The Impact of Bankers on the Board on Corporate Dividend Policy: Evidence from an Emerging Market

This study collects data from Taiwan publicly traded corporations that have banker directors between 2003 and 2007, together with a matching sample consisting of firms without banker directors. Variables used to construct empirical analyses are from the <i>Taiwan Economic Journal</i> (TEJ) database. The results indicate that there is a negative relationship between the presence of banker directors and the likelihood of dividend payment. This study contributes to lacuna in the existing banking literature by providing evidence on how banks influence listed corporate dividend policy in emerging markets.