Title: Dividend policy under the influence of corporate governance quality: an empirical analysis from Asian emerging markets

Authors: Um-E-Roman Fayyaz; Michelina Venditti; Raja Nabeel-Ud-Din Jalal

Addresses: DEA-Università degli Studi 'G.d'Annunzio' Chieti-Pescara, Viale Pindaro, 42, 65127 Pescara, PE, Italy ' DEA-Università degli Studi 'G.d'Annunzio' Chieti-Pescara, Viale Pindaro, 42, 65127 Pescara, PE, Italy ' DEA-Università degli Studi 'G.d'Annunzio' Chieti-Pescara, Viale Pindaro, 42, 65127 Pescara, PE, Italy

Abstract: In the present study, we investigate the influence of corporate governance quality on the dividend policy of Asian emerging markets. First, we assess the level of corporate governance quality through a comprehensive index comprised of the combined board governance attributes (board of directors, ownership status, and progressive practices) and firm fundamentals through attributes of financial ratios. Then, using a sample of non-financial firms from the stock exchanges of the respective emerging markets (China, India, and Pakistan), our results depict firms' corporate governance quality as a relevant factor for dividend pay-out.

Keywords: corporate governance quality; firm fundamentals; dividend policy; dividend pay-outs; emerging markets; Asia.

DOI: 10.1504/GBER.2023.127551

Global Business and Economics Review, 2023 Vol.28 No.1, pp.22 - 38

Received: 30 Sep 2021
Accepted: 10 Jan 2022
Published online: 08 Dec 2022 *