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Internal pyramid structure, judicial efficiency, firm-level governance and dividend policy

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  • Shah, Muhammad Hashim
  • Xiao, Zuoping
  • Abdullah,

Abstract

This study examines the moderating effect of judicial efficiency and firm-level governance on the relationship between internal pyramid structure and dividend. The results suggest that the effect of the vertical and horizontal pyramid structure on the dividend is negative and significant. We find that the impact of the pyramid's vertical structure on the dividend is more substantial than the horizontal structure. The results also reveal that judicial efficiency and firm-level governance moderate the association between complex ownership structures and dividends.

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  • Shah, Muhammad Hashim & Xiao, Zuoping & Abdullah,, 2023. "Internal pyramid structure, judicial efficiency, firm-level governance and dividend policy," International Review of Economics & Finance, Elsevier, vol. 83(C), pages 764-785.
    • Handle: RePEc:eee:reveco:v:83:y:2023:i:c:p:764-785
    DOI: 10.1016/j.iref.2022.10.019
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