This paper examines the impact of large shareholders and agency theory on a dividend payout decision. Using firms listed on the Kuwait Stock Exchange as an emerging market, a panel dataset of 37 non-financial firms between 1999 and 2003 is used in the analysis. Random effects probit models are...

In this study, the corporate dividend payout decisions of firms listed on the emerging Gulf Cooperation Council (GCC) states' stock market were analysed. Panel data were obtained from 191 non-financial firms over the five year period from 1999 to 2003 and seven research hypotheses were tested....