CORPORATE GOVERNANCE AND DIVIDEND PAYOUT POLICY: BEYOND COUNTRY-LEVEL GOVERNANCE

被引：13

作者：

Chang, Bin ^{[1
]}

Dutta, Shantanu ^{[2
]}

Saadi, Samir ^{[2
]}

Zhu, Pengcheng ^{[3
]}

机构：

[1] Univ Ontario Inst Technol, Oshawa, ON, Canada

[2] Univ Ottawa, Ottawa, ON, Canada

[3] Univ San Diego, San Diego, CA 92110 USA

来源：

JOURNAL OF FINANCIAL RESEARCH | 2018年 / 41卷 / 04期

关键词：

INTERNATIONAL EVIDENCE; SHARE REPURCHASES; AGENCY COSTS; LAW; COMPETITION; INVESTMENT; MATTERS;

D O I：

10.1111/jfir.12159

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We address the mixed empirical findings on how corporate governance affects dividend payout policy by analyzing a large sample of firms from 30 countries. Our results indicate that firms with better firm-level governance pay more dividends, even after controlling for country-level governance. However, this relation is pronounced only in countries with low shareholder rights. In addition, we find that when the shareholder rights index is high, firm-level governance is unrelated to dividend payout in the full sample period. Finally, we show that in high-shareholder-rights countries, firm-level governance changes its role from before to after the 2008-2009 financial crisis.

引用

页码：445 / 484

页数：40

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