Corporate Governance and Dividend Payout Policy: Beyond Country-Level Governance

2017 ◽  
Author(s):  
Bin Chang ◽  
Shantanu Dutta ◽  
Samir Saadi ◽  
Pengcheng Zhu
Keyword(s):  
Corporate Governance ◽  
Payout Policy ◽  
Dividend Payout ◽  
Country Level

CORPORATE GOVERNANCE AND DIVIDEND PAYOUT POLICY: BEYOND COUNTRY-LEVEL GOVERNANCE

2018 ◽  
Vol 41 (4) ◽  
pp. 445-484 ◽  
Author(s):  
Bin Chang ◽  
Shantanu Dutta ◽  
Samir Saadi ◽  
PengCheng Zhu
Keyword(s):  
Corporate Governance ◽  
Payout Policy ◽  
Dividend Payout ◽  
Country Level

Corporate Governance and Dividend Payout Policy: A Test Using Antitakeover Legislation

2011 ◽  
Vol 40 (1) ◽  
pp. 83-112 ◽  
Author(s):  
Bill B. Francis ◽  
Iftekhar Hasan ◽  
Kose John ◽  
Liang Song
Keyword(s):  
Corporate Governance ◽  
Payout Policy ◽  
Dividend Payout

scholarly journals A CRITICAL REVIEW OF COMPANY PERFORMANCE IN RESPONSE TO DIVIDEND PAYOUT POLICY IN THE PERSPECTIVE OF PAKISTAN

2021 ◽  
Vol 8 (2) ◽  
pp. 16-39
Author(s):  
Dr. Nisar Ahmad Bazmi
Keyword(s):  
Corporate Governance ◽  
Business Performance ◽  
Random Effect ◽  
Payout Policy ◽  
Company Performance ◽  
Dividend Payout ◽  
Governance Index ◽  
Size Growth ◽  
Equity Ratio ◽  
Relationship Of

The current study explains the relationship of dividend payout policy on the business performance of companies that exist in sugar of Pakistan. 100 companies are selected from sugar sector. Relationship of dividend payout policy and business performance was controlled with four variables based on relevant theories. These variables include size of company, growth of company, leverage (debt to equity ratio) and corporate governance index. Panel data is collected from 2012-2017 (six years) and then analyzed with unit root, descriptive statistics, correlation analysis, OLS regression, Lagrange multiplier, Huasman test, Fixed effect and Random effect models. Following key findings for each research objective were obtained by applying the adopted research method on the data through the adopted method of analyses: The results of the study show sugar companies showed no sign of a relationship between their dividend payout policy and profitability and so there is no controlling factor effective due to the absence of any relationship. Thus, the hypotheses were rejected in case of these two industries. Key Words: Company Performance, Dividend Policy, Tobin’s Q, Size, Growth, Leverage, Corporate Governance Index, Dividend Payout

scholarly journals Effect of Corporate Governance Index on Dividend Policy: An Investigation of Textile Industry of Pakistan

2017 ◽  
Vol 5 (2) ◽  
Author(s):  
Safdar Husain Tahir ◽  
Sara Sohail ◽  
Saba Babar ◽  
Irtaza Oayyum
Keyword(s):  
Corporate Governance ◽  
Textile Industry ◽  
Dividend Policy ◽  
Positive Impact ◽  
Stock Exchange ◽  
Payout Policy ◽  
Profit Margin ◽  
Dividend Payout ◽  
Governance Index ◽  
The Impact

This study empirically observes the impact of corporate governance index on dividend payout policy by using the data on thirty textile firms listed at Karachi Stock Exchange. The data cover the five-year period from 2009 to 2013. The data were gathered from financial statements of all the sample firms. Multiple regression models were used to check the impact of corporate governance on dividend policy. No effect of corporate governance index on firm dividend policy was found, and the largest shareholders also had no impact on dividend payout policy. A significant positive relationship was found between payout policy and stock value. Gross profit margin and operating profit margin had significant positive impact on the firm’s dividend payout policy. There is a significant correlation between the firm’s performance and payout policy.

scholarly journals Corporate governance and dividend payout policy: A study of KSE listed firms of Pakistan

2015 ◽  
Vol 13 (1) ◽  
pp. 175-183
Author(s):  
Muhammad Arslan ◽  
Rashid Zaman
Keyword(s):  
Corporate Governance ◽  
Payout Policy ◽  
Dividend Payout ◽  
Listed Firms ◽  
Corporate Size ◽  
Report Quality ◽  
Meaningful Relationship ◽  
Promising Area ◽  
The Relationship

In recent years corporate governance has become promising area of research. The main objective of this study is to determine the relationship between corporate governance and payout policies. The study used the data of 100 KSE listed companies for the period of year 2007 to 2013. The advanced level of statistical methods are employed, consist of logic regression analysis and the comparative average of various groups. The corporate governance index includes the ratio of non-duty members of the board, board size, the dual responsibility of the CEO, the amount of stock owned by institutional investors, size of the auditing company, audit report quality and auditor replacement. Results of this study suggest that dividend is the result of the quality of corporate governance, and in companies where the rights of shareholders are not observed; opportunistic directors employ free flowing funds to invest in projects and fields that enhance their own prestige, grandeur and reputation. Biphasic results showed a meaningful correlation between the profitability of operations, liquidity, asset structure, corporate size and financial leverage and the payout policy. A relatively weak relationship exists between asset structure dividend payout policy while no meaningful relationship exists between growth opportunities and the latter.

scholarly journals TAX AVOIDANCE, RELATED PARTY TRANSACTIONS, CORPORATE GOVERNANCE AND THE CORPORATE CASH DIVIDEND POLICY

2017 ◽  
Vol 32 (3) ◽  
pp. 190
Author(s):  
Dewi Kartika Sari ◽  
Sidharta Utama ◽  
Hilda Rossieta
Keyword(s):  
Corporate Governance ◽  
Dividend Policy ◽  
Negative Relationship ◽  
Tax Avoidance ◽  
Payout Policy ◽  
Cash Dividend ◽  
Dividend Payout ◽  
Related Party Transactions ◽  
Dividend Payments ◽  
The Relationship

This study aims to investigate the relationship between tax avoidance, related party transactions and the corporate dividend policy. Furthermore, this study will also investigate the moderating effects of the implementation of Corporate Governance (CG) on the relationship between tax avoidance, Related Party Transactions (RPT) and corporate dividend policies. Our sample covers companies listed on the Indonesian Stock Exchange during 2011-2014. The results provide moderate support for the proposed hypotheses. First, the greater tax avoidance that a company makes will increase the size of the firm's RPT. Second, the higher that the company's RPT is, this will lower the company's cash dividend payout rate. Third, the greater the tax avoidance is, the lower the company's cash dividend payout rate will be, which is done through a related party transaction.Fourth, the impact of the implementation of strong CG will weaken the positive relationship between corporate tax avoidance and the company’s RPT size, strengthen the negative relationship between the RPT’s size and the cash dividend payout policy of the firm, and strengthen the negative relationship between the company’s tax avoidance and the company's cash dividend payout policy which is mediated by the company’s RPT. This study makes three contributions. First, this study shows an indirect relationship between tax avoidance and cash dividend payments, mediated by RPT. Second, this study tries to examine the effect of CG’s moderation on the relationship between tax avoidance and RPT, as well as the effect of CG’s moderation on the relationship between tax avoidance and cash dividend payments, mediated by RPT. Third, this study developed RPT measurements by looking at the RPT’s components more specifically (looking at components of transactions outside of the main business of the company - the "others" component).

scholarly journals Corporate Governance and Dividend payout Policy: Mediating Role of Leverage. Evidence from Emerging Economy

2021 ◽  
Vol 2 (1) ◽  
pp. 113-133
Author(s):  
Muhammad Waris ◽  
Muhammad Asadullah ◽  
Muhammad Kamran ◽  
Muhammad Mushtaq Nadeem
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Payout Policy ◽  
Board Size ◽  
Dividend Payout ◽  
Empirical Results ◽  
Mediating Role ◽  
First Time ◽  
A Company

This study seeks to explore the relationship between corporate governance and dividend payout policy Mediating role of leverage between corporate governance and dividend payout in PSE 100 index nonfinancial firms is also explored. Relationship between corporate governance with dividend payout and leverage as determinant of dividend is already established but mediating role of leverage is checked for the first time. CEO duality, audit committee, number of meetings, independent directors and board size are taken indicators of corporate governance. The empirical results show that leverage plays mediating role between corporate governance and dividend payout policy when CEO is not holding the office of Chairman BOD and audit committee exists. Board size is significantly and positively related with leverage and the leverage is significantly and negatively related with dividend payout ratio. Result reveal that if a company has audit committee and CEO is separate from chairman board of directors and want to increase the dividend payout then the company will have to decrease its leverage. Empirical results show that board size is significantly and positively related to leverage and leverage is significantly and negatively related to dividend payout. So the company will have to keep its board size minimum to minimize the leverage and maximize dividend payout if it is willing to pay higher dividends. On the other hand, it is found that the investors who opt to purchase shares with the intent to receive higher dividend they will have to select a company with minimum board size. It is revealed from the empirical results that smaller board size keeps the leverage minimum and consequently dividend will be maximum.

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