CEO Attributes, Dividend Payout Decisions, and the Moderating Role of Family Ownership

Authors

  • Dr. Salman Riaz Assistant Professor, School of Accounting and Finance, The University of Lahore
  • Numaria Aslam School of Accounting and Finance, The University of Lahore
  • Muhammad Zain ul Abidin Lahore Business School, The University of Lahore

Abstract

Multiple theoretical lenses have examined how CEO attributes impede general-specific firms' outcomes. This study examines CEO attributes that affect a firm's strategic decisions, like dividend decisions underpinning upper echelons' theory. Using the large firm-year observations of 2,927 listed firms on the Pakistan stock exchange from 2012-2021, the results revealed that CEO ownership, financial expertise, experience, and tenure are positively associated with a firm's dividend decisions. Additionally, family ownership moderates this relationship at various levels, confirming the social identity of family-owned firms. The study's findings are consistent with upper-echelon theory and contribute to the dividend puzzle literature in emerging economy settings.

Keywords: CEO attributes, dividend decisions, family ownership, Upper Echelons Theory.

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Published

2025-05-13

Issue

Vol. 4 No. 2 (2025): Journal of Business and Management Research (JBMR)

Section

Articles

How to Cite

CEO Attributes, Dividend Payout Decisions, and the Moderating Role of Family Ownership. (2025). Journal of Business and Management Research, 4(2), 156-182. https://jbmr.com.pk/index.php/Journal/article/view/406