[1] Bae, S., Chang, K., Kang, E. (2012). Culture, Corporate Governance and Dividend Policy: International Evidence. Journal of Financial Research, 35, 289-316.

[2] Baker, M., Wurgler, J. (2004). A catering theory of dividends. The Journal of Finance 59, 1125-1165.

[3] Bartke, S., Schwarze, R. (2008). Risk-Averse by Nation or by Religion? Some Insights on the Determinants of Individual Risk Attitudes, SOEPapers on Multidisciplinary Panel Data Research No. 131.

[4] Clark, Robert. (1986). Corporate Law. New York: Aspen Publishers.

[5] Cull, R., Xu, L. (2005). Institutions, Ownership and Finance: The Determinants of Profit Reinvestment Among Chinese Firms. Journal of Financial Economics 77, 117-146.

[6] Denis, D., Osobov, I. (2008). Why do firms pay dividend? International evidence on the determinants of dividend policy. Journal of Financial Economics, 89.

[7] Djankov ,S., La Porta, R., Lopez-de-Silanes, F., Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics 88 (2008) 430–465.

[8] Dragota, I., Dragota, V., ?â?u, L., ?â?u, D. (2009). Income Taxation Regulation And Companies’ Behaviour: Is The Romanian Companies’ Dividend Policy Influenced By The Changes In Income Taxation?. Romanian Journal of Economic Forecasting, 10 (1), 76-93.

[9] Dragota, I., Dragota, V., Curmei-Semenescu, A., Pele, D. (2018). Capital structure and religion. Some international evidence. Acta Oeconomica. Vol. 68 (3).

[10] Dragota, V. (2006). Minority shareholders’ protection in Romanian capital markets: evidence on dividends. Euro-Mediterranean Economics and Finance Review, 1, 76-89.

[11] Easterbrook, F. (1984). Two Agency-cost explinations of dividends. American Economic Review, 74, 650-659.

[12] Fama, E. F., French K. R. (2001). Disappearing dividends: changing firm characteristics or lower propensity to pay?. Journal of Financial Economics 60, 3-40.

[13] Fidrmuc, J., Jacob, M. (2010). Culture, Agency Cost and Dividends. Journal of Comparative Economics, Vol. 38, 321-339

[14] Frey, R., McNeil, AJ. (2001). Modelling Dependent Defaults. Presented within the conference ‘‘Statistical and Computational Problems in Risk Management’’, University of Rome ‘‘La Sapienza’’, June 14–16.

[15] Goldstein, H. (2003). Multilevel Statistical Models, 3rd edition, Euston Road, London, NW1 3BH, UK.

[16] Hofstede, G. (2001). Culture’s Consequences, second ed. Sage, Thousand Oaks, CA.

[17] Huang, T., Wu, F., Yu, J., Zhang , B . (2015). Political uncertainty and dividend policy: Evidence from international political crises. Journal of International Business Studies,10(2): 1057-1112.

[18] Hilary, G., Hui, K.W. (2009). Does Religion Matter in Corporate Decision Making in America?. Journal of Financial Economics 93 (3): 455–473.

[19] Jitendra, K.S. (2014). Dividend signaling and market efficiency in emerging economy: A study of Indian Stock Exchange. International Journal of Finance & Accounting Studies. Vol. 2.

[20] John, K., Williams, J. (1985). Dividends, dilution and taxes: A signaling equilibrium. Journal of Finance. 40, 1053-1070.

[21] Karpavicius, S. (2014). Dividends: Relevance, Rigidity, and Signaling. Journal of Corporate Finance, Vol. 25, 289-312.

[22] Khambata, D. Liu, W. (2005). Cultural Dimensions, Risk Aversion and Corporate Dividend Policy. Journal of Asia-Pacific Business, 6, 31-43

[23] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R. (1998). Law and Finance. Journal of Political Economy, 106, 1113-1155.

[24] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R.W. (1999). The quality of government. Journal of Law, Economics, and Organization 15 (1), 222–279.

[25] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R. (2000). Agency problems and dividend policies around the world. Journal of Finance, 55, 1–33.

[26] Lintner, J. (1956). Distribution of incomes of corporations Among Dividends, Retained Earnings and Taxes. American Economic Review 46(2), 97-113.

[27] McNeil, A.J., Wendin, J. (2007). Generalized Linear Mixed Models for Portfolio Credit Risk. Journal of Empirical Finance, 14(2), 131-149.

[28] Meysam, B. (2011). Corruption and stock market development: A quantitative approach. Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 390(23), pages 4514-4521.

[29] Miller, M. Modigliani, F. (1961). Dividend Policy, Grow and the Valuation of Share. The Journal of Business, 4, 411-433.

[30] Miller, M., Rock, K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40, 1031-1052.

[31] North, D.C. (1988). Institutions, Economic Growth and Freedom: An Historical Introduction. In M.A. Walker, Ed., Freedom, Democracy and Economic Welfare, Vancouver: Fraser Institute, 1988.

[32] North, D. C. (1990). Institutions, Institutional Change, and Economic Performance . Cambridge: Cambridge University Press.

[33] Paulino, C.D., Soares, P., Neuhaus, J. (2003). Binomial Regression with Misclassi?cation. Biometrics, 59, 670-675.

[34] Renneboog, L., Spaenjers, C. (2012). Religion, Economic Attitudes, and Household Finance. Oxford Economic Papers, Vol. 64, No. 1.

[35] Rozeff, M.S.(1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. The Journal of Financial Research 5(3): 249-259.

[36] Schwartz, S. H. (2006). A Theory of Cultural Value Orientations: Explication and Applications. Comparative Sociology, Volume 5, issue 2-3, 137- 182.

[37] Sekely, W., Collins, W. (1988). Cultural influences on International Capital Structure. Journal of International Business Studies, Vol. 19, 87-100.

[38] Shao, Y., Kwok, C., Guedhami, O. (2010). National Culture and Dividend Policy. Journal of International Business Studies, 41, 1391-1414.

[39] Stulz, R., Williamson, R. (2003). Culture, openness and finance. Journal of Financial Economics, 70, 313–349.

[40] Ucar, E. (2016). Local Culture and Dividends. Financial Management Journal 45 (1): 105-140. doi: 10.1111/fima.12118

[41] Weber, M. (1930). Protestant Ethics and the Spirit of Capitalism. Harper Collins, New York, NY.

[42] Yaseen, H., Dragota, V. (2013). Impactul Factorilor Socio-Culturali asupra politicii de dividend. Working Paper published in ABC-ul LUMII FINANCIARE, no.1.

[43] Yaseen, H., Dragota, V. (2019). Harmony, Hierarchy and Dividend Policy around the World. The Annual Conference on Finance and Accounting ACFA Proceedings, Prague.

[44] Yaseen, H. (2019). Dividend Policy explained by country’s stand-ards of living: An international evidence. The Annual Conference on Finance and Accounting ACFA Proceedings, Prague.