We study the impact of board reforms implemented in 40 countries worldwide on corporate dividend policy. Using a … difference-in-differences analysis, we find that firms pay higher dividends following the reforms. The increase in dividend … external governance mechanisms. Our findings corroborate the dividend outcome model, which postulates that board reforms …

, we find that family control is negatively related to the dividend payout ratio. Family firms are less (more) likely to … increase (omit) dividends than non-family firms. These negative associations between family firms and dividend policy are more …