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Corporate governance and dividend strategy: lessons from Australia

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  • hussein abedi shamsabadi
  • Byung-Seong Min
  • Richard Chung

Abstract

Purpose - The purpose of this paper is to empirically investigate the effects of corporate governance on the dividend payout in Australia where dividend payout remains high and corporate governance system has recently been strengthened. Design/methodology/approach - A self-constructed governance indexes over 2001-2013 is used for the random effect panel Tobit model to investigate the effect of corporate governance on cash dividend. Two different versions of the indexes and the traditionally emphasized governance elements such as board structure are also used for the robustness checks. Findings - Estimation results report that a positive effect of governance, combined with size of firm and profitability, on dividend payouts. In contrast, financial distress and the GFC respectively have negative effect on dividend policy. Further examinations imply that the positive effect of governance is attenuated by growth opportunities while intensified by firm free cash flow and the franked dividend policy. Originality/value - In this paper the sample period and the governance index respectively are the longest and the most comprehensive among existing studies in the case of Australia. This paper also combined the traditional governance-dividend theme with corporate tax, particularly the unique franked dividend tax system.

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  • hussein abedi shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing, vol. 12(5), pages 583-610, October.
  • Handle: RePEc:eme:ijmfpp:v:12:y:2016:i:5:p:583-610
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    1. Diyan Lestari, 2018. "Corporate Governance, Capital Reserve, Non-Performing Loan, and Bank Risk Taking," International Journal of Economics and Financial Issues, Econjournals, vol. 8(2), pages 25-32.

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