Tekalign Negash Kebede

1. The determinants of capital structure (CS) remain one of the most persistent puzzles in corporate finance (Al-Jabri, 2026; Kumar et al., 2017; Myers, 1984) The decision of whether to finance ope...

Why do profitable banks with strong balance sheets still hesitate to pay dividends? This study explores the underlying dynamics shaping dividend payout decisions among Ethiopian banks, using panel data from 16 private banks spanning 2014 to 2024. Applying an explanatory research design, the analysis employs rigorous econometric models Random Effect Standard Error (RE-SE), System Generalized Method of Moments (SGMM), and Fully Modified Ordinary Least Squares (FMOLS) to identify the most influential factors. The findings reveal that economic growth has a significant negative impact on dividend payouts, suggesting that banks tend to reinvest earnings during expansionary periods. Conversely, foreign direct investment (FDI) shows a strong positive effect, enhancing firms’ ability to distribute dividends. Asset growth, life cycle stage, and profitability all exhibit negative relationships with dividends, underscoring a preference for internal financing among growth-oriented and younger firms. Political stability, liquidity, and tax were found to be statistically insignificant, while evidence of dividend smoothing is minimal. These results align with the pecking order, life cycle, and agency theories and highlight the importance of stable, investor-friendly policies to attract FDI and enhance shareholder value. Future research should delve into disaggregated governance indicators and explore nonlinear effects to better understand dividend behavior in emerging markets.

Despite decades of reform, the majority of Sub-Saharan African (SSA) countries continue to struggle with low tax revenue mobilization a persistent constraint to sustainable development, macroeconomic stability, and fiscal sovereignty. Weak institutional quality, unstable political conditions, and structural rigidities are often cited as underlying causes. Understanding how these macroeconomic and institutional variables interact to shape tax performance remains crucial for effective fiscal policy design in SSA. This study employs a quantitative, explanatory research design using balanced panel data for 30 SSA countries spanning the years 2000–2024. The empirical analysis applies the Pooled Mean Group Auto-Regressive Distributed Lag (PMG-ARDL) and Common Correlated Effects Mean Group (CCEMG) estimators to capture both the long-run and short-run dynamics among key variables. The model incorporates real GDP per capita, inflation, trade openness, foreign direct investment (FDI), unemployment, regulatory quality, control of corruption, political stability, and the number of taxes as determinants of tax revenue performance. The findings reveal that real GDP per capita positively but insignificantly affects tax revenue, while inflation significantly and negatively influences it, supporting the Tanzi effect. Trade openness exhibits a positive relationship with tax revenue, contrary to traditional assumptions, whereas FDI inflows demonstrate a mixed or negative effect depending on domestic policy context. Institutional variables particularly regulatory quality and control of corruption emerge as strong and consistent drivers of tax performance. The results suggest that improving institutional quality and governance is more effective for enhancing revenue mobilization than short-term macroeconomic adjustments. Accordingly, SSA governments should prioritize strengthening regulatory institutions, curbing corruption, simplifying tax structures, and formulating FDI policies that expand rather than erode the tax base to achieve sustainable fiscal outcomes.

While there is a growing global interest in tax revenue research, there has been limited efforts to present a comprehensive overview of progress in this field. Therefore, the current study aims to evaluate the productivity and performance of published works related to tax revenue. The data for the study was sourced from Scopus, which is the largest and most widely recognized database. The publications spanned from 1972 to May 2025. We employed Biblioshiny and VOSviewer to analyze bibliometric content of a total of 1,379 documents. The findings revealed that tax revenue research has kept on rising in the selected years. The most notable sources identified as key journals for publishing foundational research on tax revenue include Public Finance Review, International Tax and Public Finance, Public Budgeting and Finance, and the Journal of Tax Reform. The findings from the co-occurrence analysis highlight six significant clusters that are crucial in shaping our understanding of the main issues within the field. Each cluster encompasses a set of interconnected themes or topics that provide insights into current trends and future directions of tax revenue research. The clusters identified included: taxation and economic development, taxation and sustainability, taxation and fiscal policy, taxation and health, tax administration and taxation and local government. The country collaboration network highlighted that there is limited connection among international researchers, with partnership restricted to some areas of the globe. Tax revenue and sustainability, along with health taxes and tax reform, are anticipated to be at the core of shaping the future trajectory of research in the area. This research is essential for guiding future studies, shaping tax policy decisions, and enhancing tax administration practices, which will ultimately result in more efficient and equitable tax systems.

This research investigates the deposition, characterization of SiC ultra-thin films deposited by nanosecond pulsed Nd ³ ⁺ laser deposition technique and laser assisted doping. These SiC films possess better qualities in terms of surface roughness varying from 2–5 nm. Using an atom probe tomography (APT) and a transmission electron microscope (TEM), key elemental maps showed desirable concentrations of Si of ~50 at.% and C of ~48 at.% with minor elemental contents including O, Al, N, and B. These distributions indicate the material’s structural and chemical performance under laser assisted doping. I-V measurements reveal better electronic response, including low turn-on voltage, and high carrier mobility that makes these films suitable for quantum spacecrafts. This research stresses the review of laser fluence and doping as important parameters for modifying SiC thin films for future electronics and space applications.