Impact of corporate governance on dividend policy: A systematic literature review of last two decades

Figures & data

Figure 1. Divergence of objectives.

Table 1. Boolean search

Concept	Keywords and search strings	Boolean operators
Corporate Governance	Corporate AND governance AND Dividend AND policy	AND, OR “Exact Phrase,” “adjective” forward and backward search andLimits (Publication date, publication types. Language).
Ownership	Ownership AND Dividend AND policy	AND, OR TRUNCATION(Owner*) “Exact Phrase,” “adjective” forward and backward search andLimits (Publication date, publication types. Language).
Agency cost	Agency AND cost AND Dividend AND policy	AND, OR TRUNCATION(Agency*) “Exact Phrase,” “adjective” forward and backward search andLimits (Publication date, publication types. Language).
Minority Shareholders	Minority AND Shareholders AND Dividend AND policy	AND, OR TRUNCATION(Minority*) “Exact Phrase,” “adjective” forward and backward search andLimits (Publication date, publication types. Language).

Figure 2. Year wise No. of papers published.

Figure 3. Top regions of study.

Figure 4. Top 6 countries of study.

Table

Authors(year)	Research Question	Research Sample	Findings
Hossain, Hossain, and Kryzanowski (2021)	Does political corruption impact dividend pay-out?	US firms	Firms headquartered in more corrupt states pay higher dividend
Barros et al. (2021)	Do activist shareholders influence a firm’s dividend policy?	US firms	Significant presence of activist shareholders increases the probability of a firm paying dividend.
Tran (2020)	Does corruption impact the decision to pay dividends and dividend pay-out ratio?	47 countries	Corruption is positively related to both the decision to pay dividends and the pay-out ratio
Ye et al. (2019)	Does board gender diversity increase dividend pay-outs?	22 countries	Strong positive relationship between board gender diversity and dividend pay-outs
Atanassov and Mandell (2018)	Does Corporate governance impact positively or negatively dividend pay-out?	US firms	Firms with weaker governance pay out more cash dividends than better governed firms
Chen, Leung, and Goergen (2017)	Does proportion of female directors on their board impacts dividend pay-outs?	US firms	Firms with a larger fraction of female directors on their board have greater dividend pay-outs
Geiler and Renneboog (2016)	Whether corporate pay-out policies are set by CEOs who intend to maximize their personal wealth?	UK firms	CEOs adopt a Pay-out policy that increases the value of their equity-based pay i.e., inclination towards share repurchase rather than dividend payment.
Chang, Kang, and Li (2016)	Does institutional ownership impact dividend pay-out?	US firms	Positive relationship between concentrated institutional ownership and dividend pay-out.
Renneboog and Szilagyi (2015)	Does low shareholder protection impact dividend pay-out?	Dutch firms	Firms operating in a restrictive governance regime prefer to pay less dividends
Burns, McTier, and Minnick (2015)	Does weak investor protection reduce dividend pay-out?	European countries	firms in weak investor protection countries use dividends to establish a favourable reputation with minority shareholders for distributing excess free cash flow.
Yarram and Dollery (2015)	Does board characteristics impact dividend pay-out?	Australian firms	Board independence has a significant positive influence on the dividend behaviour of Australian firms.
Michiels, Voordeckers, Lybaert, and Steijvers (2015)	Does conflict of interest between active and passive family shareholders impact dividend policy?	Belgian firms	Intra-familial conflict of interest results in a higher propensity to pay dividend
John, Knyazeva, and Knyazeva (2015)	Do weakly governed firms precommit dividend pay-out?	US firms	Firms precommit through pay-out and debt policies in the presence of weak corporate governance.
Eisdorfer, Giaccotto, and White (2015)	Does higher executive compensation impacts dividend pay-out?	US firms	Managers with high pension holdings are less likely to adopt a high dividend policy that can risk their future pension pay-outs.
Brockman, Tresl, and Unlu (2014)	Does insider trading laws impact dividend pay-out?	24 countries	Weak insider trading laws lead to a higher propensity of paying dividends, larger dividend amounts and greater dividend smoothing.
Abreu and Gulamhussen (2013)	Does banks with weak corporate governance pay more dividend?	US firms	Larger, more profitable, and low growth banks tend to pay more dividends thus dividends compensate for the need for monitoring.
Martins and Novaes (2012)	Does mandatory dividend rule increase the dividend yield?	Brazil firms	Average dividend yield in Brazil is higher than in the U.S. due to the mandatory dividend rule in Brazil.
Alzahrani, and Lasfer (2012)	Does the quality of investor protection impact dividend pay-out?	24 OECD countries	Firms in strong investor protection countries pay lower cash dividends.
Petrasek (2012)	Do transparent firms pay out more cash to shareholders?	Cross-listing in the USA	Cross-listing on exchanges which mandated higher standards of shareholder protection and financial transparency, leads firms to increase in the dividend payments.
Michaely and Roberts (2012)	Do public firms pay more dividends than private firms?	British firms	Public firms subject to stronger shareholder protection pay higher dividends compared to private firms.
Allen, Gottesman, Saunders, and Tang (2012)	Does monitoring by relationship banks impact the dividend pay-out?	US firms	Dividend pay-outs decline in the presence of monitoring by relationship banks, which acts as an effective governance mechanism.
Sharma (2011)	Does board independence impact the propensity to pay dividend?	US firms	Positive association between the propensity to pay and board independence.
Jiraporn, Kim and Kim (2011)	Does quality of corporate governance impact the propensity to pay dividend?	US firms	Firms with stronger governance exhibit a higher propensity to pay dividends.
Francis, Hasan, John, and song (2011)	Does passage of Anti-takeover law impact propensity to pay dividend?	US firms	Anti-takeover law leading to managerial entrenchment results in reduction of propensity to pay dividend.
John,Knyazeva, and Knyazeva(2015)	Does geography impact the dividend pay-out?	US firms	Remotely located firms, particularly those facing more severe free cash flow problems, use regular dividend payments to disgorge cash and mitigate agency costs.
Jeon, Lee, and Moffett (2011)	Does foreign ownership impact dividend pay-out?	Korean firms	Foreign investors lead firms to pay more dividends due to monitoring incentives.
Adjaoud and Ben-Amar (2010)	Does firm level corporate governance impact dividend pay-out?	Canada firms	Firms with stronger corporate governance have higher dividend pay-outs.
Jo and Pan (2009)	Does managerial entrenchment affect propensity to pay dividend?	US firms	Firms with entrenched managers are more likely to pay dividends.
Sawicki (2009)	Does corporate governance impact dividend pay-out?	5 east Asian countries	Strong positive relationship between governance and dividends emerges post-crisis, consistent with substantial improvements in governance.
Denis and Osobov (2008)	Does agency cost play a role in dividend pay-out?	sample across 6 countries.	Propensity to pay dividends is higher for firms whose retained earnings comprise a large fraction of total equity.
Von Eije and Megginson (2008)	Does financial reporting frequency impact dividend pay-out?	15 countries part of European union	Firms with higher financial reporting frequency are associated with higher pay-out.
Kowalewski, Stetsyuk, and Talavera (2007)	Does corporate governance impact dividend pay-out?	Public companies in Poland	One of the important determinants for dividend pay-out is corporate governance culture adopted in a firm.
Mitton (2004)	Does quality of corporate governance in a country impact dividend pay-out?	Firms in 19 countries	Compared to firms in Civil law countries, the firms in common law countries pay higher dividend.
Hu and Kumar (2004)	Does managerial entrenchment impact dividend policy?	US firms	Managerial entrenchment is a significant factor in the determination of pay-out policy.
Gugler and Yurtoglu (2003)	Does deviations from the one-share-one-vote rule impact dividend pay-out?	Germany	Deviations from the one-share-one-vote rule due to pyramidal and cross-ownership structures are associated with lower pay-out ratios.
La Porta et al. (2000)	Does corporate governance prevalent in a country impacts dividend pay-out?	Firms from 33 countries	Firms operating in countries with laws providing stronger shareholder protection pay higher dividends.

Table

Authors(year)	Research Question	Research Sample	Findings
Teng, Li and Yang (2021)	Does institutional ownership impact dividend pay-out of family-controlled firms?	Taiwan firms	Institutional ownership increased dividend pay-out in family-controlled firms.
Goyal et al. (2020)	Does extent of state ownership impact dividend pay-out?	191 firms from 26 countries	Extent of state ownership in privatized firms positively impacts dividend pay-out.
Li, Zhou, Yan, and Zhang (2020)	Does controlling shareholders share pledging impact dividend pay-out?	China firms	Controlling shareholders share pledging decreases firm cash dividend payments.
Wu et al. (2020)	Does family-controlled firms pay less dividend?	Taiwan firms	Family-controlled firms pay less cash dividends than non-family-controlled firms.
Balachandran et al. (2019)	Does insider ownership impact dividend policy?	Australian firms	Insider ownership positively influences dividend policy while higher foreign institutional ownership leads to less dividends.
Gonzalez, Molina, Pablo, and Rosso (2017)	Does concentration of ownership impact dividend pay-out?	6 Latin American countries	When ownership concentration is high and the largest investor is identified as an individual, firms tend to pay fewer dividends.
Attig et al. (2016)	Does family control impact pay-out?	Firms from East Asian countries	Family control is negatively related to the dividend pay-out ratio.
Isakov and Weisskopf (2015)	Does family firms pay higher dividend compared to other ownership structure?	Swiss firms	Founding family firms display significantly higher dividend pay-outs relative to companies with other ownership structures
Mori and Ikeda (2015)	Does ownership structure impact dividend pay-out?	Theoretical model	When dividend-averse individuals collectively hold a majority stake in a dispersed ownership structure, a dividend-seeking block holder might be compelled to propose lower dividends.
Al-Najjar and Belghitar (2014)	Does Institutional ownership affect dividend?	UK firms	Institutional ownership positively affects cash dividend payments
Michaely and Roberts (2012)	Do public firms pay higher dividends than private firms?	UK firms	Public firms pay higher dividends and the dividends are more sensitive to investment opportunities.
Pindado et al. (2012)	Does family firms pay higher dividend?	9 Eurozone countries	Family firms distribute higher and more stable dividends.
Leary and Michaely (2011)	Does level of institutional holding in a firm impact dividend smoothing?	US firms	Firms with greater institutional holding resort to more dividend smoothing.
Atmaja (2010)	Do family-controlled firms pay higher dividend?	Australian firms	Family controlled firms pay higher level of dividends.
Yoshikawa and Rasheed (2010)	Does family control impact dividend pay-out?	Japan firms	Family control is positively related to dividend pay-outs
Truong and Heaney (2007)	Does insider ownership impact dividend pay-out?	Firms from 37 countries	Probability of firms paying dividends increases with higher profitability, lower level of debt, and when an insider is not the largest shareholder.
Amihud and Li (2006)	Does institutional holding impact dividend policy?	US firms	Dividends are less likely to increase in firms with high institutional holdings.
Khan (2006)	Does insider ownership impact dividend policy?	UK firms	Dividends vary inversely with insider ownership.
Mancinelli and Ozkan (2006)	Does voting right of the largest shareholder impact dividend pay-out?	Italian firms	Firms make lower dividend pay-outs as the voting rights of the largest shareholder increase.
Grinstein and Michaely (2005)	Does institutional holding impact dividend policy?	US firms	Higher institutional holdings or a concentration of holdings do not cause firms to increase their dividends.
Goergen et al. (2004)	Does bank as a major shareholder in a firm impact the dividend policy?	German firms	Higher bank control in a firm increases the probability of the firm omitting dividend pay-outs.
Renneboog and Trojanowski (2007)	Does voting power of outside shareholder impact dividend policy?	UK firms	The Lintner model sensitivity of dividends to earnings is weaker when the firm has a large block holder.
Goergen et al. (2004)	Does voting power of largest block holder impact dividend pay-out?	German firms	Large block holder wields significant control and there is a U-shaped relation between the largest stockholder’s voting power and the dividend pay-outs.
Gugler (2003)	Does ownership structure impact dividend policy?	Austrian firms	State-controlled firms have higher pay-out ratios and are more reluctant to cut dividends than are family-controlled firms.
Short, Zhang and Keasey (2002)	Does institutional ownership impact dividend pay-out?	UK firms	Firms having Significant institutional ownership tend to pay higher dividend while firms with higher managerial ownership tend to pay lower dividend.
Fenn and Liang (2001)	Does management stock option impact dividend pay-out?	US firms	Managerial share ownership tends to increase dividends at companies with the most severe agency problems.
Faccio et al. (2001)	Does group affiliation in corporation impact dividend pay-out?	East Asian countries	Family control of firms dampens dividend pay-out.
Allen et al. (2000)	Does ownership structure impact dividend pay-out?	Theoretical model	Dividends serve as a side payment from individuals who delegate monitoring tasks to the block holder.

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