Khaled Bataineh

This paper explores the effect of the return and volatility spillover between the Standard and Poor’s 500 index and FTSE All-Share index using the AG-DCC_ Dynamic Conditional Correlation model over the sample period from April 1995 to April 2019. It demonstrates that the Standard and Poor’s 500 return and volatility are crucial in forecasting the market’s future dynamics of the FTSE All Shares where it finds a significant spillover effect for both return and volatility from the Standard and Poor’s 500 to FTSE All Shares, while weak evidence has been found in the opposite direction, that is, an insignificant spillover effect for both return and volatility from FTSE All Shares to the Standard and Poor’s 500. In addition, the paper also finds high Dynamic Conditional Correlation (DCC) between both the Standard and Poor’s 500 and FTSE All Shares. Therefore, it finds asymmetric correlation and transmission mechanisms between the Standard and Poor’s 500 and FTSE All Shares, which means there is an asymmetric interconnectedness between two markets, so allocating assets between two markets will not benefit investor portfolios as investing in high-yielding shares do.

This study examines the major factors influencing UK companies listed on the Financial Times Stock Exchange (FTSE) 100 stock market's dividend policy (as determined by the dividend payout ratio) over 32 years, from 1990 to 2022. The dividend premium and free cash flow components make up the catering dividend. The outcomes of a wide range of panel data analysis regressions, such as Generalized Method of Moments (GMM) and Two-Stage Least Squares (2SLS) regressions, clearly show that the catering dividend significantly impacts UK firms' dividend policy. On the other hand, the dividend policy benefits from the dividend premium, which increases it by 12% to 17% on average. Free cash flow, on the other hand, has a negligible negative impact on the dividend policy by just 5%. It is crucial to mention that this outcome varies depending on the models and regression techniques used. Furthermore, this study emphasizes how important it is for a firm's size and profitability to play a key role in determining how it will implement its dividend policy. Financial leverage also becomes important since a company's dividend payment ratio decreases when it relies more heavily on debt in its capital structure. By using GMM and 2SLS regressions, this study carefully tackles the endogeneity issue, and the results hold up even when the endogeneity effect is reduced. Ultimately, this study emphasizes how important dividend catering components are in guiding UK companies' dividend policies, arguing that CEOs and legislators should pay more attention to this.

Type of the article: Research Article

Abstract
The purpose of this study is to examine whether fiscal balance, revenue mobilization, and real economic growth are associated with annual changes in Jordan’s public debt-to-GDP ratio during 2014–2024 and to interpret the implications for public and municipal finance. The study uses annual macro-fiscal data compiled from the IMF Regional Economic Outlook series hosted by FRED, World Bank indicators, the Central Bank of Jordan, and Ministry of Finance reports. It applies descriptive analysis, correlation analysis, and parsimonious ordinary least squares specifications, with all coefficients, p-values, diagnostic tests, and robustness checks interpreted cautiously because the usable regression sample after first differencing is very small. The results show that the public-debt ratio increased from 78.0% of GDP in 2019 to 88.0% in 2020 and remained above 90% during 2021–2024. Revenue excluding grants recovered from 20.1% of GDP in 2020 to 24.1% in 2024, but this recovery did not restore the debt ratio to its pre-pandemic path. In a short annual sample, the baseline regression suggests that fiscal balance is negatively associated with annual debt changes, while real GDP growth has the expected negative sign but weaker statistical significance. These results are indicative rather than causal and should be read together with debt-dynamics theory and Jordan’s fiscal policy context. The findings are consistent with a cautious, growth-friendly consolidation approach, interpreted as an indicative policy implication rather than a direct causal estimate, that strengthens revenue administration, protects productive capital expenditure, manages utility-related guarantees, and improves municipal finance transparency.