Does board structure drive dividends payout? Evidence from the Sultanate of Oman

Badar Alshabibi, Shanmuga Pria, Khaled Hussainey

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    The study investigates whether corporate board characteristics influence dividends policy in Omani-listed firms. It also examines whether this relationship is determined by the recent global oil crisis. Using a sample of 109 listed firms in Muscat Securities Exchange between 2009 and 2019, we find that dividends payout is positively associated with board independence, board activity, and board nationality diversity. Though, no evidence is found that board size and gender diversity have an impact on dividends payout. Interestingly, when controlling for the global oil crisis, none of the corporate board attributes influence dividends payout. This study presents a new evidence on the influence of board structure on dividends policy. The findings suggest that the impact of corporate board characteristics on dividends policy is contingent on the surrounding institutional environment (i.e. the recent global oil crisis).
    Original languageEnglish
    Pages (from-to)218-230
    JournalCorporate Ownership and Control
    Issue number4
    Publication statusPublished - 18 Aug 2021


    • Board Structure
    • Dividends Payout
    • Global Oil Crisis
    • Agency Conflict
    • Sultanate of Oman


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