The impact of board of directors’ characteristics on dividend policy: Evidence from a developing country

The “dividend puzzle” has been an unresolved problem since the 1950s. The purpose of this paper is to investigate the nature and a level of the relationship between board characteristics dividend policy. The study used a positivistic approach and Spearman correlation metric, descriptive statistics, and binary regression models have been deployed as analytical tools. It is found that food and beverages sector had the highest percentage for dividend payout from 2015 to 2019. The highest percentage for women on boards was 13% in the land and property sector. The average board size for the selected companies was 8. The likelihood to pay dividends, women on boards, the board size, and CEO duality indicated a significant positive relationship. Panel regression results indicate that there is no significant relationship between board characteristics and the level of dividend payment for the selected sample. But in a sectorial analysis audit committee size has a significant negative relationship with the level of dividend payment in the manufacturing sector whereas board gender diversity has a significant positive relationship with the same in the food and beverage sector. In summary, dividend decision has been affected by several board characteristics, but such factors had no significant impact on the level of dividends declared in the market. The sectorial analysis revealed that several characteristics affected the level of dividends in two sectors

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Impact of enforcement and corporate governance attributes on performance

Corporate Ownership and Control ◽

10.22495/cocv13i4p5 ◽

2016 ◽

Vol 13 (4) ◽

pp. 50-60

Author(s):

José Villanueva García ◽

Maria Antonia García-Benau ◽

Ana Zorio Grima

Keyword(s):

Corporate Governance ◽

Positive Relationship ◽

Negative Relationship ◽

Structural Equations ◽

Company Performance ◽

Consolidated Financial Statements ◽

Significant Positive Relationship ◽

Enforcement Action ◽

Financial Scandals ◽

The Impact

Since 2005, consolidated financial statements of European listed groups have been prepared according to IFRS. Nevertheless, the recent economic crisis on top of financial scandals has highlighted the role of oversight agencies and the importance of corporate governance. The purpose of this study is to look into the impact of corporate governance and the work of the Spanish Securities Exchange Commission (CNMV) on the performance of Spanish listed groups; as well as observing the links between enforcement actions and corporate governance. In a sample of 116 Spanish listed groups during the period 2005-2011 we have applied structural equations model (SEM) for hypothesis testing. The results obtained suggest there is a significant positive relationship between the corporate governance variables and company performance and a significant negative relationship between enforcement and performance. We also identify a significant positive relationship between enforcement action and corporate governance, which validates the theoretical model proposed.

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Impact of democracy on literacy rate

International Journal of Research in Business and Social Science (2147-4478) ◽

10.20525/ijrbs.v9i7.968 ◽

2020 ◽

Vol 9 (7) ◽

pp. 204-211

Author(s):

Md Arif Hosen ◽

Sujan Chandra Paul ◽

Md Harun Or Rosid

Keyword(s):

Positive Relationship ◽

Civil Liberties ◽

Negative Relationship ◽

Least Square ◽

Literacy Rate ◽

Significant Positive Relationship ◽

Ordinary Least Square ◽

Significant Negative Relationship ◽

The Government ◽

The Impact

This study investigates the impact of democracy indices on the literacy rate. Panel Data of 134 Countries from 2007-2018 were collected from the website the World Bank and Gapminder. This study uses Ordinary Least Square (OLS), Pooled Ordinary Least Square (POLS), Driscoll-Kraay (DK), Second Stage Least Square (2SLS), Generalized Methods of Moments (GMM) methods. This research has found that political participation index and political culture index has a significant positive relationship with literacy rate in all the method. The functioning of the government index has a significant positive relationship and electoral process and the pluralism index has a significant negative relationship with literacy rate in all the methods except the GMM method. The civil liberties index has a significant negative relationship with literacy rate in POLS and in the other models, there is no significant relationship between the civil liberties index and literacy rate.

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Determinants of Dividend Policy in India – Special Reference to Nifty 50 Companies

Shanlax International Journal of Management ◽

10.34293/management.v9i2.4173 ◽

2021 ◽

Vol 9 (2) ◽

pp. 37-42

Author(s):

Kashish Katakwar ◽

Satyan Tenguriya ◽

Prashant Chhajer ◽

Vishal Mehta ◽

Vandana Gandhi

Keyword(s):

Regression Analysis ◽

Positive Relationship ◽

Dividend Policy ◽

Positive Impact ◽

Negative Relationship ◽

Dividend Payout ◽

Return On Equity ◽

Tax Rate ◽

Equity Risk ◽

The Impact

Dividend policy is the firm’s policy considered to structure the dividend payout of the shareholder of the company. Various factors are responsible for determining the dividend payout of the firm. In this research paper, we are exploring the determinants of the dividend policy of NSE, Nifty 50. This paper studies the impact of six basic variables on the dividend payout of NSE, Nifty 50 Index companies for the financial year 2015-16 to 2019-2020. These factors include liquidity, leverage, firm size, return on equity, risk and tax rate. Multiple regression analysis was used to study the impact of selected variables on the dividend policy of the companies under study. The results reveal that return on equity has a significant positive impact on dividend payout, whereas risk and tax rate have a significant negative impact.In contrast, there is a positive relationship and zero significance was found between liquidity and dividend payout and leverage and dividend payout. A negative relationship and no significance was found between the size of the firm and dividend payout. This means that liquidity, leverage and size of the firm failed to have any significant impact on the dividend payout of the companies under study.

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Impact of MDCAT scores on pessimism, loneliness, and depressive symptoms: Moderating role of coping strategies

World Journal of Advanced Research and Reviews ◽

10.30574/wjarr.2021.12.2.0600 ◽

2021 ◽

Vol 12 (2) ◽

pp. 354-364

Author(s):

Iram Fatima ◽

Masood Nadeem ◽

Muhammad Waqar Naeem ◽

Hafiz Muhammad Zeeshan Raza

Keyword(s):

Depressive Symptoms ◽

Coping Strategies ◽

Positive Relationship ◽

Negative Relationship ◽

Depression Scale ◽

Psychological Disturbance ◽

Significant Positive Relationship ◽

The Impact ◽

Moderating Role

This study was designed to evaluate the impact of MDCAT scores on pessimism, loneliness, and depressive symptoms. Furthermore, to check the moderating effect of coping strategies. Purposive sample technique was used to get the relevant sample. MDCAT failures (N = 149) from different educational organization of Bahawalpur (Pakistan) were included in the research as sample. Demographic form, Siddiqui Shah Depression Scale, UCLA Loneliness Scale, Life Orientation Test and Coping Styles Scale were administered to assess the impact of MDCAT scores on pessimism, depressive and loneliness symptoms among MDCAT failures and to assess the moderating role of coping strategies. For statistical analysis PLS and SPSS software were used. PLS algorithm, PLS bootstrapping, PLS moderation analysis and independent sample t-test were used to get the results. Results reveal that there is a significant impact of MDCAT scores on pessimism, depressive and loneliness symptoms. Also, there is significant positive relationship among pessimism, depressive and loneliness symptoms. Problem focused coping significantly moderate the relationship between MDCAT scores and depressive symptoms. Furthermore, problem focused coping has significant negative relationship with pessimism, depressive and loneliness symptoms. Moreover, emotion focused coping has significant positive relationship with depressive symptoms. Female were found having more emotion focused coping. The findings of the study have practical implications in providing insight relevant for development of psychological disturbance in MDCAT failures.

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Women On Boards Of Directors: Effects On Firm Social Performance In The Basic Materials And Financial Services Sectors

Journal of Applied Business Research (JABR) ◽

10.19030/jabr.v22i1.1443 ◽

2011 ◽

Vol 22 (1) ◽

Author(s):

Mel E. Schnake ◽

Robert J. Williams ◽

William Fredenberger

Keyword(s):

Firm Performance ◽

Financial Services ◽

Boards Of Directors ◽

Social Performance ◽

Future Research ◽

Board Size ◽

Board Characteristics ◽

Female Directors ◽

Women On Boards ◽

The Impact

This study examined relationships between the number of female board members, board tenure, and board size on the number of 10K investigations that were instigated against  firms in the basic materials and financial services sectors of the economy.  After controlling for the effects of firm size, we found evidence of an interaction effect between the number of female directors and average board tenure for firms in the financial services sector, such that a higher number of women on boards coupled with longer average board tenure results in higher firm social performance (i.e., the fewer the number of 10K investigations brought against the firm).  No link was found between female directors and average board tenure for the basic materials firms.  Further, no interactive patterns were observed between female directors and board size in either sector.  Our findings suggest that future board research may benefit from a “contingency approach,” as this study has provided some evidence that the relationships between board characteristics and firm performance may not be generalizable from one sector to another.  Future research should carefully consider how the sector or industry may affect the impact of board characteristics on firm performance.

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Nexus Unclassified Loans, Classified Loans, and Profitability

International Journal of Finance & Banking Studies (2147-4486) ◽

10.20525/ijfbs.v10i4.1334 ◽

2021 ◽

Vol 10 (4) ◽

pp. 99-114

Author(s):

Sujan Chandra Paul ◽

Mohammad Rakibul Islam ◽

Sharmin Akter Mitu

Keyword(s):

Positive Relationship ◽

Negative Relationship ◽

Least Square ◽

Total Revenue ◽

Significant Positive Relationship ◽

Ordinary Least Square ◽

Generalized Methods Of Moments ◽

Special Mention ◽

Methods Of Moments ◽

The Impact

This study investigates the impact of some variables such as total revenue, total assets, total liabilities, total deposits, total unclassified loans, total classified loans, standard loans, special mention account loans, sub-standard loans, doubtful loans, and bad and loss loans on profit before tax. Unbalanced Panel Data were collected from the website of 45Commercial Bank of Bangladesh from the year 2010 to 2018. Ordinary Least Square (OLS), Pooled Ordinary Least Square (POLS), Driscoll-Kraay (DK), Second Stage Least square (2SLS), Generalized Methods of Moments (GMM) methods are used in this study. This research found that total revenue had a significant positive relationship with profit before tax in all the models except DK and GMM models. Total unclassified loans had a significant positive relationship and total liabilities had a significant negative relationship with profit before tax in all the models. Special mention account loans had a significant positive relationship with profit before tax in OLS and DK models and total classified loans had a significant positive relationship with profit before tax in GMM model.

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Organization-Based Self-Esteem Affects Employees' Exchange Relationship Perceptions and Extrarole Behavior

Social Behavior and Personality An International Journal ◽

10.2224/sbp.2016.44.3.509 ◽

2016 ◽

Vol 44 (3) ◽

pp. 509-517 ◽

Cited By ~ 1

Author(s):

Yanhan Zhu

Keyword(s):

Social Exchange ◽

Positive Relationship ◽

Mainland China ◽

Negative Relationship ◽

Self Esteem ◽

Moderating Effect ◽

Exchange Relationship ◽

Significant Positive Relationship ◽

Significant Negative Relationship ◽

Practical Implications

The 2 types of exchange relationship perceptions—social exchange relationship perceptions (SERPs) and economic exchange relationship perceptions (EERPs)—constitute the primary concept for understanding individual behavior in the workplace. Using a sample of 581 employees from Mainland China, I explored the effects of SERPs and EERPs on employee extrarole behavior (ERB), as well as the moderating effect of organization-based self-esteem (OBSE) on the relationships between SERPs and ERB, and between EERPs and ERB. The results revealed a significant positive relationship between SERPs and ERB, a significant negative relationship between EERPs and ERB, and a significant moderating effect for OBSE. Theoretical and practical implications of these findings are discussed.

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Employee Behaviors toward Using and Saving Energy at Work. The Impact of Personality Traits

Energies ◽

10.3390/en14123404 ◽

2021 ◽

Vol 14 (12) ◽

pp. 3404

Author(s):

Dawid Szostek

Keyword(s):

Personality Traits ◽

Energy Saving ◽

Organizational Citizenship ◽

Positive Relationship ◽

Negative Relationship ◽

Organizational Citizenship Behaviors ◽

Equation Modeling ◽

Future Research ◽

Citizenship Behaviors ◽

The Impact

The purpose of the article is to determine how personality traits (extraversion, neuroticism, conscientiousness, agreeableness and openness to experience) affect organizational citizenship behaviors for the environment (OCBE), especially in the context of energy saving. The purpose is also to verify the hypothesis that this impact is significantly moderated by individuals’ demographic characteristic (sex, age, length of service, work type and economic sector of employment). To achieve the purposes, a survey was conducted in 2020 on 454 working people from Poland. The analysis was based on structural equation modeling (SEM). The research model assumed that particular types of personality affect direct and indirect OCBEs, including energy-saving patterns. The model also included the aforementioned demographic characteristics of respondents. I proved that personality traits have a significant impact on direct and indirect organizational citizenship behaviors for the environment. In the case of direct OCBEs, the energy-saving items that were most significantly affected by employee personality were: I am a person who turns off my lights when leaving my office for any reason; I am a person who turns off the lights in a vacant room; I am a person who makes sure all of the lights are turned off if I am the last to leave. The strongest predicators were Neuroticism (negative relationship) and Agreeableness (positive relationship) for direct OCBE, but Extraversion (positive relationship) and Agreeableness (negative relationship) for indirect OCBE. The impact of an individual’s personality on OCBE was significantly moderated mainly for indirect behaviors. This applied to all the analyzed demographic variables, but it was stronger for women, employees aged up to 40 years, those with 10 years or more experience, office/clerical workers, and public sector employees. The article discusses the theoretical framework, research limitations, future research directions and practical implications.

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The Macroeconomic Determinants and FDI: Evidence from 14 International Alliances

Asian Development Policy Review ◽

10.18488/journal.107.2021.92.69.82 ◽

2021 ◽

Vol 9 (2) ◽

pp. 69-82

Author(s):

Sujan Chandra Paul ◽

Md Harun Or Rosid ◽

Mohammad Rakibul Islam ◽

Refat Ferdous

Keyword(s):

Unemployment Rate ◽

Positive Relationship ◽

Robust Regression ◽

Negative Relationship ◽

African Union ◽

G7 Countries ◽

Significant Positive Relationship ◽

Brics Countries ◽

Arab League ◽

Asean Countries

This study investigates the relationship between Foreign Direct Investment (FDI) and some macroeconomic variables such as Gross Domestic Product (GDP), Gross Capital Formation (GCF), Agriculture, Forestry, and Fishing (AFF), Industry, Import, Export, Inflation and Unemployment rate. Panel Data of 14 regional alliances countries from 1990-2018 were collected from The World Bank website. Robust regression models are used in this study. This research found that GDP had significant positive relationship with FDI in all regions except Arab League, EU and G7 countries. GCF had significant positive relationship with FDI in Arab League, BRI, GATT, NAFTA countries & negative relationship in APEC, G7 countries. AFF had significant positive relationship with FDI in BRICS, GATT countries & negative relationship in African Union, ASEAN, BIMSTEC, BRI, BRICS, SAFTA countries. Industry had significant positive relationship with FDI in African Union, BRI, NAFTA, OECD countries and negative relationship in BRICS, G7, G20 countries. Import had significant positive relationship with FDI in African Union, APEC, Arab League, ASIAN, BRI, G7, G20, GATT countries and negative relationship in BRICS countries. Export had significant positive relationship with FDI in BRICS countries and negative relationship in African Union, ASEAN, BRI, G20, GATT, OECD, SAFTA countries. Inflation had significant positive relationship with FDI in GATT, SAFTA countries and negative relationship in African Union, APEC countries. Unemployment rate had significant positive relationship with FDI in African Union, BRI, BRICS, EU, G20, GATT, OECD, SAFTA countries and negative relationship in ASEAN countries.

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Factors Affecting Business Strategy Implementation of Vietnam Garment Companies

International Journal of Business and Management ◽

10.5539/ijbm.v12n1p133 ◽

2016 ◽

Vol 12 (1) ◽

pp. 133

Author(s):

Hoang Viet Nguyen ◽

Duc Nhuan Nguyen

Keyword(s):

Human Resources ◽

Corporate Culture ◽

Business Strategy ◽

Positive Relationship ◽

Strategy Implementation ◽

Point Of View ◽

Strategy Formulation ◽

Factors Affecting ◽

Significant Positive Relationship ◽

The Impact

This paper studies the impact of factors affecting on business strategy implementation of Vietnam garment companies. A total of 192 questionnaires were administered to respondents chosen from 82 Vietnam garment companies. The findings indicated that there is a significant positive relationship between 05 factors: Strategy formulation-Human resources-Communication-Corporate culture-Organizational structure and business strategy implementation from the sample point of view.

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