.	.	PROPN
afbr-404	372	10	(	(	PUNCT
afbr-404	372	11	1976	1976	NUM
afbr-404	372	12	)	)	PUNCT
afbr-404	372	13	.	.	PUNCT
afbr-404	373	1	theory	theory	NOUN
afbr-404	373	2	of	of	ADP
afbr-404	373	3	the	the	DET
afbr-404	373	4	firm	firm	NOUN
afbr-404	373	5	:	:	PUNCT
afbr-404	373	6	managerial	managerial	ADJ
afbr-404	373	7	behaviour	behaviour	NOUN
afbr-404	373	8	,	,	PUNCT
afbr-404	373	9	agency	agency	NOUN
afbr-404	373	10	costs	cost	NOUN
afbr-404	373	11	and	and	CCONJ
afbr-404	373	12	ownership	ownership	NOUN
afbr-404	373	13	structure.journal	structure.journal	NOUN
afbr-404	373	14	of	of	ADP
afbr-404	373	15	financial	financial	ADJ
afbr-404	373	16	economics	economic	NOUN
afbr-404	373	17	,	,	PUNCT
afbr-404	373	18	3	3	NUM
afbr-404	373	19	,	,	PUNCT
afbr-404	373	20	305	305	NUM
afbr-404	373	21	-	-	SYM
afbr-404	373	22	360	360	NUM
afbr-404	373	23	.	.	PUNCT
afbr-404	374	1	kanwal	kanwal	PROPN
afbr-404	374	2	,	,	PUNCT
afbr-404	374	3	i.k	i.k	PROPN
afbr-404	374	4	.	.	PROPN
afbr-404	374	5	(	(	PUNCT
afbr-404	374	6	2012	2012	NUM
afbr-404	374	7	)	)	PUNCT
afbr-404	374	8	.	.	PUNCT
afbr-404	375	1	effects	effect	NOUN
afbr-404	375	2	of	of	ADP
afbr-404	375	3	dividends	dividend	NOUN
afbr-404	375	4	on	on	ADP
afbr-404	375	5	stock	stock	NOUN
afbr-404	375	6	prices	price	NOUN
afbr-404	375	7	:	:	PUNCT
afbr-404	375	8	a	a	DET
afbr-404	375	9	case	case	NOUN
afbr-404	375	10	of	of	ADP
afbr-404	375	11	chemical	chemical	NOUN
afbr-404	375	12	and	and	CCONJ
afbr-404	375	13	pharmaceutical	pharmaceutical	NOUN
afbr-404	375	14	industry	industry	NOUN
afbr-404	375	15	of	of	ADP
afbr-404	375	16	pakistan	pakistan	PROPN
afbr-404	375	17	.	.	PUNCT
afbr-404	376	1	journal	journal	PROPN
afbr-404	376	2	of	of	ADP
afbr-404	376	3	management	management	NOUN
afbr-404	376	4	,	,	PUNCT
afbr-404	376	5	2(5	2(5	NUM
afbr-404	376	6	)	)	PUNCT
afbr-404	376	7	,	,	PUNCT
afbr-404	376	8	141-148.www.cribfb.com/journal/index.php/amfbr	141-148.www.cribfb.com/journal/index.php/amfbr	NUM
afbr-404	376	9	american	american	ADJ
afbr-404	376	10	finance	finance	PROPN
afbr-404	376	11	&	&	CCONJ
afbr-404	376	12	banking	banking	PROPN
afbr-404	376	13	review	review	PROPN
afbr-404	376	14	khalid	khalid	PROPN
afbr-404	376	15	,	,	PUNCT
afbr-404	376	16	h.	h.	PROPN
afbr-404	376	17	,	,	PUNCT
afbr-404	376	18	chijioke	chijioke	NOUN
afbr-404	376	19	,	,	PUNCT
afbr-404	376	20	o.m	o.m	PROPN
afbr-404	376	21	.	.	PROPN
afbr-404	376	22	,	,	PUNCT
afbr-404	376	23	&	&	CCONJ
afbr-404	376	24	aruoriwo	aruoriwo	PROPN
afbr-404	376	25	,	,	PUNCT
afbr-404	376	26	m.c	m.c	PROPN
afbr-404	376	27	.	.	PROPN
afbr-404	377	1	(	(	PUNCT
afbr-404	377	2	2010).dividend	2010).dividend	NUM
afbr-404	377	3	policy	policy	NOUN
afbr-404	377	4	and	and	CCONJ
afbr-404	377	5	share	share	NOUN
afbr-404	377	6	price	price	NOUN
afbr-404	377	7	volatility	volatility	NOUN
afbr-404	377	8	:	:	PUNCT
afbr-404	377	9	united	united	PROPN
afbr-404	377	10	kingdom	kingdom	PROPN
afbr-404	377	11	evidence	evidence	NOUN
afbr-404	377	12	.	.	PUNCT
afbr-404	378	1	journal	journal	NOUN
afbr-404	378	2	of	of	ADP
afbr-404	378	3	risk	risk	NOUN
afbr-404	378	4	finance	finance	NOUN
afbr-404	378	5	,	,	PUNCT
afbr-404	378	6	12(1	12(1	NUM
afbr-404	378	7	)	)	PUNCT
afbr-404	378	8	,	,	PUNCT
afbr-404	378	9	57	57	NUM
afbr-404	378	10	-	-	SYM
afbr-404	378	11	68	68	NUM
afbr-404	378	12	khan	khan	PROPN
afbr-404	378	13	,	,	PUNCT
afbr-404	378	14	k.i	k.i	PROPN
afbr-404	378	15	.	.	PUNCT
afbr-404	378	16	(	(	PUNCT
afbr-404	378	17	2012	2012	NUM
afbr-404	378	18	)	)	PUNCT
afbr-404	378	19	.	.	PUNCT
afbr-404	379	1	effect	effect	NOUN
afbr-404	379	2	of	of	ADP
afbr-404	379	3	dividend	dividend	NOUN
afbr-404	379	4	on	on	ADP
afbr-404	379	5	stock	stock	NOUN
afbr-404	379	6	prices	price	NOUN
afbr-404	379	7	–	–	PUNCT
afbr-404	379	8	a	a	DET
afbr-404	379	9	case	case	NOUN
afbr-404	379	10	of	of	ADP
afbr-404	379	11	chemical	chemical	NOUN
afbr-404	379	12	and	and	CCONJ
afbr-404	379	13	pharmaceutical	pharmaceutical	NOUN
afbr-404	379	14	industry	industry	NOUN
afbr-404	379	15	of	of	ADP
afbr-404	379	16	pakistan	pakistan	PROPN
afbr-404	379	17	,	,	PUNCT
afbr-404	379	18	management	management	NOUN
afbr-404	379	19	,	,	PUNCT
afbr-404	379	20	2(5),141	2(5),141	NOUN
afbr-404	379	21	-	-	SYM
afbr-404	379	22	148	148	NUM
afbr-404	379	23	.	.	PUNCT
afbr-404	380	1	lintner	lintner	PROPN
afbr-404	380	2	,	,	PUNCT
afbr-404	380	3	j.	j.	PROPN
afbr-404	380	4	(	(	PUNCT
afbr-404	380	5	1956	1956	NUM
afbr-404	380	6	)	)	PUNCT
afbr-404	380	7	.	.	PUNCT
afbr-404	381	1	distribution	distribution	NOUN
afbr-404	381	2	of	of	ADP
afbr-404	381	3	income	income	NOUN
afbr-404	381	4	of	of	ADP
afbr-404	381	5	corporations	corporation	NOUN
afbr-404	381	6	.	.	PUNCT
afbr-404	382	1	american	american	PROPN
afbr-404	382	2	economic	economic	PROPN
afbr-404	382	3	review	review	PROPN
afbr-404	382	4	,	,	PUNCT
afbr-404	382	5	46,.97	46,.97	NOUN
afbr-404	382	6	-	-	SYM
afbr-404	382	7	113	113	NUM
afbr-404	382	8	.	.	PUNCT
afbr-404	383	1	majanga	majanga	PROPN
afbr-404	383	2	,	,	PUNCT
afbr-404	383	3	b.b	b.b	PROPN
afbr-404	383	4	.	.	PROPN
afbr-404	383	5	(	(	PUNCT
afbr-404	383	6	2015	2015	NUM
afbr-404	383	7	)	)	PUNCT
afbr-404	383	8	.	.	PUNCT
afbr-404	384	1	the	the	DET
afbr-404	384	2	dividend	dividend	NOUN
afbr-404	384	3	effect	effect	NOUN
afbr-404	384	4	on	on	ADP
afbr-404	384	5	stock	stock	NOUN
afbr-404	384	6	price	price	NOUN
afbr-404	384	7	:	:	PUNCT
afbr-404	384	8	an	an	DET
afbr-404	384	9	empirical	empirical	ADJ
afbr-404	384	10	analysis	analysis	NOUN
afbr-404	384	11	of	of	ADP
afbr-404	384	12	malawi	malawi	PROPN
afbr-404	384	13	listed	list	VERB
afbr-404	384	14	companies	company	NOUN
afbr-404	384	15	.	.	PUNCT
afbr-404	385	1	accounting	accounting	NOUN
afbr-404	385	2	and	and	CCONJ
afbr-404	385	3	finance	finance	PROPN
afbr-404	385	4	research	research	PROPN
afbr-404	385	5	journal,4(3	journal,4(3	PROPN
afbr-404	385	6	)	)	PUNCT
afbr-404	385	7	,	,	PUNCT
afbr-404	385	8	99	99	NUM
afbr-404	385	9	-	-	SYM
afbr-404	385	10	105	105	NUM
afbr-404	385	11	.	.	PUNCT
afbr-404	386	1	copyright	copyright	NOUN
afbr-404	386	2	©	©	PROPN
afbr-404	386	3	cc	cc	PROPN
afbr-404	386	4	-	-	PUNCT
afbr-404	386	5	by	by	ADP
afbr-404	386	6	-	-	PUNCT
afbr-404	386	7	nc	nc	PROPN
afbr-404	386	8	2019	2019	NUM
afbr-404	386	9	,	,	PUNCT
afbr-404	386	10	cribfb	cribfb	PROPN
afbr-404	386	11	|	|	ADV
afbr-404	386	12	afbr	afbr	PROPN
afbr-404	386	13	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-404	386	14	australian	australian	ADJ
afbr-404	386	15	finance	finance	PROPN
afbr-404	386	16	&	&	CCONJ
afbr-404	386	17	banking	banking	PROPN
afbr-404	386	18	review	review	PROPN
afbr-404	386	19	vol	vol	NOUN
afbr-404	386	20	.	.	PROPN
afbr-404	387	1	3	3	NUM
afbr-404	387	2	,	,	PUNCT
afbr-404	387	3	no	no	INTJ
afbr-404	387	4	.	.	NOUN
afbr-404	387	5	2	2	NUM
afbr-404	387	6	;	;	PUNCT
afbr-404	387	7	2019	2019	NUM
afbr-404	387	8	29	29	NUM
afbr-404	387	9	mazur	mazur	NOUN
afbr-404	387	10	,	,	PUNCT
afbr-404	387	11	k.	k.	PROPN
afbr-404	387	12	(	(	PUNCT
afbr-404	387	13	2007	2007	NUM
afbr-404	387	14	)	)	PUNCT
afbr-404	387	15	.	.	PUNCT
afbr-404	388	1	the	the	DET
afbr-404	388	2	determinants	determinant	NOUN
afbr-404	388	3	of	of	ADP
afbr-404	388	4	capital	capital	NOUN
afbr-404	388	5	structure	structure	NOUN
afbr-404	388	6	choice	choice	NOUN
afbr-404	388	7	:	:	PUNCT
afbr-404	388	8	evidence	evidence	NOUN
afbr-404	388	9	from	from	ADP
afbr-404	388	10	polish	polish	ADJ
afbr-404	388	11	companies	company	NOUN
afbr-404	388	12	,	,	PUNCT
afbr-404	388	13	international	international	ADJ
afbr-404	388	14	advances	advance	NOUN
afbr-404	388	15	in	in	ADP
afbr-404	388	16	economic	economic	ADJ
afbr-404	388	17	research	research	NOUN
afbr-404	388	18	,	,	PUNCT
afbr-404	388	19	13(4	13(4	NUM
afbr-404	388	20	)	)	PUNCT
afbr-404	388	21	,	,	PUNCT
afbr-404	388	22	495	495	NUM
afbr-404	388	23	-	-	SYM
afbr-404	388	24	514	514	NUM
afbr-404	388	25	.	.	PUNCT
afbr-404	389	1	mcmanus	mcmanus	PROPN
afbr-404	389	2	,	,	PUNCT
afbr-404	389	3	i.	i.	PROPN
afbr-404	389	4	,	,	PUNCT
afbr-404	389	5	gwilym	gwilym	NOUN
afbr-404	389	6	,	,	PUNCT
afbr-404	389	7	o.	o.	PROPN
afbr-404	389	8	&	&	CCONJ
afbr-404	389	9	thomas	thomas	PROPN
afbr-404	389	10	,	,	PUNCT
afbr-404	389	11	s.	s.	PROPN
afbr-404	389	12	(	(	PUNCT
afbr-404	389	13	2006	2006	NUM
afbr-404	389	14	)	)	PUNCT
afbr-404	389	15	.	.	PUNCT
afbr-404	390	1	payment	payment	NOUN
afbr-404	390	2	history	history	NOUN
afbr-404	390	3	,	,	PUNCT
afbr-404	390	4	past	past	ADJ
afbr-404	390	5	returns	return	NOUN
afbr-404	390	6	and	and	CCONJ
afbr-404	390	7	the	the	DET
afbr-404	390	8	performance	performance	NOUN
afbr-404	390	9	of	of	ADP
afbr-404	390	10	uk	uk	PROPN
afbr-404	390	11	zero	zero	NUM
afbr-404	390	12	dividend	dividend	NOUN
afbr-404	390	13	stocks	stock	NOUN
afbr-404	390	14	,	,	PUNCT
afbr-404	390	15	managerial	managerial	ADJ
afbr-404	390	16	finance	finance	NOUN
afbr-404	390	17	,	,	PUNCT
afbr-404	390	18	32(6	32(6	NUM
afbr-404	390	19	)	)	PUNCT
afbr-404	390	20	,	,	PUNCT
afbr-404	390	21	518	518	NUM
afbr-404	390	22	-	-	SYM
afbr-404	390	23	536	536	NUM
afbr-404	390	24	.	.	PUNCT
afbr-404	391	1	research	research	NOUN
afbr-404	391	2	journal	journal	PROPN
afbr-404	391	3	of	of	ADP
afbr-404	391	4	finance	finance	NOUN
afbr-404	391	5	and	and	CCONJ
afbr-404	391	6	accounting,5(6),176	accounting,5(6),176	PROPN
afbr-404	391	7	-	-	PUNCT
afbr-404	391	8	189	189	NUM
afbr-404	391	9	.	.	PUNCT
afbr-404	392	1	mehta	mehta	PROPN
afbr-404	392	2	,	,	PUNCT
afbr-404	392	3	a.	a.	NOUN
afbr-404	392	4	(	(	PUNCT
afbr-404	392	5	2012	2012	NUM
afbr-404	392	6	)	)	PUNCT
afbr-404	392	7	.	.	PUNCT
afbr-404	393	1	an	an	DET
afbr-404	393	2	empirical	empirical	ADJ
afbr-404	393	3	analysis	analysis	NOUN
afbr-404	393	4	of	of	ADP
afbr-404	393	5	determinants	determinant	NOUN
afbr-404	393	6	of	of	ADP
afbr-404	393	7	dividend	dividend	NOUN
afbr-404	393	8	policy	policy	NOUN
afbr-404	393	9	–	–	PUNCT
afbr-404	393	10	evidence	evidence	NOUN
afbr-404	393	11	from	from	ADP
afbr-404	393	12	uae	uae	PROPN
afbr-404	393	13	companies	company	NOUN
afbr-404	393	14	,	,	PUNCT
afbr-404	393	15	global	global	ADJ
afbr-404	393	16	review	review	NOUN
afbr-404	393	17	of	of	ADP
afbr-404	393	18	accounting	accounting	NOUN
afbr-404	393	19	and	and	CCONJ
afbr-404	393	20	finance	finance	NOUN
afbr-404	393	21	,	,	PUNCT
afbr-404	393	22	3(1	3(1	NUM
afbr-404	393	23	)	)	PUNCT
afbr-404	393	24	,	,	PUNCT
afbr-404	393	25	18	18	NUM
afbr-404	393	26	-	-	SYM
afbr-404	393	27	31	31	NUM
afbr-404	393	28	.	.	PUNCT
afbr-404	394	1	miller	miller	PROPN
afbr-404	394	2	,	,	PUNCT
afbr-404	394	3	m.	m.	NOUN
afbr-404	394	4	,	,	PUNCT
afbr-404	394	5	&	&	CCONJ
afbr-404	394	6	modigliani	modigliani	PROPN
afbr-404	394	7	,	,	PUNCT
afbr-404	394	8	f.	f.	PROPN
afbr-404	394	9	(	(	PUNCT
afbr-404	394	10	1961	1961	NUM
afbr-404	394	11	)	)	PUNCT
afbr-404	394	12	.	.	PUNCT
afbr-404	395	1	dividend	dividend	NOUN
afbr-404	395	2	policy	policy	NOUN
afbr-404	395	3	,	,	PUNCT
afbr-404	395	4	growth	growth	NOUN
afbr-404	395	5	and	and	CCONJ
afbr-404	395	6	the	the	DET
afbr-404	395	7	valuation	valuation	NOUN
afbr-404	395	8	of	of	ADP
afbr-404	395	9	shares	share	NOUN
afbr-404	395	10	.	.	PUNCT
afbr-404	396	1	journal	journal	NOUN
afbr-404	396	2	of	of	ADP
afbr-404	396	3	business	business	NOUN
afbr-404	396	4	,	,	PUNCT
afbr-404	396	5	34(4	34(4	NUM
afbr-404	396	6	)	)	PUNCT
afbr-404	396	7	,	,	PUNCT
afbr-404	396	8	411	411	NUM
afbr-404	396	9	-	-	SYM
afbr-404	396	10	433	433	NUM
afbr-404	396	11	.	.	PUNCT
afbr-404	397	1	murekofu	murekofu	PROPN
afbr-404	397	2	,	,	PUNCT
afbr-404	397	3	t.	t.	NOUN
afbr-404	397	4	m.	m.	NOUN
afbr-404	397	5	and	and	CCONJ
afbr-404	397	6	ouma	ouma	PROPN
afbr-404	397	7	,	,	PUNCT
afbr-404	397	8	o.p	o.p	PROPN
afbr-404	397	9	.	.	PROPN
afbr-404	397	10	(	(	PUNCT
afbr-404	397	11	2012	2012	NUM
afbr-404	397	12	)	)	PUNCT
afbr-404	397	13	.	.	PUNCT
afbr-404	398	1	the	the	DET
afbr-404	398	2	relationship	relationship	NOUN
afbr-404	398	3	between	between	ADP
afbr-404	398	4	dividend	dividend	NOUN
afbr-404	398	5	payout	payout	NOUN
afbr-404	398	6	and	and	CCONJ
afbr-404	398	7	firm	firm	ADJ
afbr-404	398	8	performance	performance	NOUN
afbr-404	398	9	:	:	PUNCT
afbr-404	398	10	a	a	DET
afbr-404	398	11	study	study	NOUN
afbr-404	398	12	of	of	ADP
afbr-404	398	13	listed	list	VERB
afbr-404	398	14	companies	company	NOUN
afbr-404	398	15	in	in	ADP
afbr-404	398	16	kenya	kenya	PROPN
afbr-404	398	17	,	,	PUNCT
afbr-404	398	18	european	european	ADJ
afbr-404	398	19	scientific	scientific	ADJ
afbr-404	398	20	journal	journal	NOUN
afbr-404	398	21	,	,	PUNCT
afbr-404	398	22	8(9	8(9	NUM
afbr-404	398	23	)	)	PUNCT
afbr-404	398	24	,	,	PUNCT
afbr-404	398	25	199	199	NUM
afbr-404	398	26	-	-	SYM
afbr-404	398	27	215	215	NUM
afbr-404	398	28	.	.	PUNCT
afbr-404	398	29	naser	naser	PROPN
afbr-404	398	30	,	,	PUNCT
afbr-404	398	31	k.	k.	PROPN
afbr-404	398	32	naseibah	naseibah	PROPN
afbr-404	398	33	,	,	PUNCT
afbr-404	398	34	r.	r.	PROPN
afbr-404	398	35	&	&	CCONJ
afbr-404	398	36	rashood	rashood	PROPN
afbr-404	398	37	,	,	PUNCT
afbr-404	398	38	w.	w.	PROPN
afbr-404	398	39	(	(	PUNCT
afbr-404	398	40	2013	2013	NUM
afbr-404	398	41	)	)	PUNCT
afbr-404	398	42	.	.	PUNCT
afbr-404	399	1	managers	manager	NOUN
afbr-404	399	2	’	’	PART
afbr-404	399	3	perception	perception	NOUN
afbr-404	399	4	of	of	ADP
afbr-404	399	5	dividend	dividend	NOUN
afbr-404	399	6	policy	policy	NOUN
afbr-404	399	7	:	:	PUNCT
afbr-404	399	8	evidence	evidence	NOUN
afbr-404	399	9	from	from	ADP
afbr-404	399	10	companies	company	NOUN
afbr-404	399	11	listed	list	VERB
afbr-404	399	12	on	on	ADP
afbr-404	399	13	abu	abu	PROPN
afbr-404	399	14	dhabi	dhabi	PROPN
afbr-404	399	15	securities	securities	PROPN
afbr-404	399	16	exchange	exchange	PROPN
afbr-404	399	17	issues	issue	NOUN
afbr-404	399	18	in	in	ADP
afbr-404	399	19	business	business	NOUN
afbr-404	399	20	management	management	NOUN
afbr-404	399	21	and	and	CCONJ
afbr-404	399	22	economics	economic	NOUN
afbr-404	399	23	,	,	PUNCT
afbr-404	399	24	1(1	1(1	NUM
afbr-404	399	25	)	)	PUNCT
afbr-404	399	26	,	,	PUNCT
afbr-404	399	27	1	1	NUM
afbr-404	399	28	-	-	SYM
afbr-404	399	29	12	12	NUM
afbr-404	399	30	.	.	PUNCT
afbr-404	400	1	ojeme	ojeme	NOUN
afbr-404	400	2	,	,	PUNCT
afbr-404	400	3	s.	s.	PROPN
afbr-404	400	4	,	,	PUNCT
afbr-404	400	5	mamidu	mamidu	ADV
afbr-404	400	6	,	,	PUNCT
afbr-404	400	7	a.i	a.i	PROPN
afbr-404	400	8	.	.	PROPN
afbr-404	400	9	,	,	PUNCT
afbr-404	400	10	&	&	CCONJ
afbr-404	400	11	ojo	ojo	NOUN
afbr-404	400	12	,	,	PUNCT
afbr-404	400	13	j.a	j.a	PROPN
afbr-404	400	14	.	.	PROPN
afbr-404	400	15	,	,	PUNCT
afbr-404	400	16	(	(	PUNCT
afbr-404	400	17	2015).dividend	2015).dividend	NUM
afbr-404	400	18	policy	policy	NOUN
afbr-404	400	19	and	and	CCONJ
afbr-404	400	20	shareholders	shareholder	NOUN
afbr-404	400	21	’	'	PUNCT
afbr-404	400	22	wealth	wealth	NOUN
afbr-404	400	23	in	in	ADP
afbr-404	400	24	nigerian	nigerian	PROPN
afbr-404	400	25	quoted	quote	VERB
afbr-404	400	26	banks	bank	NOUN
afbr-404	400	27	.	.	PUNCT
afbr-404	401	1	canadian	canadian	ADJ
afbr-404	401	2	social	social	ADJ
afbr-404	401	3	science	science	PROPN
afbr-404	401	4	journal	journal	NOUN
afbr-404	401	5	,	,	PUNCT
afbr-404	401	6	11(1	11(1	NUM
afbr-404	401	7	)	)	PUNCT
afbr-404	401	8	,	,	PUNCT
afbr-404	401	9	24	24	NUM
afbr-404	401	10	-	-	SYM
afbr-404	401	11	29	29	NUM
afbr-404	401	12	.	.	PUNCT
afbr-404	402	1	ordu	ordu	PROPN
afbr-404	402	2	,	,	PUNCT
afbr-404	402	3	m.m	m.m	PROPN
afbr-404	402	4	.	.	PROPN
afbr-404	402	5	,	,	PUNCT
afbr-404	402	6	enekwe	enekwe	VERB
afbr-404	402	7	,	,	PUNCT
afbr-404	402	8	c.i	c.i	PROPN
afbr-404	402	9	.	.	PROPN
afbr-404	402	10	,	,	PUNCT
afbr-404	402	11	&	&	CCONJ
afbr-404	402	12	anyanwaokoro	anyanwaokoro	PROPN
afbr-404	402	13	,	,	PUNCT
afbr-404	402	14	m.	m.	NOUN
afbr-404	402	15	(	(	PUNCT
afbr-404	402	16	2014).effect	2014).effect	NUM
afbr-404	402	17	of	of	ADP
afbr-404	402	18	dividend	dividend	NOUN
afbr-404	402	19	payment	payment	NOUN
afbr-404	402	20	on	on	ADP
afbr-404	402	21	the	the	DET
afbr-404	402	22	market	market	NOUN
afbr-404	402	23	price	price	NOUN
afbr-404	402	24	of	of	ADP
afbr-404	402	25	shares	share	NOUN
afbr-404	402	26	:	:	PUNCT
afbr-404	402	27	a	a	DET
afbr-404	402	28	study	study	NOUN
afbr-404	402	29	of	of	ADP
afbr-404	402	30	quoted	quote	VERB
afbr-404	402	31	firms	firm	NOUN
afbr-404	402	32	in	in	ADP
afbr-404	402	33	nigeria	nigeria	PROPN
afbr-404	402	34	.	.	PUNCT
afbr-404	403	1	iosr	iosr	PROPN
afbr-404	403	2	journal	journal	PROPN
afbr-404	403	3	of	of	ADP
afbr-404	403	4	economics	economic	NOUN
afbr-404	403	5	and	and	CCONJ
afbr-404	403	6	finance	finance	NOUN
afbr-404	403	7	,	,	PUNCT
afbr-404	403	8	5(4	5(4	NUM
afbr-404	403	9	)	)	PUNCT
afbr-404	403	10	,	,	PUNCT
afbr-404	403	11	49	49	NUM
afbr-404	403	12	-	-	SYM
afbr-404	403	13	62	62	NUM
afbr-404	403	14	oyinlola	oyinlola	PROPN
afbr-404	403	15	,	,	PUNCT
afbr-404	403	16	o.m	o.m	PROPN
afbr-404	403	17	.	.	PROPN
afbr-404	403	18	,	,	PUNCT
afbr-404	403	19	&	&	CCONJ
afbr-404	403	20	ajeigbe	ajeigbe	PROPN
afbr-404	403	21	,	,	PUNCT
afbr-404	403	22	k.b	k.b	PROPN
afbr-404	403	23	.	.	PUNCT
afbr-404	404	1	(	(	PUNCT
afbr-404	404	2	2014).the	2014).the	DET
afbr-404	404	3	impact	impact	NOUN
afbr-404	404	4	of	of	ADP
afbr-404	404	5	dividend	dividend	NOUN
afbr-404	404	6	policy	policy	NOUN
afbr-404	404	7	on	on	ADP
afbr-404	404	8	stock	stock	NOUN
afbr-404	404	9	prices	price	NOUN
afbr-404	404	10	of	of	ADP
afbr-404	404	11	quoted	quote	VERB
afbr-404	404	12	firms	firm	NOUN
afbr-404	404	13	in	in	ADP
afbr-404	404	14	nigerian	nigerian	PROPN
afbr-404	404	15	.	.	PUNCT
afbr-404	405	1	international	international	ADJ
afbr-404	405	2	journal	journal	PROPN
afbr-404	405	3	of	of	ADP
afbr-404	405	4	economics	economic	NOUN
afbr-404	405	5	,	,	PUNCT
afbr-404	405	6	commerce	commerce	NOUN
afbr-404	405	7	and	and	CCONJ
afbr-404	405	8	management	management	NOUN
afbr-404	405	9	,	,	PUNCT
afbr-404	405	10	2(9	2(9	NUM
afbr-404	405	11	)	)	PUNCT
afbr-404	405	12	,	,	PUNCT
afbr-404	405	13	1	1	NUM
afbr-404	405	14	-	-	SYM
afbr-404	405	15	17	17	NUM
afbr-404	405	16	.	.	PUNCT
afbr-404	406	1	ozuomba	ozuomba	NOUN
afbr-404	406	2	,	,	PUNCT
afbr-404	406	3	c.n	c.n	PROPN
afbr-404	406	4	,	,	PUNCT
afbr-404	406	5	okaro	okaro	NOUN
afbr-404	406	6	,	,	PUNCT
afbr-404	406	7	s.c	s.c	PROPN
afbr-404	406	8	.	.	PROPN
afbr-404	406	9	,	,	PUNCT
afbr-404	406	10	&	&	CCONJ
afbr-404	406	11	okoye	okoye	PROPN
afbr-404	406	12	p.v.c	p.v.c	PROPN
afbr-404	406	13	.	.	PUNCT
afbr-404	407	1	(	(	PUNCT
afbr-404	407	2	2013	2013	NUM
afbr-404	407	3	)	)	PUNCT
afbr-404	407	4	.	.	PUNCT
afbr-404	408	1	shareholders	shareholder	NOUN
afbr-404	408	2	value	value	NOUN
afbr-404	408	3	and	and	CCONJ
afbr-404	408	4	firm	firm	NOUN
afbr-404	408	5	’s	’s	PART
afbr-404	408	6	dividend	dividend	NOUN
afbr-404	408	7	policy	policy	NOUN
afbr-404	408	8	:	:	PUNCT
afbr-404	408	9	evidence	evidence	NOUN
afbr-404	408	10	from	from	ADP
afbr-404	408	11	public	public	ADJ
afbr-404	408	12	companies	company	NOUN
afbr-404	408	13	in	in	ADP
afbr-404	408	14	nigeria	nigeria	PROPN
afbr-404	408	15	.	.	PUNCT
afbr-404	409	1	journal	journal	PROPN
afbr-404	409	2	of	of	ADP
afbr-404	409	3	management	management	NOUN
afbr-404	409	4	sciences	science	NOUN
afbr-404	409	5	,	,	PUNCT
afbr-404	409	6	2(12	2(12	NUM
afbr-404	409	7	)	)	PUNCT
afbr-404	409	8	,	,	PUNCT
afbr-404	409	9	26	26	NUM
afbr-404	409	10	-	-	SYM
afbr-404	409	11	28	28	NUM
afbr-404	409	12	.	.	PUNCT
afbr-404	410	1	ozuomba	ozuomba	NOUN
afbr-404	410	2	,	,	PUNCT
afbr-404	410	3	c.n	c.n	PROPN
afbr-404	410	4	.	.	PROPN
afbr-404	410	5	,	,	PUNCT
afbr-404	410	6	okaro	okaro	NOUN
afbr-404	410	7	,	,	PUNCT
afbr-404	410	8	s.c	s.c	PROPN
afbr-404	410	9	.	.	PROPN
afbr-404	410	10	and	and	CCONJ
afbr-404	410	11	okoye	okoye	PROPN
afbr-404	410	12	p.v.c	p.v.c	PROPN
afbr-404	410	13	.	.	PUNCT
afbr-404	411	1	(	(	PUNCT
afbr-404	411	2	2013	2013	NUM
afbr-404	411	3	)	)	PUNCT
afbr-404	411	4	.	.	PUNCT
afbr-404	412	1	shareholders	shareholder	NOUN
afbr-404	412	2	’	'	PUNCT
afbr-404	412	3	value	value	NOUN
afbr-404	412	4	and	and	CCONJ
afbr-404	412	5	firms	firm	NOUN
afbr-404	412	6	’	'	PUNCT
afbr-404	412	7	dividend	dividend	NOUN
afbr-404	412	8	policy	policy	NOUN
afbr-404	412	9	:	:	PUNCT
afbr-404	412	10	evidence	evidence	NOUN
afbr-404	412	11	from	from	ADP
afbr-404	412	12	public	public	ADJ
afbr-404	412	13	companies	company	NOUN
afbr-404	412	14	in	in	ADP
afbr-404	412	15	nigeria	nigeria	PROPN
afbr-404	412	16	.	.	PUNCT
afbr-404	413	1	research	research	NOUN
afbr-404	413	2	journal	journal	PROPN
afbr-404	413	3	of	of	ADP
afbr-404	413	4	management	management	NOUN
afbr-404	413	5	sciences	science	NOUN
afbr-404	413	6	,	,	PUNCT
afbr-404	413	7	2(12	2(12	NUM
afbr-404	413	8	)	)	PUNCT
afbr-404	413	9	,	,	PUNCT
afbr-404	413	10	26	26	NUM
afbr-404	413	11	-	-	SYM
afbr-404	413	12	28	28	NUM
afbr-404	413	13	.	.	PUNCT
afbr-404	414	1	preacher	preacher	PROPN
afbr-404	414	2	,	,	PUNCT
afbr-404	414	3	k.j	k.j	PROPN
afbr-404	414	4	.	.	PROPN
afbr-404	414	5	,	,	PUNCT
afbr-404	414	6	&	&	CCONJ
afbr-404	414	7	kelly	kelly	PROPN
afbr-404	414	8	,	,	PUNCT
afbr-404	414	9	k.	k.	PROPN
afbr-404	414	10	(	(	PUNCT
afbr-404	414	11	2011	2011	NUM
afbr-404	414	12	)	)	PUNCT
afbr-404	414	13	.	.	PUNCT
afbr-404	415	1	effect	effect	NOUN
afbr-404	415	2	size	size	NOUN
afbr-404	415	3	measures	measure	NOUN
afbr-404	415	4	for	for	ADP
afbr-404	415	5	mediation	mediation	NOUN
afbr-404	415	6	models	model	NOUN
afbr-404	415	7	:	:	PUNCT
afbr-404	415	8	quantitative	quantitative	ADJ
afbr-404	415	9	strategies	strategy	NOUN
afbr-404	415	10	for	for	ADP
afbr-404	415	11	communicating	communicate	VERB
afbr-404	415	12	indirect	indirect	ADJ
afbr-404	415	13	effects	effect	NOUN
afbr-404	415	14	.	.	PUNCT
afbr-404	416	1	psychological	psychological	ADJ
afbr-404	416	2	methods.16	methods.16	NOUN
afbr-404	416	3	(	(	PUNCT
afbr-404	416	4	1	1	NUM
afbr-404	416	5	)	)	PUNCT
afbr-404	416	6	,	,	PUNCT
afbr-404	416	7	93	93	NUM
afbr-404	416	8	-	-	SYM
afbr-404	416	9	115	115	NUM
afbr-404	416	10	.	.	PUNCT
afbr-404	417	1	ramadan	ramadan	PROPN
afbr-404	417	2	,	,	PUNCT
afbr-404	417	3	i.	i.	PROPN
afbr-404	417	4	z.	z.	PROPN
afbr-404	417	5	(	(	PUNCT
afbr-404	417	6	2013	2013	NUM
afbr-404	417	7	)	)	PUNCT
afbr-404	417	8	.	.	PUNCT
afbr-404	418	1	dividend	dividend	NOUN
afbr-404	418	2	policy	policy	NOUN
afbr-404	418	3	and	and	CCONJ
afbr-404	418	4	price	price	NOUN
afbr-404	418	5	volatilityempirical	volatilityempirical	ADJ
afbr-404	418	6	evidence	evidence	NOUN
afbr-404	418	7	from	from	ADP
afbr-404	418	8	jordan	jordan	PROPN
afbr-404	418	9	,	,	PUNCT
afbr-404	418	10	international	international	ADJ
afbr-404	418	11	journal	journal	NOUN
afbr-404	418	12	of	of	ADP
afbr-404	418	13	academic	academic	ADJ
afbr-404	418	14	research	research	NOUN
afbr-404	418	15	in	in	ADP
afbr-404	418	16	accounting	accounting	NOUN
afbr-404	418	17	,	,	PUNCT
afbr-404	418	18	finance	finance	NOUN
afbr-404	418	19	and	and	CCONJ
afbr-404	418	20	management	management	NOUN
afbr-404	418	21	sciences	science	NOUN
afbr-404	418	22	,	,	PUNCT
afbr-404	418	23	3(2	3(2	NUM
afbr-404	418	24	)	)	PUNCT
afbr-404	418	25	,	,	PUNCT
afbr-404	418	26	15	15	NUM
afbr-404	418	27	-	-	SYM
afbr-404	418	28	22	22	NUM
afbr-404	418	29	.	.	PUNCT
afbr-404	419	1	shrikant	shrikant	ADJ
afbr-404	419	2	,	,	PUNCT
afbr-404	419	3	p.	p.	NOUN
afbr-404	419	4	,	,	PUNCT
afbr-404	419	5	&	&	CCONJ
afbr-404	419	6	yuserrie	yuserrie	PROPN
afbr-404	419	7	,	,	PUNCT
afbr-404	419	8	z.	z.	PROPN
afbr-404	419	9	(	(	PUNCT
afbr-404	419	10	2015	2015	NUM
afbr-404	419	11	)	)	PUNCT
afbr-404	419	12	.	.	PUNCT
afbr-404	420	1	dividend	dividend	NOUN
afbr-404	420	2	policy	policy	NOUN
afbr-404	420	3	decisions	decision	NOUN
afbr-404	420	4	:	:	PUNCT
afbr-404	420	5	theoretical	theoretical	ADJ
afbr-404	420	6	views	view	NOUN
afbr-404	420	7	and	and	CCONJ
afbr-404	420	8	relevant	relevant	ADJ
afbr-404	420	9	issues	issue	NOUN
afbr-404	420	10	.	.	PUNCT
afbr-404	421	1	reports	report	NOUN
afbr-404	421	2	on	on	ADP
afbr-404	421	3	economics	economic	NOUN
afbr-404	421	4	and	and	CCONJ
afbr-404	421	5	finance	finance	NOUN
afbr-404	421	6	,	,	PUNCT
afbr-404	421	7	1(1	1(1	NUM
afbr-404	421	8	)	)	PUNCT
afbr-404	421	9	,	,	PUNCT
afbr-404	421	10	43	43	NUM
afbr-404	421	11	-	-	SYM
afbr-404	421	12	58	58	NUM
afbr-404	421	13	.	.	PUNCT
afbr-404	422	1	toby	toby	PROPN
afbr-404	422	2	,	,	PUNCT
afbr-404	422	3	a.j	a.j	PROPN
afbr-404	422	4	.	.	PROPN
afbr-404	422	5	(	(	PUNCT
afbr-404	422	6	2014	2014	NUM
afbr-404	422	7	)	)	PUNCT
afbr-404	422	8	.	.	PUNCT
afbr-404	423	1	empirical	empirical	ADJ
afbr-404	423	2	test	test	NOUN
afbr-404	423	3	of	of	ADP
afbr-404	423	4	the	the	DET
afbr-404	423	5	dividend	dividend	NOUN
afbr-404	423	6	policy	policy	NOUN
afbr-404	423	7	irrelevance	irrelevance	NOUN
afbr-404	423	8	hypothesis	hypothesis	NOUN
afbr-404	423	9	in	in	ADP
afbr-404	423	10	the	the	DET
afbr-404	423	11	nigerian	nigerian	ADJ
afbr-404	423	12	context	context	NOUN
afbr-404	423	13	.	.	PUNCT
afbr-404	424	1	research	research	NOUN
afbr-404	424	2	journal	journal	PROPN
afbr-404	424	3	of	of	ADP
afbr-404	424	4	finance	finance	PROPN
afbr-404	424	5	&	&	CCONJ
afbr-404	424	6	accounting	accounting	PROPN
afbr-404	424	7	,	,	PUNCT
afbr-404	424	8	5(6	5(6	NUM
afbr-404	424	9	)	)	PUNCT
afbr-404	424	10	,	,	PUNCT
afbr-404	424	11	167	167	NUM
afbr-404	424	12	-	-	SYM
afbr-404	424	13	178	178	NUM
afbr-404	424	14	.	.	PUNCT
afbr-404	425	1	udobi	udobi	PROPN
afbr-404	425	2	,	,	PUNCT
afbr-404	425	3	p.i	p.i	PROPN
afbr-404	425	4	.	.	PUNCT
afbr-404	425	5	(	(	PUNCT
afbr-404	425	6	2016	2016	NUM
afbr-404	425	7	)	)	PUNCT
afbr-404	425	8	.	.	PUNCT
afbr-404	426	1	an	an	DET
afbr-404	426	2	empirical	empirical	ADJ
afbr-404	426	3	analysis	analysis	NOUN
afbr-404	426	4	of	of	ADP
afbr-404	426	5	miller	miller	PROPN
afbr-404	426	6	&	&	CCONJ
afbr-404	426	7	modigliani	modigliani	PROPN
afbr-404	426	8	dividend	dividend	NOUN
afbr-404	426	9	policy	policy	NOUN
afbr-404	426	10	irrelevance	irrelevance	NOUN
afbr-404	426	11	theory	theory	NOUN
afbr-404	426	12	:	:	PUNCT
afbr-404	426	13	evidence	evidence	NOUN
afbr-404	426	14	from	from	ADP
afbr-404	426	15	the	the	DET
afbr-404	426	16	nigerian	nigerian	ADJ
afbr-404	426	17	stock	stock	NOUN
afbr-404	426	18	market	market	NOUN
afbr-404	426	19	.	.	PUNCT
afbr-404	427	1	unpublished	unpublished	ADJ
afbr-404	427	2	ph.d	ph.d	PROPN
afbr-404	427	3	thesis	thesis	NOUN
afbr-404	427	4	,	,	PUNCT
afbr-404	427	5	universityof	universityof	PROPN
afbr-404	427	6	lagos	lago	NOUN
afbr-404	427	7	.	.	PUNCT
afbr-404	428	1	copyrights	copyright	VERB
afbr-404	428	2	copyright	copyright	NOUN
afbr-404	428	3	for	for	ADP
afbr-404	428	4	this	this	DET
afbr-404	428	5	article	article	NOUN
afbr-404	428	6	is	be	AUX
afbr-404	428	7	retained	retain	VERB
afbr-404	428	8	by	by	ADP
afbr-404	428	9	the	the	DET
afbr-404	428	10	author(s	author(s	PROPN
afbr-404	428	11	)	)	PUNCT
afbr-404	428	12	,	,	PUNCT
afbr-404	428	13	with	with	ADP
afbr-404	428	14	first	first	ADJ
afbr-404	428	15	publication	publication	NOUN
afbr-404	428	16	rights	right	NOUN
afbr-404	428	17	granted	grant	VERB
afbr-404	428	18	to	to	ADP
afbr-404	428	19	the	the	DET
afbr-404	428	20	journal	journal	NOUN
afbr-404	428	21	.	.	PUNCT
afbr-404	429	1	this	this	PRON
afbr-404	429	2	is	be	AUX
afbr-404	429	3	an	an	DET
afbr-404	429	4	open	open	ADJ
afbr-404	429	5	-	-	PUNCT
afbr-404	429	6	access	access	NOUN
afbr-404	429	7	article	article	NOUN
afbr-404	429	8	distributed	distribute	VERB
afbr-404	429	9	under	under	ADP
afbr-404	429	10	the	the	DET
afbr-404	429	11	terms	term	NOUN
afbr-404	429	12	and	and	CCONJ
afbr-404	429	13	conditions	condition	NOUN
afbr-404	429	14	of	of	ADP
afbr-404	429	15	the	the	DET
afbr-404	429	16	creative	creative	ADJ
afbr-404	429	17	commons	common	NOUN
afbr-404	429	18	attribution	attribution	NOUN
afbr-404	429	19	license	license	NOUN
afbr-404	429	20	(	(	PUNCT
afbr-404	429	21	http://creativecommons.org/licenses/by/4.0/	http://creativecommons.org/licenses/by/4.0/	PROPN
afbr-404	429	22	)	)	PUNCT
afbr-404	429	23	.	.	PUNCT