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Volume :20 Issue : 3 2013      Add To Cart                                                                    Download

The Impact of Board of Directors' Characteristics and Audit Committees on Payout Ratio in Egyptian Industrial Corporations

Auther : Sameh M. Reyad

This paper investigates the impact of board of directors' characteristics and audit committees on payout ratio. Hypotheses are formulated to represent the relationship between several independent variables of some characteristics of the board of directors (size of board of directors, percentage of non-executive members, number of meetings, the separation between the position of the chairman and CFO, ownership of shares, years of contract with board of directors' members), audit committees (size of audit committee, financial experience of audit committee' members, number of meetings, independence of audit committee' members) and the dependent variable of payout ratio. Based on a sample of 47 companies listed on Egyptian Stock Exchange Market, financial statements of a time series of 5 years (2006-2010) are used to test the hypotheses. The findings reveal a positive significant relationship between board of directors' characteristics, audit Committees and payout ratio. Furthermore, the results suggest that board of directors' characteristics have a greater impact on payout ratio compared to audit committee.

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