Purpose

To examine the board of directors’ performance and if higher performance helps protect minority shareholders in an emerging capital market. Additionally, we determine if the different types of company ownership moderate the level of protection to minority shareholders.

Design/methodology/approach

The study develops a measure of board performance with their compensation. And it tests its association with the dividend payout decision of 300 of the largest Malaysian public listed companies (referred to as PLCs) over the period 2008 to 2014.

Findings

The results find that higher board productivity in terms of return on capital employed is associated with higher dividend payout. Additionally, the study finds that the board performance measure interacts with race, ethnicity and gender of the board of directors and CEO duality to affect the dividend payout decision of Malaysian PLCs.

Research limitations/implications

It is a single-country study of large Malaysian PLCs. And it uses only the governance mechanisms that have been shown in emerging capital markets to have the most significant effect on affecting the relationship between board performance and dividend payout.

Practical implications

The findings show the importance of inclusivity and diversity in governing State-controlled firms in an emerging capital market.

Originality/value

The findings suggest improving corporate boards’ performance, protecting minority shareholders and contributing to the corporate governance literature. Notably, the study highlights boardroom diversity’s importance to enhance the boards of State-controlled firms’ performance.

中文翻译：

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董事会表现及其与股息支付的关系：来自马来西亚的证据

目的

检查董事会的表现，以及更高的表现是否有助于保护新兴资本市场中的少数股东。此外，我们确定不同类型的公司所有权是否会降低对少数股东的保护水平。

设计/方法/方法

该研究开发了一种衡量董事会绩效及其薪酬的方法。它还测试了它与 300 家最大的马来西亚上市公司（简称 PLC）在 2008 年至 2014 年期间的股息支付决定的关联。

发现

结果发现，就所用资本回报率而言，更高的董事会生产力与更高的股息支付相关。此外，该研究发现，董事会绩效指标与董事会的种族、民族和性别以及首席执行官的双重身份相互作用，从而影响马来西亚 PLC 的股息支付决策。

研究限制/影响

这是一项针对马来西亚大型 PLC 的单一国家研究。它仅使用新兴资本市场中已证明对影响董事会绩效与股息支付之间的关系具有最显着影响的治理机制。

实际影响

调查结果显示了包容性和多样性在新兴资本市场中治理国有企业的重要性。

原创性/价值

调查结果表明可以提高公司董事会的绩效，保护少数股东并为公司治理文献做出贡献。值得注意的是，该研究强调了董事会多元化对提高国有企业董事会绩效的重要性。