Dividend payout and corporate governance in emerging markets: which governance provisions matter? Online publication date: Sun, 04-May-2014
by Thomas O'Connor
International Journal of Corporate Governance (IJCG), Vol. 4, No. 2, 2013
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 in emerging market firms.
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