The Impact of Corporate Governance on the Dividend Distribution Policy of Multinational and Domestic Enterprises
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Abstract
Objective: this study examines the impact of a company’s status as a multinational enterprise (MNE) or a domestic enterprise (DE) on its dividend distribution policy. It also analyzes the moderating effect of corporate governance mechanisms on the payout ratios of MNEs. Methods: the research draws on a sample of 3,397 publicly traded companies (40,310 observations) listed on the stock exchanges of countries designated as OECD key partners — Brazil, China, India, Indonesia, and South Africa — between 2008 and 2019. Data were sourced from the Capital IQ Pro, Bloomberg, and PRS Group databases. The analysis employs logistic regression (logit) and censored regression models (tobit). Results: the results support the proposed hypotheses. MNEs tend to reinvest excess cash in their own projects, while DEs are more inclined to distribute profits to shareholders. Additionally, managerial ownership in MNEs alters this behavior, increasing the likelihood of dividend distribution. Conclusions: these findings offer insights for corporate decision-making in multinational firms, particularly when considering political risk and tax burden in the choice between profit retention and shareholder distribution.
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Oliveira, E. C. de, Jucá, M. N., & Vieito, J. P. T. (2025). The Impact of Corporate Governance on the Dividend Distribution Policy of Multinational and Domestic Enterprises. Brazilian Administration Review, 22(2), e230105. https://doi.org/10.1590/1807-7692bar2025230105
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Research Articles
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References
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Akhtar, S. (2018b). Dividend policies across multinational and domestic corporations – An international study. Accounting and Finance, 58(3), 669-695. https://doi.org/10.1111/acfi.12179
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Athari, S. A. (2022). Does investor protection affect corporate dividend policy? Evidence from Asian markets. Bulletin of Economic Research, 74(2), 579-598. https://doi.org/10.1111/boer.12310
Attig, N., Ghoul, S. E., Guedhami, O., & Zheng, X. (2021). Dividends and economic policy uncertainty: International evidence. Journal of Corporate Finance, 66. https://doi.org/10.1016/j.jcorpfin.2020.101785
Bahreini, M., & Adaoglu, C. (2018). Dividend payouts of travel and leisure companies in Western Europe: an analysis of the determinants. Tourism Economics, 24(7), 801-820. https://doi.org/10.1177/1354816618780867
Baker, H. K., Dewasiri, N. J., Koralalage, W. B. Y., & Azeez, A. A. (2019). Dividend policy determinants of Sri Lankan firms: A triangulation approach. Managerial Finance, 45(1), 2-20. https://doi.org/10.1108/MF-03-2018-0096
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Byoun, S., Chang, K., & Kim, Y. (2016). Does corporate board diversity affect corporate payout policy? Asia-Pacific Journal of Financial Studies, 45, 48-101. https://doi.org/10.1111/ajfs.12119
Cameron, A. C., & Trivedi, P. K. (2010). Microeconometrics using Stata. Stata Press.
Charalambakis, E. C., Espenlaud, S. K., & Garrett, I. (2008). Leverage dynamics, the endogeneity of corporate tax status and financial distress costs, and capital structure. Social Science Research Network. https://papers.ssrn.com/sol3/papers.cfm?abstract id=110216891
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Cho, J. S., Greenwood-Nimmo, M., & Shin, Y. (2023). The asymmetric response of dividends to earning news. Finance Research Letters, 54, 103792. https://doi.org/10.1016/j.frl.2023.103792
Cohen, J. (1988). Statistical power analysis for the behavioral sciences. Routledge Academic.
Denis, D. J., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, 89(1) 62-82. https://doi.org/10.1016/j.jfineco.2007.06.006
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Ding, C., Ho, C.Y., & Chang, M. (2020). CEO and CFO equity compensation and dividend payout over the firm lifecycle. Global Finance Journal, 49, 100562. https://doi.org/10.1016/j.gfj.2020.100562
Fama, E. F., & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1) 3-43. http://dx.doi.org/10.2139/ssrn.203092
Farooq, O., & Ahmed, N. (2019). Dividend policy and political uncertainty: Evidence from the US presidential elections. Research in International Business and Finance, 48(1), 201-209. https://doi.org/10.1016/j.ribaf.2019.01.003
Fávero, L. P., & Belfiore, P. (2019). Data science for business and decision making. Academic Press.
Ghadhab, I. (2023). Bonding, signaling theory and dividend policy: Evidence from multinational firms. Journal of Asset Management, 24, 69-83. https://doi.org/10.1057/s41260-022-00289-7
Ghose, B., Baruah, D., & Gope, K. (2022). Propensity to propose and pay dividend: Does firm characteristics matter? Global Business Review, 0(0). https://doi.org/10.1177/09721509221110314
Geiler, P. & Renneboog, L. (2016). Executive remuneration and the payout decision. Corporate Governance: An International Review, 24(1), 42-63. https://doi.org/10.1111/corg.12127
Graham, J. R, Lemmon, M., & Schallheim, J. (1998). Debt, leases and the endogeneity of corporate tax status. Journal of Finance, 53(1), 131-162. https://doi.org/10.1111/0022-1082.55404
Graham, J. R. (2000). How big are the tax benefits of debt? Journal of Finance, 55(5), 1901-1941. https://doi.org/10.1111/0022-1082.00277
Gordon, M. J. (1963). Optimal investment and financing policy. Journal of Finance, 28(2), 264-272. https://doi.org/10.1111/j.1540-6261.1963.tb00722.x
Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting & Economics, 51(3), 314–338. https://doi.org/10.1016/j.jacceco.2011.01.005
Gyimah, D., & Gyapong. E. (2021). Managerial entrenchment and payout policy: A catering effect. International Review of Financial analysis, 73, 101600. https://doi.org/10.1016/j.irfa.2020.101600
Hair, J. F., Jr., Willian, C. B., Babin, B. J, & Anderson, R. E. (2018). Multivariate data analysis. Cengage.
Hosmer, D. W., Lemeshow. S., & Sturdivant. R. (2013). Aplied Logistic Regression. John Wiley.
Hussain, A., & Akbar, M. (2022). Dividend policy and earnings management: Do agency problem and financing constraints matter? Borsa Istanbul Review, 22(5), 839-853. https://doi.org/10.1016/j.bir.2022.05.003
Huang, T., Wu, F., Yu, J., & Zhang, B. (2015). Political risk and dividend policy: Evidence from international political crises. Journal of International Business Studies, 46(5), 1–22. https://doi.org/10.1057/jibs.2015.2
Im, J. (2021). Multinational investment policy: Why do multinational enterprises invest less? http://dx.doi.org/10.2139/ssrn.3769610
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329. https://www.jstor.org/stable/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
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Kanojia, S., & Bhatia, B. S. (2022). Corporate governance and dividend policy of the US and Indian companies. Journal of Management and Governance, 26, 1339-1373. https://doi.org/10.1007/s10997-021-09587-5
Kilincarslan, E. (2021) The influence of board independence on dividend policy in controlling agency problems in family firms. International Journal of Accounting & Information Management, 29(4), 552-582. https://doi.org/10.1108/IJAIM-03-2021-0056
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. Journal of Finance, 55(1), 1-33. https://doi.org/10.1111/0022-1082.00199
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, 46(2), 97-113. https://www.jstor.org/stable/1910664
Lintner, J. (1962). Dividends, earnings, leverage, stock prices and the supply of capital to corporations. Review Economics and Statistics, 44(3), 243-269. https://doi.org/10.2307/1927792
Lu, J. W., & Beamish, P. W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6‐7), 565-586. https://doi.org/10.1002/smj.184
Michel, A., & Shaked, A. (1986). Multinational corporations versus domestic corporation’s financial performance and characteristics. Journal of International Business Studies, (16), 89–104. https://doi.org/10.1057/palgrave.jibs.8490435
Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, (34)4, 411-433. https://doi.org/10.1086/294442
Mustafa, A., Saeed, A., Awais, M., & Aziz, S. (2020). Board-gender diversity, family ownership, and dividend announcement: Evidence from Asian emerging economies. Journal of Risk and Financial Management, 13(4), 1-20. https://doi.org/10.3390/jrfm13040062
Nazar, M. C. A. (2021). The influence of corporate governance on dividend decisions of listed firms: Evidence from Sri Lanka. Journal of Asian Finance, Economics and Business, 8(2), 289-295. https://doi.org/10.13106/jafeb.2021.vol8.no2.0289
Pattenden, K., & Twite, G. (2008). Taxes and dividend policy under alternative tax regimes. Journal of Corporate Finance, 14(1), 1-16. https://doi.org/10.1016/j.jcorpfin.2007.09.002
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