Dividend payout and corporate governance in emerging markets: which governance provisions matter?
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.
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Bibliographic InfoPaper 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.
Length: 30 pages
Date of creation: 2012
Date of revision:
Corporate governance; Outcome and substitution agency models of dividends; Dividend payout; Emerging markets.;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-08-23 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- 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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