Dividend payout and corporate governance in emerging markets: which governance provisions matter? Department of Economics Finance & Accounting Working Paper Series N230-12
O'Connor, Thomas (2012) 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. AbstractIn 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. | Keywords: | Corporate governance; Outcome and substitution agency models of dividends; Dividend payout; Emerging markets; Working Paper N230-12; |
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| Subjects: | Social Sciences > Economics |
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| ID Code: | 3807 |
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| Deposited By: | Ms Sandra Doherty |
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| Deposited On: | 14 Aug 2012 15:36 |
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| Publisher: | National University of Ireland Maynooth |
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