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

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