Dividend payout and corporate governance in emerging markets: which governance provisions matter?

Thomas O'Connor ()

International Journal of Corporate Governance, 2013, vol. 4, issue 2, 181-207

Abstract: In this paper I examine the relationship between individual corporate governance provisions and corporate dividend payout. Using a sample of 220 firms from 21 emerging market countries, I show that dividend payout is an outcome of strong corporate governance. On closer inspection, I find that dividend payouts tend to be greater in firms which score highly in measures of board independence and accountability. I find some evidence which suggests that dividends substitute for a lack of transparency in emerging market firms.

Keywords: corporate governance; outcome models; substitution agency models; dividends; dividend payout; emerging markets; board independence; accountability; transparency. (search for similar items in EconPapers)
Date: 2013
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Working Paper: Dividend payout and corporate governance in emerging markets: which governance provisions matter? (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijcgov:v:4:y:2013:i:2:p:181-207

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