Dividend Policy of Russian Companies: Impact of Board of Directors

Ashot  Mirzoyan; Polina  Schukina; Anastasiia  Galich

doi:10.17323/j.jcfr.2073-0438.19.1.2025.98-114

Ashot Mirzoyan Lomonosov Moscow State University, Moscow, Russia https://orcid.org/0009-0005-9275-0099
Polina Schukina Lomonosov Moscow State University, Moscow, Russia https://orcid.org/0009-0007-8314-1165
Anastasiia Galich Lomonosov Moscow State University, Moscow, Russia https://orcid.org/0009-0001-1773-6378

DOI: https://doi.org/10.17323/j.jcfr.2073-0438.19.1.2025.98-114

Keywords: corporate governance, board of directors, dividend payments, company, outcome model, substitution model

Abstract

The purpose of this study is to examine the relationship between corporate governance and dividend policy of Russian companies based on two theoretical models: the outcome model and the substitution model, which imply the opposite nature of the relationship between corporate governance and dividend payments. The main characteristics of the board of directors as a key mechanism of corporate governance are considered: women representation on the board, independence of the board, the share of directors with foreign experience, frequency of meetings, permanence of the board composition, the average tenure of board members, concurrent independent directors and CEO duality. The novelty of the study lies in analyzing a wide range of characteristics of the boards of directors of Russian public companies whose shares are traded on the Moscow Exchange. Using a sample of 31 Russian companies for the period from 2010 to 2022, fixed-effects regression models showed that the women representation on the board of directors, concurrent independent directors and permanence of the board composition are positively related to dividend payments of Russian companies. No significant relationship was found between dividend payments and such corporate governance characteristics as board independence, the share of directors with foreign experience, frequency of board meetings, and the CEO’s membership in the board of directors. This may indicate the specifics of governance in Russian companies, where a high concentration of majority shareholders and government involvement may limit the influence of independent management bodies. The results of the study may be useful for company managers, investors and regulators to optimize corporate governance and make decisions regarding dividend policy.

Downloads

References

Gompers P., Ishii J., Metrick A. Corporate Governance and Equity Prices. The Quarterly Journal of Economics 2003;118(1):107–156. https://doi.org/10.1162/00335530360535162 DOI: https://doi.org/10.1162/00335530360535162

Jensen, C M. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 1986;76(2):323–329. URL: https://www.jstor.org/stable/1818789 Accessed on 13.11.2024

Lang L.H.P., Litzenberger R.H. Dividend announcements: Cash flow signalling vs. free cash flow hypothesis? Journal of Financial Economics 1989;24(1):181–191. https://doi.org/10.1016/0304-405X(89)90077-9 DOI: https://doi.org/10.1016/0304-405X(89)90077-9

La Porta R., Lopez-De-Silanes F., Shleifer A., et al. Agency Problems and Dividend Policies around the World. The Journal of Finance. 2000;55(1):1–33. https://doi.org/10.1111/0022-1082.00199 DOI: https://doi.org/10.1111/0022-1082.00199

Mili M., Sahut J.M., Teulon F. Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research. 2017;18(3):274–297. https://doi.org/10.1108/JAAR-07-2014-0079 DOI: https://doi.org/10.1108/JAAR-07-2014-0079

Jiraporn P., Kim J.C., Kim Y.S. Dividend Payouts and Corporate Governance Quality: An Empirical Investigation. The Financial Review. 2011;46(2):251–279. https://doi.org/10.1111/J.1540-6288.2011.00299.X DOI: https://doi.org/10.1111/j.1540-6288.2011.00299.x

Adjaoud F., Ben-Amar W. Corporate Governance and Dividend Policy: Shareholders’ Protection or Expropriation? Journal of Business Finance & Accounting 2010;37(5–6):648–667. https://doi.org/10.1111/J.1468-5957.2010.02192.X DOI: https://doi.org/10.1111/j.1468-5957.2010.02192.x

Sharma V. Independent directors and the propensity to pay dividends. Journal of Corporate Finance. 2011;17(4):1001–1015. https://doi.org/10.1016/j.jcorpfin.2011.05.003 DOI: https://doi.org/10.1016/j.jcorpfin.2011.05.003

Benjamin S.J., Mat Zain M. Corporate governance and dividends payout: Are they substitutes or complementary? Journal of Asia Business Studies. 2015;9(2):177–194. https://doi.org/10.1108/JABS-08-2014-0062 DOI: https://doi.org/10.1108/JABS-08-2014-0062

Officer M.S. Overinvestment, corporate governance, and dividend initiations. Journal of Corporate Finance 2011;17(3):710–724. https://doi.org/10.1016/J.JCORPFIN.2010.06.004 DOI: https://doi.org/10.1016/j.jcorpfin.2010.06.004

John K., Knyazeva A. Payout Policy, Agency Conflicts, and Corporate Governance. LSN: Law & Finance: Empirical (Topic). 2006. https://doi.org/10.2139/SSRN.841064 DOI: https://doi.org/10.2139/ssrn.841064

Ambardnishvili T.G., Berezinets I.V., Ilina Y.B., et al. Board of Directors and Dividend Policy in Russian Companies with Direct State Ownership. Journal of Corporate Finance Research = Korporativnye Finansy. 2017;11(1):50–77. (In Russ.) https://doi.org/10.17323/J.JCFR.2073-0438.11.1.2017.50-77 DOI: https://doi.org/10.17323/j.jcfr.2073-0438.11.1.2017.50-77

Nazarova V V., Emelyanova EO. Dividend policy of Russian companies with state participation: Influence of the board of directors. Vestnik of Saint Petersburg University. Management 2020; 19(1):97–125. https://doi.org/10.21638/11701/SPBU08.2020.104 DOI: https://doi.org/10.21638/11701/spbu08.2020.104

Larin A.V., Novak A.E., Khvostova I.E. How Corporate Governance Influence Dividends on Different Corporation Lifecycle Stages. St Petersburg University Journal of Economic Studies = Vestnik Sankt-Peterburgskogo universiteta. Ehkonomika. 2020;35(4):569–587. (In Russ.) https://doi.org/10.21638/spbu05.2019.404 DOI: https://doi.org/10.21638/spbu05.2019.404

Belous M. Dividend Policy of Russian Companies: Cancel Culture Effect. Journal of Corporate Finance Research = Korporativnye Finansy. 2023;17(4):114–131. (In Russ.) https://doi.org/10.17323/J.JCFR.2073-0438.17.4.2023.114-131 DOI: https://doi.org/10.17323/j.jcfr.2073-0438.17.4.2023.114-131

Ershova T., Zavertiaeva M., Kirpishchikov D. The impact of influential shareholders on corporate dividend policy: evidence from Russia. Journal of Economic Studies 2023;50(4):821–839. https://doi.org/10.1108/JES-12-2021-0610 DOI: https://doi.org/10.1108/JES-12-2021-0610

John K., Senbet L.W. Corporate Governance and Board Effectiveness. Journal of Banking & Finance. 1998;22(4):371-403. https://doi.org/10.1016/S0378-4266(98)00005-3 DOI: https://doi.org/10.1016/S0378-4266(98)00005-3

Boumosleh A., Cline B.N. Outside Director Stock Options and Dividend Policy. Journal of Financial Services Research. 2015;47(3):381–410. https://doi.org/10.1007/s10693-013-0174-2 DOI: https://doi.org/10.1007/s10693-013-0174-2

Bathala C.T., Rao R.P. The determinants of board composition: An agency theory perspective. Managerial and Decision Economics. 1995;16(1):59–69. https://doi.org/10.1002/MDE.4090160108 DOI: https://doi.org/10.1002/mde.4090160108

Bocharova I.YU. Dividend policy in the system of corporate governance of companies. Finansy i kredit. 2011;47(479):2-9. (In Russ.)

Becht M., Bolton P., Roell A. Corporate governance and control. Handbook of the Economics of Finance 2003;1(Part 1):1–109. https://doi.org/10.1016/S1574-0102(03)01005-7 DOI: https://doi.org/10.1016/S1574-0102(03)01005-7

Shleifer A., Vishny R.W. A Survey of Corporate Governance. The Journal of Finance. 1997;52(2):737–783. https://doi.org/10.1111/J.1540-6261.1997.TB04820.X DOI: https://doi.org/10.1111/j.1540-6261.1997.tb04820.x

Mitton T. Corporate governance and dividend policy in emerging markets. Emerging Markets Review. 2004;5(4):409–426. https://doi.org/10.1016/J.EMEMAR.2004.05.003 DOI: https://doi.org/10.1016/j.ememar.2004.05.003

Jiraporn P., Ning Y. Dividend Policy, Shareholder Rights, and Corporate Governance. Social Science Research Network. 2006. https://doi.org/10.2139/SSRN.931290 DOI: https://doi.org/10.2139/ssrn.931290

Sawicki J. Corporate governance and dividend policy in Southeast Asia pre- and post-crisis. The European Journal of Finance. 2009;15(2):211–230. https://doi.org/10.1080/13518470802604440 DOI: https://doi.org/10.1080/13518470802604440

Shapovalova S. Determinants of Dividend Payments of Russian Companies. Journal of Corporate Finance Research = = Korporativnye Finansy. 2023;17(1):54–63. https://doi.org/10.17323/J.JCFR.2073-0438.17.1.2023.54-63 DOI: https://doi.org/10.17323/j.jcfr.2073-0438.17.1.2023.54-63

Hambrick D.C., Mason P.A. Upper Echelons: The Organization as a Reflection of Its Top Managers. Academy of Management Review. 1984;9(2):193–206. https://doi.org/10.5465/AMR.1984.4277628 DOI: https://doi.org/10.2307/258434

Adams R.B., Hermalin B.E., Weisbach M.S. The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey. Journal of Economic Literature. 2010;48(1):58–107. https://doi.org/10.1257/JEL.48.1.58 DOI: https://doi.org/10.1257/jel.48.1.58

Boshnak H.A. The impact of board composition and ownership structure on dividend payout policy: evidence from Saudi Arabia. International Journal of Emerging Markets. 2023;18(9):3178–3200. https://doi.org/10.1108/IJOEM-05-2021-0791 DOI: https://doi.org/10.1108/IJOEM-05-2021-0791

Schellenger M.H., Wood D.D., Tashakori A. Board of Director Composition, Shareholder Wealth, and Dividend Policy. Journal of Management. 1989;15(3):457–467. https://doi.org/10.1177/014920638901500308 DOI: https://doi.org/10.1177/014920638901500308

Chen J., Leung W.S., Goergen M. The impact of board gender composition on dividend payouts. Journal of Corporate Finance. 2017;43:86–105. https://doi.org/10.1016/J.JCORPFIN.2017.01.001 DOI: https://doi.org/10.1016/j.jcorpfin.2017.01.001

Saeed A., Sameer M. Impact of board gender diversity on dividend payments: Evidence from some emerging economies. International Business Review. 2017;26(6):1100–1113. https://doi.org/10.1016/J.IBUSREV.2017.04.005 DOI: https://doi.org/10.1016/j.ibusrev.2017.04.005

Tao Q, Wei KCJ, Xiang X, Yi B. Board directors’ foreign experience and firm dividend payouts. Journal of Corporate Finance 2022;75:102237. https://doi.org/10.1016/J.JCORPFIN.2022.102237 DOI: https://doi.org/10.1016/j.jcorpfin.2022.102237

Karim A.K.M.W., van Zijl T., Mollah S. Impact of board ownership, CEO-Chair duality and foreign equity participation on auditor quality choice of IPO companies: Evidence from an emerging market. International Journal of Accounting and Information Management. 2013;21(2):148–169. https://doi.org/10.1108/18347641311312285 DOI: https://doi.org/10.1108/18347641311312285

Vafeas N. Board meeting frequency and firm performance. Journal of Financial Economics. 1999;53(1):113–142. https://doi.org/10.1016/S0304-405X(99)00018-5 DOI: https://doi.org/10.1016/S0304-405X(99)00018-5

Mangena M., Tauringana V. Audit Committees and Voluntary External Auditor Involvement in UK Interim Reporting. International Journal of Auditing. 2008;12(1):45–63. https://doi.org/10.1111/J.1099-1123.2008.00369.X DOI: https://doi.org/10.1111/j.1099-1123.2008.00369.x

Elmagrhi M.H., Ntim C.G., Crossley R.M., et al. Corporate governance and dividend pay-out policy in UK listed SMEs: The effects of corporate board characteristics. International Journal of Accounting and Information Management. 2017;25(4):459–483. https://doi.org/10.1108/IJAIM-02-2017-0020 DOI: https://doi.org/10.1108/IJAIM-02-2017-0020

Vafeas N. Length of Board Tenure and Outside Director Independence. Journal of Business Finance & Accounting. 2003;30(7–8):1043–1064. https://doi.org/10.1111/1468-5957.05525 DOI: https://doi.org/10.1111/1468-5957.05525

Ntim C.G., Osei K.A. The Impact of Corporate Board Meetings on Corporate Performance in South Africa. African Review of Economics and Finance. 2011;2(2):83-103. https://ssrn.com/abstract=1974115

Laksmana I. Corporate Board Governance and Voluntary Disclosure of Executive Compensation Practices. Contemporary Accounting Research. 2008;25(4):1147–1182. https://doi.org/10.1506/CAR.25.4.8 DOI: https://doi.org/10.1506/car.25.4.8

Karamanou I., Vafeas N., Karamanou I., et al. The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis. Journal of Accounting Research. 2005;43(3):453–486. https://doi.org/10.1111/J.1475-679X.2005.00177.X DOI: https://doi.org/10.1111/j.1475-679X.2005.00177.x

Hu H.W., Tam O.K., Tan M.G.S. Internal governance mechanisms and firm performance in China. Asia Pacific Journal of Management. 2010;27:727–749. https://doi.org/10.1007/S10490-009-9135-6 DOI: https://doi.org/10.1007/s10490-009-9135-6

Brick I.E., Chidambaran N.K. Board meetings, committee structure, and firm value. Journal of Corporate Finance. 2010;16(4):533–553. https://doi.org/10.1016/J.JCORPFIN.2010.06.003 DOI: https://doi.org/10.1016/j.jcorpfin.2010.06.003

Al-Daoud K.I., Saidin S.Z., Abidin S. Board meeting and firm performance: evidence from the Amman Stock Exchange. Corporate Board: role, duties and composition. 2016;12(2):6–11. https://doi.org/10.22495/CBV12I2ART1 DOI: https://doi.org/10.22495/cbv12i2art1

Chen L., Chen S. The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations. 2011;8(3):121-129.

Uskova N. How Do Corporate Governance Factors Influence Banks’ Value? Evidence from Russia. Journal of Corporate Finance Research = Korporativnye Finansy. 2023;17(1):27–43. https://doi.org/10.17323/J.JCFR.2073-0438.17.1.2023.27-43 DOI: https://doi.org/10.17323/j.jcfr.2073-0438.17.1.2023.27-43

Lipton M., Lorsch J.W. A modest proposal for improved corporate governance. Business Lawyer. 1992;48(1):59–77. URL: https://www.jstor.org/stable/40687360 Accessed on 13.11.2024

Jensen M.C. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance. 1993;48(3):831–880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x DOI: https://doi.org/10.1111/j.1540-6261.1993.tb04022.x

Dissanayake K.T., Dissabandara H. The impact of board of directors’ characteristics on dividend policy: Evidence from a developing country. Corporate Governance and Sustainability Review. 2021;5(2):44-56. https://doi.org/10.22495/CGSRV5I2P4 DOI: https://doi.org/10.22495/cgsrv5i2p4

Chintrakarn P., Jiraporn P., Treepongkaruna S., et al. The effect of board independence on dividend payouts: A quasi-natural experiment. The North American Journal of Economics and Finance. 2022;63:101836. https://doi.org/10.1016/j.najef.2022.101836 DOI: https://doi.org/10.1016/j.najef.2022.101836

Borokhovich K.A., Brunarski K.R., Harman Y., et al. Dividends, Corporate Monitors and Agency Costs. The Financial Review. 2005;40(1):37–65. https://doi.org/10.1111/J.0732-8516.2005.00092.X DOI: https://doi.org/10.1111/j.0732-8516.2005.00092.x

Linck J.S., Netter J.M., Yang T. The Effects and Unintended Consequences of the Sarbanes-Oxley Act on the Supply and Demand for Directors. The Review of Financial Studies. 2009;22(8):3287–3328. https://doi.org/10.1093/RFS/HHN084 DOI: https://doi.org/10.1093/rfs/hhn084

Dalton D.R., Daily C.M., Ellstrand A.E., et al. Meta-Analytic Reviews of Board Composition, Leadership Structure, and Financial Performance. Strategic Management Journal. 1998;19(3):269–290. URL: https://www.jstor.org/stable/3094100 Accessed on 13.11.2024 DOI: https://doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.0.CO;2-K

Yarram S.R., Dollery B. Corporate governance and financial policies. Managerial Finance. 2015;41(3):267–285. https://doi.org/10.1108/MF-03-2014-0086 DOI: https://doi.org/10.1108/MF-03-2014-0086

Kanojia S., Bhatia B.S. Corporate governance and dividend policy of the US and Indian companies. Journal of Management and Governance. 2022;26(4):1339–1373. https://doi.org/10.1007/S10997-021-09587-5 DOI: https://doi.org/10.1007/s10997-021-09587-5

Al-Najjar B., Hussainey K. The association between dividend payout and outside directorships. Journal of Applied Accounting Research. 2009;10(1):4–19. https://doi.org/10.1108/09675420910963360 DOI: https://doi.org/10.1108/09675420910963360

Abor J., Fiador V. Does corporate governance explain dividend policy in Sub-Saharan Africa? International Journal of Law and Management. 2013;55(3):201–225. https://doi.org/10.1108/17542431311327637 DOI: https://doi.org/10.1108/17542431311327637

Iqbal S. The impact of corporate governance on dividend decision of firms: Evidence from Pakistan. African Journal of Business Management. 2013;7(11):811–817. https://doi.org/10.2139/ssrn.2278993 DOI: https://doi.org/10.2139/ssrn.2278993

Kilincarslan E. The influence of board independence on dividend policy in controlling agency problems in family firms. International Journal of Accounting & Information Management. 2021;29(4):552–582. https://doi.org/10.1108/IJAIM-03-2021-0056 DOI: https://doi.org/10.1108/IJAIM-03-2021-0056

Teplova T.V., Zaltsman A.A. Cross-country Comparative Analysis of Dividend Practice: Evidence From Russian and Foreign Markets. Russian Management Journal = Rossiiskii zhurnal menedzhmenta. 2015;13(2):29–66. (In Russ.) URL: https://rjm.spbu.ru/article/view/179 Accessed on 13.11.2024

Kyaw K., Olugbode M., Petracci B. Does gender diverse board mean less earnings management? Finance Research Letters. 2015;14:135–141. https://doi.org/10.1016/J.FRL.2015.05.006 DOI: https://doi.org/10.1016/j.frl.2015.05.006

Carter D.A., Simkins B.J., Simpson W.G. Corporate Governance, Board Diversity, and Firm Value. Financial Review. 2003;38(1):33–53. https://doi.org/10.1111/1540-6288.00034 DOI: https://doi.org/10.1111/1540-6288.00034

Adams R.B., Ferreira D. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics. 2009;94(2):291–309. https://doi.org/10.1016/J.JFINECO.2008.10.007 DOI: https://doi.org/10.1016/j.jfineco.2008.10.007

Murhadi W.R., Tjipta R.V., Ernawati E. The Effect of Corporate Governance toward Dividend Payout Ratio. Journal of Entrepreneurship & Business. 2022;3(2):94–103. https://doi.org/10.24123/JEB.V3I2.4948 DOI: https://doi.org/10.24123/jeb.v3i2.4948

Chen G., Crossland C., Huang S. Female board representation and corporate acquisition intensity. Strategic Management Journal. 2016;37(2):303–313. https://doi.org/10.1002/SMJ.2323 DOI: https://doi.org/10.1002/smj.2323

Pucheta-Martínez M.C., Bel-Oms I. The board of directors and dividend policy: The effect of gender diversity. Industrial and Corporate Change. 2016;25(3):523–547. https://doi.org/10.1093/ICC/DTV040 DOI: https://doi.org/10.1093/icc/dtv040

Tahir H., Masri R., Rahman M.M. Impact of board attributes on the firm dividend payout policy: evidence from Malaysia. Corporate Governance. 2020;20(5):919–937. https://doi.org/10.1108/CG-03-2020-0091 DOI: https://doi.org/10.1108/CG-03-2020-0091

Post C., Byron K. Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal. 2015;58(5):1546–1571. https://doi.org/10.5465/AMJ.2013.0319 DOI: https://doi.org/10.5465/amj.2013.0319

Benjamin S.J., Biswas P. Board gender composition, dividend policy and COD: the implications of CEO duality. Accounting Research Journal. 2019;32(3):454–476. https://doi.org/10.1108/ARJ-02-2018-0035 DOI: https://doi.org/10.1108/ARJ-02-2018-0035

Khan A., Kent Baker H. Board diversity and dividend policy in India. Asia Pacific Journal of Management. 2023. https://doi.org/10.1007/S10490-023-09922-4 DOI: https://doi.org/10.1007/s10490-023-09922-4

Fauziah E.I., Probohudono A.N., Setiawan D. The Effect of Board Gender Diversity on Dividend Payments : Evidence from Indonesia. Australasian Accounting, Business and Finance Journal. 2022;16(6):3–22. https://doi.org/10.14453/aabfj.v16i6.02 DOI: https://doi.org/10.14453/aabfj.v16i6.02

Sun J., Liu G., Lan G. Does Female Directorship on Independent Audit Committees Constrain Earnings Management? Journal of Business Ethics. 2011;99:369–382. https://doi.org/10.1007/S10551-010-0657-0 DOI: https://doi.org/10.1007/s10551-010-0657-0

Waweru N.M., Prot N.P. Corporate governance compliance and accrual earnings management in eastern Africa: Evidence from Kenya and Tanzania. Managerial Auditing Journal. 2018;33(2):171–191. https://doi.org/10.1108/MAJ-09-2016-1438 DOI: https://doi.org/10.1108/MAJ-09-2016-1438

Orazalin N. Board gender diversity, corporate governance, and earnings management: Evidence from an emerging market. Gender in Management. 2020;35(1):37–60. https://doi.org/10.1108/GM-03-2018-0027 DOI: https://doi.org/10.1108/GM-03-2018-0027

Iliev P., Roth L. Learning from directors’ foreign board experiences. Journal of Corporate Finance. 2018;51:1–19. https://doi.org/10.1016/J.JCORPFIN.2018.04.004 DOI: https://doi.org/10.1016/j.jcorpfin.2018.04.004

Xiang X., Chen C.R., Liu Y., et al. Are directors with foreign experience better monitors? Evidence from investment efficiency. Review of Quantitative Finance and Accounting. 2024;62:799–840. https://doi.org/10.1007/S11156-023-01221-9 DOI: https://doi.org/10.1007/s11156-023-01221-9

Pucheta-Martínez M.C., López-Zamora B. How foreign and institutional directorship affects corporate dividend policy. Investment Analysts Journal. 2017;46(1):44–60. https://doi.org/10.1080/10293523.2016.1253136 DOI: https://doi.org/10.1080/10293523.2016.1253136

Khan A., Yilmaz M.K., Aksoy M. Does board demographic diversity affect the dividend payout policy in Turkey? EuroMed Journal of Business. 2024;19(2):276–297. https://doi.org/10.1108/EMJB-01-2022-0019 DOI: https://doi.org/10.1108/EMJB-01-2022-0019

Setiawan R., Aslam A.P. Board Diversity and Dividend Payout Ratio: Evidence from Family Firms in Indonesia. Jurnal Minds: Manajemen Ide dan Inspirasi. 2018;5(2):133-146. https://doi.org/10.24252/MINDS.V5I2.6232 DOI: https://doi.org/10.24252/minds.v5i2.6232

Hamzah A.H., Zulkafli A.H. Board Diversity and Corporate Expropriation. Procedia - Social and Behavioral Sciences. 2014;164:562–568. https://doi.org/10.1016/J.SBSPRO.2014.11.146 DOI: https://doi.org/10.1016/j.sbspro.2014.11.146

Ararat M., Aksu M.H., Tansel Cetin A. The Impact of Board Diversity on Boards’ Monitoring Intensity and Firm Performance: Evidence from the Istanbul Stock Exchange. INTL: MNE Functions (Topic). 2010. https://doi.org/10.2139/SSRN.1572283 DOI: https://doi.org/10.2139/ssrn.1572283

Liu G., Sun J. Director tenure and independent audit committee effectiveness. International Research Journal of Finance and Economics. 2010;51:176-189. URL: https://scholar.uwindsor.ca/odettepub/9 Accessed on 13.11.2024

Jiraporn P., Chintrakarn P. Staggered boards, managerial entrenchment, and dividend policy. Journal of Financial Services Research. 2009;36(1):1–19. https://doi.org/10.1007/S10693-009-0059-6 DOI: https://doi.org/10.1007/s10693-009-0059-6

Shivdasani A. Board composition, ownership structure, and hostile takeovers. Journal of Accounting and Economics 1993;16(1–3):167–198. https://doi.org/10.1016/0165-4101(93)90009-5 DOI: https://doi.org/10.1016/0165-4101(93)90009-5

Carpenter M.A., Westphal J.D. The Strategic Context of External Network Ties: Examining the Impact of Director Appointments on Board Involvement in Strategic Decision Making. Academy of Management Journal. 2001;44(4):639–660. URL: https://www.jstor.org/stable/3069408 Accessed on 13.11.2024 DOI: https://doi.org/10.2307/3069408

Field L., Lowry M., Mkrtchyan A. Are busy boards detrimental? Journal of Financial Economics. 2013;109(1):63–82. https://doi.org/10.1016/J.JFINECO.2013.02.004 DOI: https://doi.org/10.1016/j.jfineco.2013.02.004

Byrd J., Cooperman E.S., Wolfe G.A. Director tenure and the compensation of bank CEOs. Managerial Finance. 2010;36(2):86–102. https://doi.org/10.1108/03074351011014523 DOI: https://doi.org/10.1108/03074351011014523

Fich E.M., Shivdasani A. Are Busy Boards Effective Monitors? The Journal of Finance. 2006;61(2):689–724. https://doi.org/10.1111/j.1540-6261.2006.00852.x DOI: https://doi.org/10.1111/j.1540-6261.2006.00852.x

Ferris S.P., Jagannathan M., Pritchard A.C. Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments. The Journal of Finance. 2003;58(3):1087–1111. https://doi.org/10.1111/1540-6261.00559 DOI: https://doi.org/10.1111/1540-6261.00559

Sun L., Yu H. The effects of busy board on firm’s probability to pay dividends. Research in International Business and Finance. 2022;60:101596. https://doi.org/10.1016/J.RIBAF.2021.101596 DOI: https://doi.org/10.1016/j.ribaf.2021.101596

Baliga B.R., Charles Moyer R., Rao R.S. CEO Duality and Firm Performance: What’s the Fuss? Strategic Management Journal. 1996;17(1):41–53. URL: https://www.jstor.org/stable/2486936 Accessed on 13.11.2024 DOI: https://doi.org/10.1002/(SICI)1097-0266(199601)17:1<41::AID-SMJ784>3.0.CO;2-#

Chen Z., Cheung Y.L., Stouraitis A., et al. Ownership concentration, firm performance, and dividend policy in Hong Kong. Pacific-Basin Finance Journal. 2005;13(4):431–449. https://doi.org/10.1016/J.PACFIN.2004.12.001 DOI: https://doi.org/10.1016/j.pacfin.2004.12.001

Nguyen H.V., Dang H.N., Dau H.H. Influence of Corporate Governance on Dividend Policy in Vietnam. The Journal of Asian Finance, Economics and Business. 2021;8(2):893–902. https://doi.org/10.13106/JAFEB.2021.VOL8.NO2.0893

Sumail L.O. Corporate governance and dividend payout ratio in non-financial firms listed in Indonesian Stock Exchange. Business and Economic Horizons (BEH). 2018;14(4):851–861. https://doi.org/10.22004/ag.econ.287233 DOI: https://doi.org/10.15208/beh.2018.58

Gill A., Obradovich J. Coporate Governance, Institutional Ownership, and the Decision to Pay the Amount of Dividends: Evidence from USA. International Research Journal of Finance and Economics. 2012;(97):60-71. URL: https://digitalcommons.liberty.edu/busi_fac_pubs/26 Accessed on 13.11.2024

Aivazian V., Booth L., Cleary S. Do Emerging Market Firms Follow Different Dividend Policies From U.S. Firms? The Journal of Financial Research. 2003;26(3):371–387. https://doi.org/10.1111/1475-6803.00064 DOI: https://doi.org/10.1111/1475-6803.00064

Hu A., Kumar P. Managerial Entrenchment and Payout Policy. Journal of Financial and Quantitative Analysis. 2004;39(4):759–790. https://doi.org/10.1017/S0022109000003203 DOI: https://doi.org/10.1017/S0022109000003203

Leary M.T., Michaely R. Determinants of Dividend Smoothing: Empirical Evidence. The Review of Financial Studies. 2011;24(10):3197–3249. https://doi.org/10.1093/RFS/HHR072 DOI: https://doi.org/10.1093/rfs/hhr072

Rajput M., Jhunjhunwala S. Corporate governance and payout policy: evidence from India. Corporate Governance. 2020;19(5):1117–1132. https://doi.org/10.1108/CG-07-2018-0258 DOI: https://doi.org/10.1108/CG-07-2018-0258

Michaely R., Roberts M.R. Corporate Dividend Policies: Lessons from Private Firms. The Review of Financial Studies. 2012;25(3):711–746. https://doi.org/10.1093/rfs/hhr108 DOI: https://doi.org/10.1093/rfs/hhr108

McGuinness P.B., Lam K.C.K., Vieito J.P. Gender and other major board characteristics in China: Explaining corporate dividend policy and governance. Asia Pacific Journal of Management. 2015;32:989–1038. https://doi.org/10.1007/S10490-015-9443-Y DOI: https://doi.org/10.1007/s10490-015-9443-y

Byoun S., Chang K., Kim Y.S. Does Corporate Board Diversity Affect Corporate Payout Policy? Asia-Pacific Journal of Financial Studies. 2016;45(1):48–101. https://doi.org/10.1111/AJFS.12119 DOI: https://doi.org/10.1111/ajfs.12119

Ankudinov A.B., Lebedev O.V. Dividend Payouts of Russian Companies against the Backdrop of Financial Crisis. Journal of Corporate Finance Research = Korporativnye Finansy. 2016;10(3):38–56. (In Russ.) https://doi.org/10.17323/J.JCFR.2073-0438.10.3.2016.38-56 DOI: https://doi.org/10.17323/j.jcfr.2073-0438.10.3.2016.38-56

Puzakov A., Mirzoyan A., Galich A. Dividend Payments by Russian Companies: A Signal to the Market or a Consequence of Agency Conflicts? Journal of Corporate Finance Research = Korporativnye Finansy. 2024;18(1):62–74. (In Russ.) https://doi.org/10.17323/J.JCFR.2073-0438.18.1.2024.62-74 DOI: https://doi.org/10.17323/j.jcfr.2073-0438.18.1.2024.62-74

Borah N., James H.L., Park J.C. Does CEO inside debt compensation benefit both shareholders and debtholders? Review of Quantitative Finance and Accounting. 2020;54:159–203. https://doi.org/10.1007/s11156-018-00786-0 DOI: https://doi.org/10.1007/s11156-018-00786-0

Myers S.C., Majluf N.S. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics. 1984;13(2):187–221. https://doi.org/10.1016/0304-405X(84)90023-0 DOI: https://doi.org/10.1016/0304-405X(84)90023-0

DeAngelo H., DeAngelo L., Stulz R.M. Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics. 2006;81(2):227–254. https://doi.org/10.1016/J.JFINECO.2005.07.005 DOI: https://doi.org/10.1016/j.jfineco.2005.07.005

Fama E.F., French K.R. Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics. 2001;60(1):3–43. https://doi.org/10.1016/S0304-405X(01)00038-1 DOI: https://doi.org/10.1016/S0304-405X(01)00038-1

Abramov A.E., Radygin A.D., Chernova M.I., et al. «Загадка дивидендов» и российский рынок акций. Часть 1. Вопросы экономики 2020; 0(1):66–92. https://doi.org/10.32609/0042-8736-2020-1-66-92

Abramov A.E., Radygin A.D., Chernova M.I., et al. The “dividend puzzle” and the Russian stock market. Part 1. Voprosy Ekonomiki. 2020;(1):66-92. (In Russ.) https://doi.org/10.32609/0042-8736-2020-1-66-92 DOI: https://doi.org/10.32609/0042-8736-2020-1-66-92

Tahir H., Rahman M., Masri R. Do board traits influence firms’ dividend payout policy? Evidence from Malaysia. The Journal of Asian Finance, Economics and Business. 2020;7(3):87–99. https://doi.org/10.13106/JAFEB.2020.VOL7.NO3.87 DOI: https://doi.org/10.13106/jafeb.2020.vol7.no3.87

Thompson E.K., Adasi Manu S. The impact of board composition on the dividend policy of US firms. Corporate Governance. 2020;21(5):737–753. https://doi.org/10.1108/CG-05-2020-0182 DOI: https://doi.org/10.1108/CG-05-2020-0182

Niu F., Berberich G. Director tenure and busyness and corporate governance. International Journal of Corporate Governance. 2015;6(1):56–69. https://doi.org/10.1504/IJCG.2015.069766 DOI: https://doi.org/10.1504/IJCG.2015.069766

Miller D. Some Organizational Consequences CEO Succession. Academy of Management Journal. 1993;36(3):644–659. URL: https://www.jstor.org/stable/256597 Accessed on 13.11.2024 DOI: https://doi.org/10.2307/256597

Reger R.K. Review. Reviewed Work: Strategic Leadership: Top Executives and Their Effects on Organizations by Sydney Finkelstein, Donald C. Hambrick. Academy of Management Review. 1997;22(3):802–805. https://doi.org/10.2307/259414 DOI: https://doi.org/10.2307/259414

Ntim C.G., Opong K.K., Danbolt J. Board size, corporate regulations and firm valuation in an emerging market: a simultaneous equation approach. International Review of Applied Economics. 2015;29(2):194–220. https://doi.org/10.1080/02692171.2014.983048 DOI: https://doi.org/10.1080/02692171.2014.983048

Bernile G., Bhagwat V., Yonker S. Board diversity, firm risk, and corporate policies. Journal of Financial Economics. 2018;127(3):588–612. https://doi.org/10.1016/j.jfineco.2017.12.009 DOI: https://doi.org/10.1016/j.jfineco.2017.12.009

Juhmani O. Corporate boards, ownership structure and dividend payout: evidence from Bahrain. Journal of Critical Reviews 2020;7(12). DOI: https://doi.org/10.31838/jcr.07.12.07

Abdelsalam O., El-Masry A., Elsegini S. Board composition, ownership structure and dividend policies in an emerging market: Further evidence from CASE 50. Managerial Finance. 2008;34(12):953–964. https://doi.org/10.1108/03074350810915879 DOI: https://doi.org/10.1108/03074350810915879

Trinh V.Q., Elnahass M., Salama A. Board busyness and new insights into alternative bank dividends models. Review of Quantitative Finance and Accounting. 2021;56:1289–1328. https://doi.org/10.1007/S11156-020-00924-7 DOI: https://doi.org/10.1007/s11156-020-00924-7