Purpose

This paper aims to investigate the relation between corporate governance and dividend policy in Sri Lankan firms.

Design/methodology/approach

The data set consists of market data using 1,608 firm-year observations from 201 firms listed on the Colombo Stock Exchange and survey-based data from 151 respondents from the same 201 firms. The authors use data triangulation to examine the two approaches.

Findings

The analysis of the market data reveals that a significantly positive relation between corporate governance on both the propensity to pay dividends and dividend payout. Survey analysis confirms these findings. Triangulated evidence supports the outcome model of dividends, free cash flow and agency cost theories.

Practical implications

The findings are useful not only for management in developing suitable corporate governance practices and dividend policies for their firms but also for shareholders in evaluating both existing and new investments. Future researchers should investigate the same phenomenon in other contexts using triangulation approaches to confirm their findings.

Originality/value

This study is the first to use governance indices both in terms of survey and market-based data to examine the relation between corporate governance and dividend policy.

中文翻译：

---

斯里兰卡公司的公司治理和股息政策：数据三角剖分方法

目的

本文旨在研究斯里兰卡公司的公司治理与股息政策之间的关系。

设计/方法/方法

数据集包括使用来自科伦坡证券交易所上市的201家公司的1,608家公司年度观察数据和来自同一201家公司的151名受访者的基于调查的数据组成的市场数据。作者使用数据三角剖分来研究这两种方法。

发现

对市场数据的分析表明，公司治理在支付股息的倾向和支付股息方面都具有显着的正相关关系。调查分析证实了这些发现。三角证据支持股息，自由现金流和代理成本理论的结果模型。

实际影响

这些发现不仅对管理层为公司制定适当的公司治理实践和股利政策有用，而且对股东评估现有投资和新投资也很有用。未来的研究人员应使用三角剖分方法在其他情况下调查相同现象，以确认其发现。

创意/价值

这项研究是首次在调查和基于市场的数据中使用治理指标来检查公司治理与股息政策之间的关系。