Information asymmetry and dividend payout in an emerging market: Does corporate governance quality matter?

The Impact of Firm Risk and the COVID-19 Crisis on Working Capital Management Strategies: Evidence from a Market Affected by Economic Uncertainty

“…Firm Size ControlThe natural logarithm of a company's total assets(Singh and Kumar 2017;Moradi et al 2021;Akbar et al 2021;Tarkom 2022;Zimon et al 2024).Firm Age ControlThe number of years of company activity(Singh and Kumar 2017;Le 2019;Akbar et al 2021;Hashmi and Iqbal 2022; Naz et al 2022;Almustafa et al 2023).Sale Growth ControlIt is the rate of change in sales from the previous year to the current year(Singh and Kumar 2017;Akbar et al 2021;Tarkom 2022; Naz et al 2022).Tobin Q ControlThe ratio of Tobin Q equals to the market value of equity to book value of total assets(Akbar et al 2021;Tarkom 2022;Ahmad et al 2022).Tangibility ControlTangibility shows the ratio of property, plant, and equipment to total assets(Singh and Kumar 2017;Tarkom 2022).Dividends ControlDividends represent the payments a firm makes to its shareholders as a return on the company's profits(Le 2019;Buertey et al 2024;Al-Hiyari et al 2024).∆GDP ControlIt is equal to the current year's gross domestic product (GDP) minus the previous year's GDP divided by the previous year's GDP(Nazir and Afza 2009;Akbar et al 2021;Moradi et al 2021;Ahmad et al 2022;Angosto-Fernández and Ferrández-Serrano 2024).…”