أثر خصائص مجلس الإدارة و لجان المراجعة على معدل التوزيعات النقذية في الشركات الصناعية المصرية

Abstract EN

Higher Technological Institute, 10th of Ramadan City-Egypt This paper investigates the impact of board of directors characteristics and audit committees on payout ratio.

Hypotheses are formulated to represent the relationship between several independent variables of some characteristics of the board of directors (size of board of directors, percentage of nonexecutive members, number of meetings, the separation between the position of the chairman and CFO, ownership of shares, years of contract with board of directors members), audit committees (size of audit committee, financial experience of audit committee members, number of meetings, independence of audit committee members) and the dependent variable of payout ratio.

Based on a sample of 47 companies listed on Egyptian Stock Exchange Market, financial statements of a time series of 5 years (2006-2010) are used to test the hypotheses.

The findings reveal a positive significant relationship between board of directors characteristics, audit Committees and payout ratio.

Furthermore, the results suggest that board of directors characteristics have a greater impact on payout ratio compared to audit committee.