... probability, dividend payout ratio, and dividend yield to measure the dividend policy and employ panel logit and tobit regression models. Findings The results indicate that diversity in nationality, experience and educational background play an influential role in encouraging companies to pay high...

... of political instability (changes in ruling party and government head and elections) and become willing to decrease dividend payment only when the government head changes. Practical implications The empirical findings contribute to the current debate on the signaling power of dividend policy in emerging...