This paper examines the role of corporate governance as a determinant of dividend policy with Canadian data over the period 1997-2004. It finds that firms with large board favor higher dividend payments. Further, the ratio of option over cash in CEO's compensation negatively affects dividend...

We use a survey approach to investigate the factors leading to the decision not to pay cash dividends in Canada. Our results show that Canadian managers perceive growth opportunities, low profitability, and cash constraints as the major underlying reasons for a firm's decision not to pay...

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 when we control for country-level governance....