公司治理与股利平滑:来自巴基斯坦上市银行的证据

IF 0.8 Q4 BUSINESS, FINANCE

Asian Journal of Business and Accounting Pub Date : 2018-12-18 DOI:10.22452/AJBA.VOL11NO2.3

Z. Ali, Yang Hanming, Assad Ullah

{"title":"公司治理与股利平滑:来自巴基斯坦上市银行的证据","authors":"Z. Ali, Yang Hanming, Assad Ullah","doi":"10.22452/AJBA.VOL11NO2.3","DOIUrl":null,"url":null,"abstract":"Manuscript type: Research paper Research aims: This paper empirically examines the effects of ownership and board structure on dividend smoothing in Pakistani listed banks between 2006 and 2014. Design/Methodology/Approach: This study employs random Tobit regression to analyse the effects of ownership and board structure on dividend smoothing. It also applies principal component analysis (PCA) to develop a corporate governance index. Research findings: The findings indicate that Pakistani banks with concentrated and foreign ownership, small size audit committee and less independent boards, exhibit higher levels of dividend smoothing. Interestingly, the study finds Pakistani banks having a joint position of CEO and chairperson, demonstrate lesser dividend smoothing. The study concludes that increasing dividends is an alternative monitoring mechanism for shareholders who are enclosed within a weak corporate governance environment such as Pakistan. Theoretical contribution/Originality: This study contributes to previous literature on corporate governance and dividend smoothing by investigating the role of the boards and the ownership structure. It also fills the research gap by investigating the impact of corporate governance on dividend smoothing by using the CG-Index. Practitioner/Policy implications: The findings of this study offer practical implications for payout and corporate governance policies. Higher information asymmetry and regulatory requirements, low shareholders’ rights and weak corporate governance environment make dividend smoothing another tool for safeguarding the interest of minority shareholders in Pakistani listed banks. Currently, regulators in Pakistan are only focusing on corporate governance mechanism as a means of protecting shareholders. This study recommends that smooth dividends can serve as an additional instrument to help safeguard the minority shareholders’ interest from expropriation. Research limitation: The findings of this study may not be generalised due to the small sample size. Keywords: Dividend Smoothing, Corporate Governance, Tobit Regression, Principal Component Analysis, PakistanJEL Classification: G350, G300, C24, C19","PeriodicalId":54083,"journal":{"name":"Asian Journal of Business and Accounting","volume":" ","pages":""},"PeriodicalIF":0.8000,"publicationDate":"2018-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Corporate Governance and Dividend Smoothing: Evidence from Pakistani Listed Banks\",\"authors\":\"Z. Ali, Yang Hanming, Assad Ullah\",\"doi\":\"10.22452/AJBA.VOL11NO2.3\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Manuscript type: Research paper Research aims: This paper empirically examines the effects of ownership and board structure on dividend smoothing in Pakistani listed banks between 2006 and 2014. Design/Methodology/Approach: This study employs random Tobit regression to analyse the effects of ownership and board structure on dividend smoothing. It also applies principal component analysis (PCA) to develop a corporate governance index. Research findings: The findings indicate that Pakistani banks with concentrated and foreign ownership, small size audit committee and less independent boards, exhibit higher levels of dividend smoothing. Interestingly, the study finds Pakistani banks having a joint position of CEO and chairperson, demonstrate lesser dividend smoothing. The study concludes that increasing dividends is an alternative monitoring mechanism for shareholders who are enclosed within a weak corporate governance environment such as Pakistan. Theoretical contribution/Originality: This study contributes to previous literature on corporate governance and dividend smoothing by investigating the role of the boards and the ownership structure. It also fills the research gap by investigating the impact of corporate governance on dividend smoothing by using the CG-Index. Practitioner/Policy implications: The findings of this study offer practical implications for payout and corporate governance policies. Higher information asymmetry and regulatory requirements, low shareholders’ rights and weak corporate governance environment make dividend smoothing another tool for safeguarding the interest of minority shareholders in Pakistani listed banks. Currently, regulators in Pakistan are only focusing on corporate governance mechanism as a means of protecting shareholders. This study recommends that smooth dividends can serve as an additional instrument to help safeguard the minority shareholders’ interest from expropriation. Research limitation: The findings of this study may not be generalised due to the small sample size. Keywords: Dividend Smoothing, Corporate Governance, Tobit Regression, Principal Component Analysis, PakistanJEL Classification: G350, G300, C24, C19\",\"PeriodicalId\":54083,\"journal\":{\"name\":\"Asian Journal of Business and Accounting\",\"volume\":\" \",\"pages\":\"\"},\"PeriodicalIF\":0.8000,\"publicationDate\":\"2018-12-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asian Journal of Business and Accounting\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.22452/AJBA.VOL11NO2.3\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Journal of Business and Accounting","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.22452/AJBA.VOL11NO2.3","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 2

摘要

手稿类型：研究论文研究目的：本文实证检验了2006年至2014年间巴基斯坦上市银行所有权和董事会结构对股息平滑的影响。设计/方法/方法：本研究采用随机托比特回归分析所有权和董事会结构对股息平滑的影响。它还应用主成分分析（PCA）来制定公司治理指数。研究结果：研究结果表明，巴基斯坦银行拥有集中的外资所有权，审计委员会规模较小，董事会独立性较低，股息平滑程度较高。有趣的是，研究发现，巴基斯坦银行同时担任首席执行官和董事长，股息平滑程度较低。该研究得出结论，增加股息是对巴基斯坦等公司治理环境薄弱的股东的一种替代监督机制。理论贡献/原创性：本研究通过调查董事会和股权结构的作用，对以往关于公司治理和股息平滑的文献做出了贡献。它还通过使用CG指数调查公司治理对股息平滑的影响来填补研究空白。从业者/政策含义：这项研究的结果为支出和公司治理政策提供了实际意义。更高的信息不对称和监管要求、较低的股东权利和薄弱的公司治理环境，使股息平滑成为巴基斯坦上市银行维护少数股东利益的另一工具。目前，巴基斯坦的监管机构只关注公司治理机制，将其作为保护股东的一种手段。本研究建议，平稳股息可以作为一种额外的工具，帮助保护少数股东的利益不被征用。研究局限性：由于样本量较小，本研究的结果可能无法概括。关键词：股息平滑，公司治理，托比特回归，主成分分析，巴基斯坦JEL分类：G350，G300，C24，C19

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Corporate Governance and Dividend Smoothing: Evidence from Pakistani Listed Banks

Manuscript type: Research paper Research aims: This paper empirically examines the effects of ownership and board structure on dividend smoothing in Pakistani listed banks between 2006 and 2014. Design/Methodology/Approach: This study employs random Tobit regression to analyse the effects of ownership and board structure on dividend smoothing. It also applies principal component analysis (PCA) to develop a corporate governance index. Research findings: The findings indicate that Pakistani banks with concentrated and foreign ownership, small size audit committee and less independent boards, exhibit higher levels of dividend smoothing. Interestingly, the study finds Pakistani banks having a joint position of CEO and chairperson, demonstrate lesser dividend smoothing. The study concludes that increasing dividends is an alternative monitoring mechanism for shareholders who are enclosed within a weak corporate governance environment such as Pakistan. Theoretical contribution/Originality: This study contributes to previous literature on corporate governance and dividend smoothing by investigating the role of the boards and the ownership structure. It also fills the research gap by investigating the impact of corporate governance on dividend smoothing by using the CG-Index. Practitioner/Policy implications: The findings of this study offer practical implications for payout and corporate governance policies. Higher information asymmetry and regulatory requirements, low shareholders’ rights and weak corporate governance environment make dividend smoothing another tool for safeguarding the interest of minority shareholders in Pakistani listed banks. Currently, regulators in Pakistan are only focusing on corporate governance mechanism as a means of protecting shareholders. This study recommends that smooth dividends can serve as an additional instrument to help safeguard the minority shareholders’ interest from expropriation. Research limitation: The findings of this study may not be generalised due to the small sample size. Keywords: Dividend Smoothing, Corporate Governance, Tobit Regression, Principal Component Analysis, PakistanJEL Classification: G350, G300, C24, C19

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Asian Journal of Business and Accounting BUSINESS, FINANCE-

CiteScore

2.00

自引率

11.10%

发文量

期刊介绍： An academic journal that aims to advance knowledge in the business and accounting disciplines, to narrow the gap between theory and practice, and to set direction for policy initiatives in Asia. Welcome to the Asian Journal of Business and Accounting (AJBA). AJBA is an international refereed journal, published biannually (30th June and 30th December) by the Faculty of Business and Accountancy, University of Malaya, Malaysia. AJBA aims to publish scholarly business researches that are relevant to Malaysia and the Asian region. It intends to highlight the practical implications in promoting better business decision making process and the formulation of public policy in Asia. This journal publishes theoretical, conceptual, and empirical papers within the broad areas of business and accounting in Asia. The AJBA covers a broad spectrum of the business and accounting disciplines. A suggestive (though not necessarily comprehensive) list of areas that would be included in this journal are: general management, strategic management, human resource management, organizational behaviour, labour and industrial relations, international business management, business communication, entrepreneurship, leadership, management science, operations management, production management, supply chain management, marketing management, brand management, consumer behaviour, information management, e-marketing, e-commerce, quality management, retailing, service marketing, hospitality management, hotel and tourism management, asset pricing, capital and money markets, corporate finance, derivatives markets, finance and banking, financial economics, etc.