This paper examines the relationship between the strength of creditor rights, their legal enforcement, corporate governance and corporate dividend payout in a sample of 281 emerging market firms. It shows that the outcome model of dividends holds in emerging markets, but only where the legal...

Using data on listed banks in 51 countries, we analyze whether banks' dividend payouts are influenced by the relative strengths of the agency conflicts faced by their shareholders and creditors. We show that dividend policy depends on the relative strengths of these agency conflicts, but with a...

Using data on listed bankes in 51 countries, we analyze whether banks' dividend payouts are influenced by the relative strengths of the agency conflicts faced by their shareholders and creditors. We show that dividend policy depends on the relative strengths of these agency conflicts, but with a...