Ahmad, A., & Hassan, M. (2007). Regulation and performance of Islamic banking in Bangladesh. Thunderbird International Business Review, 492, 251-277. Ahmed, F., Rafay, A., & Ahmed, A. (2018). Dividend Payout Policy of Conventional Banking and Islamic Banking in Pakistan. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 10(1), 135–152. doi: http//dx.doi.org/10.15408/aiq.v10i1.6103 Alasfour, F., Jaara, B., & Abusaleem, K. (2024). Dividend Payout Policy of the Islamic and Conventional Banks in the Gulf Cooperation Council (GCC) Countries. Migration Letters, 21(4), 908-925. Al-Amin, A. (2009). Dividend distribution and its impact on public share prices of shares, the case of the Sudane French Bank. Unpublished Master Thesis, University of Sudan and Technology, Sudan. Al-Ammar. Baker, H., & Weigand, R. (2015). Corporate dividend policy revisited. Managerial Finance, 41(2), 126-144. Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and 'The Bird In The Hand. Fallacy”. Bell Journal of Economics, 10(1), 259-270 Black, F. (1976). The dividend puzzle. Journal of portfolio management, 2(2), 5-8. Brealey, R. A. & Myers, S. C. (2003). Principles of corporate finance (7th ed.). New York: McGraw Hill. Chang, R., & Rhee, S. (1990). The impact of personal taxes on corporate dividend policy and capital structure decisions. Financial Management, 19(2), 21-31. Dhaliwal, D. S., Erickson, M., & Trezevant, R. (1999). A test of the theory of tax Clienteles for dividend policies. National Tax Journal, 52, 179-194. Donald, K. (2011). International accounting IFRS. John Wiley & Son. 783-784. Doumpos, M., Hasan, I., & Pasiouras, F. (2017). Bank overall financial strength: Islamic versus conventional banks. Economic Modelling, 64, 513-523. Elmagrhi, M., Ntim, C., Crossley, R., Malagila, J., Fosu, S., & Vu, T. (2017). Corporate governance and dividend pay-out policy in UK listed SMEs: The effects of corporate board characteristics. International Journal of Accounting & Information Management, 25(4), 459-483. Eng, S.H., Yahya, M. H., & Hadi, A. R. (2013). The dividend payout policy–a comparison on Malaysian Islamic and conventional financial institutions. Journal of WEI Business and Economics, 2(2), 12-20. Fink, C., & Theissen, E. (2014). Dividend taxation and DAX futures prices (No. 14-08). CFR Working Paper. Hafeez, A. & Attiya, Y. (2009). The Determinants Of Dividend Policy In Pakistan. International Research Journal of Finance Economics, 25, 148-171. Hafsi, R. (2016). Study and analysis of the effect of the dividend policy on the performance of shares of listed companies in the financial market, the case of the Dubai Financial Market for the period 2011-2014, University of Qasdah Murbah and Oqlala. Algerian Journal of Accounting and Financial Studies, 15(2), 39-49. Huda, F., & T. Farah. (2011). Determinants of Dividend Decision: A Focus on Banking Sector in Bangladesh. International Research Journal of Finance and Economics, 77, 33-46. Jaara, O., Jaara, O., Shamieh, J., & Fendi, U. (2017). Liquidity risk exposure in Islamic and Conventional banks. International Journal of Economics and Financial Issues, 7(6), 16-26. Mashkour, S., & Sadiq, Z. (2018). The relationship between the dividend policy and the market value of the stock and its impact on determining the value of the company. Applied research in a sample of banks registered in the Iraqi market for securities. Journal of the Kufa Studies Center, 50, 221-248. Miletkov, M., Moskalev, S., & Wintoki, M. B. (2015). Corporate boards and acquirer returns: international evidence. Managerial Finance, 41(3), 244-266. Nissim, D. & Ziv, A. (2001). Dividend changes and future profitability. The Journal of Finance, 56(6), 2111-2133. Pal, K., & Goyal, P. (2007). Leading Determinants of Dividend Policy: A Case Study of the Indian Banking Industry. Decision (0304-0941), 34(2), 87-98. Petit, R. (1977). Taxes, transactions costs and the Clientele effect of dividends. Journal of Financial Economics, 5, 419-436. Pruitt, S., & Gitman, L. (1991). The interactions between the investment, financing, and dividend decisions of major US firms. Financial Review, 26(33), 409-430. Rafique, M. (2012). Factors affecting dividend payout: Evidence from listed non-financial firms of Karachi stock exchange. Business Management Dynamics, 1(11), 76-92.

The determinants of bank credit quality have been studied extensively, yet much of the existing evidence rests on a single regression specification, so a variable’s apparent significance may be conditioned on which controls a researcher chooses to include. We confront this problem directly for the Gulf Cooperation Council (GCC) countries, providing a robustness analysis of non-performing loans (NPL) determinants for the region’s banks. We employ a balanced panel of 45 listed commercial banks drawn from all six GCC countries over the period 2010 to 2024. We examine fifteen bank-specific and four macroeconomic potential determinants of NPLs, utilizing two variants of extreme bounds analysis (EBA), namely, the strict criterion of Leamer and the more lenient criterion of Sala-i-Martin, estimated within a panel fixed-effects framework. The findings show that of the nineteen determinants routinely cited in the literature, seventeen prove fragile once their coefficients are tested across the full range of possible model specifications. None survives Leamer’s strict criterion, whereas Sala-i-Martin’s less restricted test suggests that only two variables are robust, namely, asset quality (loan intensity), which enters positively, and capital adequacy, which enters negatively, while all four macroeconomic variables are fragile on both tests. For regulators, bank-level balance sheet indicators, especially loan intensity and capital adequacy, offer a more robust starting point for NPL early-warning and stress-testing frameworks and complement macroeconomic forecasts.

This study investigates the cointegration and causality relationships between Kuwaiti stock prices, domestic monetary aggregates (M0, M1, M2, M3), and the U.S. Federal Funds Rate, utilizing quarterly data from 2003 to 2023. The research identifies long-term and short-term dynamics among these variables through unit root tests, Engle-Granger and Johansen cointegration techniques, and Granger causality analysis. The findings reveal significant long-run equilibrium relationships between Kuwaiti stock prices and the broader monetary aggregates (M2 and M3), as well as the U.S. Federal Funds Rate, indicating that both domestic monetary conditions and global monetary policies are crucial drivers of stock market performance. The Granger causality results further indicate bidirectional causality between stock prices and broader monetary aggregates (M2, M3), while revealing unidirectional causality from M0 and the U.S. Federal Funds Rate to stock prices. This suggests that changes in the monetary base (M0) and U.S. interest rates significantly influence stock market movements in Kuwait, but not vice versa. These results have important implications for policymakers and investors, highlighting the need to consider both domestic and international monetary factors in decision-making processes.

I. Major global events, such as the global financial crisis of 2008 and the COVID-19 pandemic, have raised concerns about the reliability of traditional safe-haven assets. This has led investors to...

1. On Saturday, 28 February 2026, the United States and Israel initiated coordinated military operations against Iran, marking the largest geopolitical risk event in the Persian Gulf since the 2003...

This study investigates the relationship between implied credit ratings and share prices in Kuwait’s telecommunications sector, focusing on three major companies listed on the Kuwait Stock Exchange (KSE). Despite controversies surrounding credit rating agencies (CRAs) due to issues such as perceived bias and their role in past financial crises, investors continue to depend on CRA assessments. However, some companies hesitate to seek formal ratings due to the associated costs or the risk of exposing financial weaknesses. Using Altman and Hotchkiss’s (2010) Z-score model, this research calculates implied credit ratings based on internal financial data from 2016 to 2023 and employs Ordinary Least Squares (OLS) regression to analyse the relationship between these ratings and share price performance. The findings reveal that Zain, with a B+ rating, falls within the grey zone, indicating potential financial challenges, while Ooredoo and STC remain in the safe zone with ratings of AA- and A+, respectively. A statistically significant positive relationship was identified between implied credit ratings and share prices, suggesting that internal credit assessments exert a substantial influence on investor perceptions and market valuation in Kuwait’s telecommunications sector. These results underscore the value of implied credit ratings as a practical alternative to formal CRA ratings, particularly in emerging markets with limited access to comprehensive external credit assessments.