Business, Management and Accounting
6 years ago

Generous dividends protect shareholders, but powerful managers hoard cash

Corporate Governance
The mediating effect of dividend payout on the relationship between internal governance and free cash flow
Moncef Guizani

Paper Summary

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The study looked at how dividend payments affect the relationship between how a company is run internally and how much extra cash it has. They used data from 207 companies in the Gulf Cooperation Council countries. The results showed that having independent board members helps protect shareholders by encouraging higher dividend payments. However, when managers own a lot of the company, they tend to keep more cash for themselves instead of paying it out as dividends. This research can help policymakers and companies in emerging economies improve their corporate governance practices.