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  • 2007 Fall: Volume 5, Issue 2
  • Dividend Policy, Corporate Governance, and the Capital Markets

    • Kiyoung Chang ;
    • Eun Kang

    Title:

    Dividend Policy, Corporate Governance, and the Capital Markets

    Author(s):

    Kiyoung Chang
    Eun Kang

    Publication Date:

    2007

    Journal Title:

    The Journal of Finance Issues

    Volume Number:

    5

    Issue Number:

    2

    Abstract:

    This paper examines whether there is a difference between the dividend policies practiced by firms operating in countries with different financial systems, namely, bank-based and market-based systems. Our results show that the dividend payout ratio is significantly higher for bank-based countries. When firms are grouped according to whether they are in market-based countries or in bank-based countries, the level of investor protection is positively related to dividend payout in market-based financial systems but negatively related to dividend payout in bank-based financial systems.

    First Page:

    1

    Last Page:

    14

    Total Pages:

    13