Board Reforms and Dividend Policy: International Evidence

Kee‐Hong Bae · Sadok El Ghoul · Omrane Guedhami · Xiaolan Zheng

135 citations0/0 files storedJournal of Financial and Quantitative Analysis

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Law

Abstract

Abstract We study the impact of board reforms implemented in 40 countries worldwide on corporate dividend policy. Using a difference-in-differences analysis, we find that firms pay higher dividends following the reforms. The increase in dividend payouts is more pronounced for firms with weak board governance in the pre-reform period and those in countries with strong external governance mechanisms. Our findings corroborate the dividend outcome model, which postulates that board reforms strengthen the monitoring role of the board and empower outside shareholders to force management to disgorge dividends.

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References

1998Law and Finance 2003Corporate Governance and Equity Prices 2003Earnings management and investor protection: an international comparison 2003Enjoying the Quiet Life? Corporate Governance and Managerial Preferences 2008The law and economics of self-dealing 1998Agency Problems and Dividend Policies Around the World 2010The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey 2009Governance Matters VIII: Aggregate And Individual Governance Indicators 1996-2008

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