Board Reforms and Dividend Policy: International Evidence
研究了40个国家的董事会改革对企业股利政策的影响，发现改革后企业支付更高股利，尤其对改革前董事会治理弱的企业和外部治理强的国家更明显，支持股利结果模型。
Abstract We study the impact of board reforms implemented in 40 countries worldwide on corporate dividend policy. Using a difference-in-differences analysis, we find that firms pay higher dividends following the reforms. The increase in dividend payouts is more pronounced for firms with weak board governance in the pre-reform period and those in countries with strong external governance mechanisms. Our findings corroborate the dividend outcome model, which postulates that board reforms strengthen the monitoring role of the board and empower outside shareholders to force management to disgorge dividends.