Abstract: The aim of this study is to examine the impact of the corporate governance (CG) mechanisms and ownership structure which include board of directors' characteristics, audit committee characteristics, and ownership structure on the firm's dividend payout policies of non-financial publicly listed companies in the Gulf Cooperation Council (GCC) countries. The study utilizes multivariate regression models. The models developed in this study are the main model which includes all the corporate governance variables and three sub-models of the board of directors' characteristics, audit committee characteristics, and ownership structure. A significant association has been found between board of directors' meetings, board of directors' committees, audit committee size, audit committee independence, affiliated ownership and block ownership with the firm's dividend payout policies. Also, a significant relationship has been found between one of the control variables which is the return on equity and the firm's dividend payout policy. The results of this study are undoubted of great interest to the regulatory bodies, shareholders, and governments in the emerging markets. Also, the results of this study can be used as a guideline by the shareholders and other stakcholders to set a sound and efficient CG structured that can support the organization in minimizing the agency problem, by establishing a more effective CG controls without incurring non-value adding costs. The study findings can provide a valuable insight to the shareholders in GCC countries and aid in understating the impact of different CG mechanisms which includes board of directors' characteristics, audit committee characteristics and ownership structure on the firm's dividend payout policies through the prospective of the agency theory. Keywords: dividend payout policies, corporate governance, board of directors, audit committee, ownership structure, GCC Countries.