The main objective of this study is to examine the relationships between outside directors and dividend payout ratio among the Malaysian public listed companies. The study examines the relationships between independent non-executive directors, CEO duality, the proportion of family members on board, director ownerships and dividend payout ratio. The findings of this study show that only direct ownership and firm size are found to be positive and significant in influencing the dividend payout ratio. The finding of this study will enhance the literature in the field of future studies and will also be worthwhile for the companies, investors as well as the policy makers to make important recommendations for the improvement in the corporate governance and to protect the interest of minority shareholders.
Keywords: CEO, Dividend payout, Ownership Structure, outside directors
