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

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Author Info

  • Thomas O'Connor

    ()
    (Department of Economics Finance and Accounting, National University of Ireland, Maynooth)

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 for emerging market firms.

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File URL: http://economics.nuim.ie/sites/economics.nuim.ie/files/working-papers/N230-12.pdf
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Bibliographic Info

Paper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n230-12.pdf.

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Length: 30 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:may:mayecw:n230-12.pdf

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Postal: Maynooth, Co. Kildare
Phone: 353-1-7083728
Fax: 353-1-7083934
Web page: http://economics.nuim.ie
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Related research

Keywords: Corporate governance; Outcome and substitution agency models of dividends; Dividend payout; Emerging markets.;

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  1. Pornsit Jiraporn & Kimberly C. Gleason, 2007. "Capital Structure, Shareholder Rights, And Corporate Governance," Journal of Financial Research, Southern Finance Association & Southwestern Finance Association, vol. 30(1), pages 21-33.
  2. Chung, Kee H. & Elder, John & Kim, Jang-Chul, 2010. "Corporate Governance and Liquidity," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 45(02), pages 265-291, April.
  3. Jiraporn, Pornsit & Kim, Young Sang & Davidson, Wallace N. & Singh, Manohar, 2006. "Corporate governance, shareholder rights and firm diversification: An empirical analysis," Journal of Banking & Finance, Elsevier, vol. 30(3), pages 947-963, March.
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