As one of the strategies adopted in managing companies, the dividend decisions are influenced by corporate governance. Therefore, the present research aims at investigating into the effect of corporate governance such as ownership structure and the board composition on
More
As one of the strategies adopted in managing companies, the dividend decisions are influenced by corporate governance. Therefore, the present research aims at investigating into the effect of corporate governance such as ownership structure and the board composition on dividend policies adopted in companies accepted in Tehran Stock Exchange. The sample consists of 106 companies during 2004 to 2008. The statistical results achieved through testing the research hypothesis using regression model of panel data show that variable of ownership concentration has a negative meaningful relationship with dividend payout ratio. Also, the percentage of the outside directors on the board has a positive meaningful relationship with dividend payout ratio. Moreover, no meaningful relationship was found between percentage of institutional ownership, percentage of management ownership, family ownership, independence of the board of directors and dividend payout ratio.
Manuscript profile