The effect of board structures on dividend payout policy
Yönetim kurulu yapılarının temettü ödeme politikası üzerindeki etkisi
- Tez No: 917230
- Danışmanlar: Belirtilmemiş.
- Tez Türü: Yüksek Lisans
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: dividend payout policy, board structures, ceo power, agency theory
- Yıl: 2017
- Dil: İngilizce
- Üniversite: Bangor Unıversıty-Prıfysgol Bangor
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: İslam Ekonomisi ve Finansı Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
There are two different options to reduce the agency cost for the companies; active monitoring the board structure which can be accomplished by the outsider directors, and dividend payout policy. Efficient monitoring and controlling board of directors might decrease the dividend payout ratio. Therefore, the two-tier board structure might have a different effect on dividend payout policy than the other form of board structures. In this study, the relationship between the board structure and dividend payout policy is investigated. For this purpose, a sample of 5821 listed financial and non-financial companies from 18 countries including the USA and Europe nations are grouped according to their board structure types; unitary and dual board structure and the data includes information related with CEOs, board structures and compositions, and financial indicators are collected for a period, from 1999 to 2016 and tested using panel data regression model. The major contribution of the study indicates that two-tier board structure has an adverse effect on dividend payout policy as expected. As the supervisory board performs to monitor and control the board of directors and CEOs, the need of distributing dividend payout disappears for those companies that have a supervisory board. Lastly, the powerful CEOs affect dividend payout policy in a direct way; more deeply, the longer the CEO tenure and the higher CEO ownership have a positive impact on dividend policy which is consistent with previous studies.
Özet (Çeviri)
Özet çevirisi mevcut değil.
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