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Corporate governance and dividend policy Mehar, Ayub UNSPECIFIED 2002 Online at HYPERLINK http://mpra.ub.uni-muenchen.de/619/http://mpra.ub.uni-muenchen.de/619/ MPRA Paper No. 619, posted 07. November 2007 / 01:09 Mehar, Ayub (2002): Corporate governance and dividend policy. Published in: Pakistan Economic and Social Review 1 XLIII (2005): pp.?115-128CORPORATE GOVERNANCE AND DIVIDEND POLICY BY DR. AYUB MEHAR _______________________________________________________________________________ JEL Classification Number: G30, G35, M41 Key Words: Dividend Policy, Closed Companies, Postulate of Separate Entity, Executive Compensation, and Insiders Ownership ABSTRACT The Long-term return behavior of dividend-changing firms has been investigated in the study and it is estimated that 23 percent only incremental profits are transformed into dividend. The remaining profits are utilized for the additional investment. It is also concluded that concentration of ownership is also an important factor of the dividend payments. The results support the hypothesis that companies start to pay dividends after a certain level of growth. At the earlier stage companies concentrate on retained earnings. The Ordinary Least Square (OLS) technique has been applied in the study and the model has been estimated through the pooled data of annual audited accounts of 180 listed companies of the Karachi Stock Exchang (A) AN OVERVIEW OF THE CORPORATE GOVERNANCE AND DIVIDEND POLICIES IN PAKISTAN  From the reputations point of view, the payment of dividend is not less important than interest payment, at due time. The risk and the rate of return are the only difference between these two types of finances. The payment of dividend is considered extremely important, in some economies. The firms are even forced to pay dividend through external finances. However, in Pakistan, the dividend pay out ratio is low as compared to other emerging markets and it is thought that payment of dividend is directly