Dividend payout and corporate governance in emerging markets: which governance provisions matter? Department of Economics Finance & Accounting Working Paper Series N230-12.
National University of Ireland Maynooth.
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 for emerging market firms.
||Corporate governance; Outcome and substitution agency models of dividends; Dividend payout; Emerging markets; Working Paper N230-12;
||Social Sciences > Economics, Finance & Accounting
Ms Sandra Doherty
||14 Aug 2012 14:36
||National University of Ireland Maynooth
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