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Corporate governance and dividend pay-out policy in UK listed SMEs

Mohamed Elmagrhi Orcid Logo, Collins G. Ntim, Richard M. Crossley, John K. Malagila, Samuel Fosu, Tien V. Vu

International Journal of Accounting & Information Management, Volume: 25, Issue: 4, Pages: 459 - 483

Swansea University Author: Mohamed Elmagrhi Orcid Logo

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DOI (Published version): 10.1108/ijaim-02-2017-0020

Abstract

Purpose: This paper examines the extent to which corporate board characteristics influencethe level of dividend pay-out ratio using a sample of UK small and medium-sized enterprises(SMEs) from 2010 to 2013 listed on the Alternative Investment Market.Design/methodology/approach: The data is analysed...

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Published in: International Journal of Accounting & Information Management
ISSN: 1834-7649
Published: Emerald 2017
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URI: https://cronfa.swan.ac.uk/Record/cronfa53270
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spelling 2020-10-19T14:52:32.8917111 v2 53270 2020-01-15 Corporate governance and dividend pay-out policy in UK listed SMEs 4def956b7e2d996ad0bfbfcb710b7ef6 0000-0003-3803-8496 Mohamed Elmagrhi Mohamed Elmagrhi true false 2020-01-15 BAF Purpose: This paper examines the extent to which corporate board characteristics influencethe level of dividend pay-out ratio using a sample of UK small and medium-sized enterprises(SMEs) from 2010 to 2013 listed on the Alternative Investment Market.Design/methodology/approach: The data is analysed by employing multivariate regressiontechniques, including estimating fixed effects, lagged effects and two-stage least squaresregressions.Findings: The results show that board size, the frequency of board meetings, board genderdiversity and audit committee size have a significant relationship with the level of dividendpay-out. Audit committee size and board size have a positive association with the level ofdividend pay-out, whilst the frequency of board meetings and board gender diversity has asignificant negative relationship with the level of dividend pay-out. By contrast, the findingssuggest that board independence and CEO role duality do not have any significant effect onthe level of dividend pay-out.Originality/value: This is one of the first attempts at examining the relationship betweencorporate governance and dividend policy in the UK’s Alternative Investment Market, with theanalysis distinctively informed by agency theoretical insights drawn from the outcome andsubstitution hypotheses. Journal Article International Journal of Accounting & Information Management 25 4 459 483 Emerald 1834-7649 corporate governance; corporate board characteristics; dividend pay-out policy; UK listed SMEs; outcome versus substitution hypothesis 2 10 2017 2017-10-02 10.1108/ijaim-02-2017-0020 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University 2020-10-19T14:52:32.8917111 2020-01-15T12:10:14.9866545 Professional Services ISS - Uncategorised Mohamed Elmagrhi 0000-0003-3803-8496 1 Collins G. Ntim 2 Richard M. Crossley 3 John K. Malagila 4 Samuel Fosu 5 Tien V. Vu 6 53270__16305__fdd0d57fb0334b4f9de6948ae623ddf1.pdf SSRN-id2938420-2.pdf 2020-01-15T12:13:28.9075169 Output 608819 application/pdf Accepted Manuscript true true eng
title Corporate governance and dividend pay-out policy in UK listed SMEs
spellingShingle Corporate governance and dividend pay-out policy in UK listed SMEs
Mohamed Elmagrhi
title_short Corporate governance and dividend pay-out policy in UK listed SMEs
title_full Corporate governance and dividend pay-out policy in UK listed SMEs
title_fullStr Corporate governance and dividend pay-out policy in UK listed SMEs
title_full_unstemmed Corporate governance and dividend pay-out policy in UK listed SMEs
title_sort Corporate governance and dividend pay-out policy in UK listed SMEs
author_id_str_mv 4def956b7e2d996ad0bfbfcb710b7ef6
author_id_fullname_str_mv 4def956b7e2d996ad0bfbfcb710b7ef6_***_Mohamed Elmagrhi
author Mohamed Elmagrhi
author2 Mohamed Elmagrhi
Collins G. Ntim
Richard M. Crossley
John K. Malagila
Samuel Fosu
Tien V. Vu
format Journal article
container_title International Journal of Accounting & Information Management
container_volume 25
container_issue 4
container_start_page 459
publishDate 2017
institution Swansea University
issn 1834-7649
doi_str_mv 10.1108/ijaim-02-2017-0020
publisher Emerald
college_str Professional Services
hierarchytype
hierarchy_top_id professionalservices
hierarchy_top_title Professional Services
hierarchy_parent_id professionalservices
hierarchy_parent_title Professional Services
department_str ISS - Uncategorised{{{_:::_}}}Professional Services{{{_:::_}}}ISS - Uncategorised
document_store_str 1
active_str 0
description Purpose: This paper examines the extent to which corporate board characteristics influencethe level of dividend pay-out ratio using a sample of UK small and medium-sized enterprises(SMEs) from 2010 to 2013 listed on the Alternative Investment Market.Design/methodology/approach: The data is analysed by employing multivariate regressiontechniques, including estimating fixed effects, lagged effects and two-stage least squaresregressions.Findings: The results show that board size, the frequency of board meetings, board genderdiversity and audit committee size have a significant relationship with the level of dividendpay-out. Audit committee size and board size have a positive association with the level ofdividend pay-out, whilst the frequency of board meetings and board gender diversity has asignificant negative relationship with the level of dividend pay-out. By contrast, the findingssuggest that board independence and CEO role duality do not have any significant effect onthe level of dividend pay-out.Originality/value: This is one of the first attempts at examining the relationship betweencorporate governance and dividend policy in the UK’s Alternative Investment Market, with theanalysis distinctively informed by agency theoretical insights drawn from the outcome andsubstitution hypotheses.
published_date 2017-10-02T04:06:08Z
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score 11.013731

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