الفهرس 
Corporate governanceOnly 14 pages are availabe for public view
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Abstract
The study seeks to investigate the relationship between corporate governance and the firm`s dividend policy of Egyptian listed firms during the period 2007 to 2010. In existing literature, the relationship between corporate governance and dividend policy is inconclusive. Hence, this study is aiming to provide some empirical evidence by investigating the role of corporate governance mechanisms in determining the firm`s dividend policy.
The researcher selected ten independent variables, which are board size, board composition, CEO duality, managerial ownership and the ranking of listed firms in ESG index as a proxy for corporate governance mechanisms, and firm`s performance, size, growth, debt level and industry type as control variables, to test their effect on dependent variable, which is dividend payout decision.
Descriptive analysis, Spearman`s coefficient of correlation analysis and binary logistic regression analysis were performed on a sample that includes all firms listed on Egyptian governance index, S&P/EGX ESG index, except banks and financial firms due to the difference in the nature of financial statements, profitability measures and liquidity assessment.
The results of the study showed the following. The ranking of corporations in S&P EGX/ESG index, board size, managerial ownership
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and return on equity are the significant factors affect the corporate dividend payout decision. There is a negative significant relationship between the ranking of firms in governance index, S&P EGX/ESG index and dividend decision. Results also showed that the corporate board size, managerial ownership and the return on equity have positive significant influence on dividend payout decision. This study concluded that companies with higher board size, higher managerial ownership, higher return on equity and higher score in governance index, were more likely to take a decision of distributing dividends.
The study results support the signaling theory, the agency theory which are the most applied theories in Egypt, this is showed through a positive significant relationship between the managerial ownership and return on equity, and dividend payout decision.