CORPORATE GOVERNANCE AND DIVIDEND PAYOUT POLICY: BEYOND COUNTRY‐LEVEL GOVERNANCE
研究了30个国家大量企业的数据，发现公司治理越好，股利支付越多，但这一关系只在股东权利弱的国家显著；在股东权利强的国家，公司治理与股利支付无关，且2008-2009年金融危机前后治理的作用发生变化。
Abstract We address the mixed empirical findings on how corporate governance affects dividend payout policy by analyzing a large sample of firms from 30 countries. Our results indicate that firms with better firm‐level governance pay more dividends, even after controlling for country‐level governance. However, this relation is pronounced only in countries with low shareholder rights. In addition, we find that when the shareholder rights index is high, firm‐level governance is unrelated to dividend payout in the full sample period. Finally, we show that in high‐shareholder‐rights countries, firm‐level governance changes its role from before to after the 2008–2009 financial crisis.