الملخص الإنجليزي
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.
