DIVIDEND POLICY AND CORPORATE GOVERNANCE: INTERNATIONAL EXPERIENCE AND APPLICATION TO UZBEKISTAN

Article Sidebar

PDF
Published: Sep 11, 2024
Keywords:
Dividend Policy, Corporate Governance, International Experience, Uzbekistan, Comparative Analysis, Emerging Markets, Regulatory Environment, Market Maturity, Foreign Investment, Sustainable Growth.

Main Article Content

Abdugafforov Otabek Dilshodbek ugli
Kimyo International University in Tashkent Namangan branch, master's degree in business management

Abstract

This study examines the relationship between dividend policy and corporate governance, with a focus on the international experience and its application to Uzbekistan. By analyzing a comprehensive dataset from diverse global markets, the research identifies best practices and key determinants of effective dividend policies within the framework of robust corporate governance. The methodology includes a comparative analysis of governance structures and dividend distribution strategies across developed and emerging economies. In the context of Uzbekistan, the study evaluates the current state of corporate governance and its influence on dividend policy decisions. The findings reveal significant variations in dividend practices influenced by governance mechanisms, regulatory environments, and market maturity. Recommendations are provided for Uzbekistan to enhance its corporate governance standards and optimize dividend policies to attract foreign investment and promote sustainable growth.

Article Details

How to Cite
Abdugafforov Otabek Dilshodbek ugli. (2024). DIVIDEND POLICY AND CORPORATE GOVERNANCE: INTERNATIONAL EXPERIENCE AND APPLICATION TO UZBEKISTAN. Research Focus International Scientific Journal, 3(6), 42–47. Retrieved from https://refocus.uz/index.php/1/article/view/884
Issue
Vol. 3 No. 6 (2024): Research Focus International Scientific Journal 3 (6)
Section
08.00.00 – Economics sciences
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

References

Allen, F., & Michaely, R. (2003). Payout policy. In G. Constantinides, M. Harris, & R. M. Stulz (Eds.), Handbook of the Economics of Finance (Vol. 1, pp. 337-429). Elsevier.

Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527. https://doi.org/10.1016/j.jfineco.2004.07.004

Chen, Z., & Strange, R. (2005). The determinants of dividend policy: A review of the literature. Journal of Economic Surveys, 19(4), 533-569. https://doi.org/10.1111/j.0950-0804.2005.00261.x

Gill, A., & Mathur, N. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103(3), 351-383. https://doi.org/10.1007/s10551-011-0869-y

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27. https://doi.org/10.1016/S0304-405X(00)00065-9

Megginson, W. L., & Smart, S. B. (2008). Introduction to corporate finance (2nd ed.). South-Western Cengage Learning.

Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411-433. https://doi.org/10.1086/294442

Nguyen, T. T. M., Locke, S., & Reddy, K. (2019). Corporate governance and dividend policy: A review. International Review of Financial Analysis, 61, 54-69. https://doi.org/10.1016/j.irfa.2018.11.005

OECD. (2015). Corporate governance in Asia: Progress and challenges. OECD Publishing. https://doi.org/10.1787/9789264235195-en

World Bank Group. (2020). Doing business 2020: Comparing business regulation in 190 economies. World Bank Publications. https://doi.org/10.1596/978-1-4648-1440-2

Black, F. (1976). The dividend puzzle. Journal of Portfolio Management, 2(2), 5-8. doi:10.3905/jpm.1976.408558

Brealey, R. A., Myers, S. C., & Allen, F. (2016). Principles of Corporate Finance (12th ed.). McGraw-Hill Education.

Brigham, E. F., & Ehrhardt, M. C. (2014). Financial Management: Theory & Practice (14th ed.). South-Western College Pub.

DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the lifecycle theory. Journal of Financial Economics, 81(2), 227-254. doi:10.1016/j.jfineco.2005.07.005

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. doi:10.1016/S0304-405X(01)00038-1

Gordon, M. J. (1963). Optimal investment and financing policy. Journal of Finance, 18(2), 264-272. doi:10.2307/2977907

Graham, J. R., & Kumar, A. (2006). Do dividend clienteles exist? Evidence on dividend preferences of retail investors. Journal of Finance, 61(3), 1305-1336. doi:10.1111/j.1540-6261.2006.00873.x

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329. doi:10.2139/ssrn.99580

Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, 46(2), 97-113. doi:10.2307/1910664

Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. Journal of Business, 34(4), 411-433. doi:10.1086/294442

Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 575-592. doi:10.1111/j.1540-6261.1984.tb03646.x

Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249-259. doi:10.1111/j.1475-6803.1982.tb00299.x

Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737-783. doi:10.1111/j.1540-6261.1997.tb04820.x