This study investigates the effect of board diversity in terms of gender and ethnicity on dividend payout policy when a firm has free cash flow agency problem. It also tests whether the probability of diverse boards would minimize free cash flow agency problem through making large dividend...

This study examines whether the association between selected governance variables and earnings informativeness depends on surplus free cash flow agency problem in the Malaysian environment, where concentrated shareholding by family members is common and minority investor protection is relatively...

Existing studies on corporate governance mainly focus on how a strong governance system enhances the valuation of firms with cash holding or free cash flow agency problem. The objectives of this paper are threefold. First, it investigates the impact of surplus free cash flows (SFCF) on earnings...