الفهرس 
Examining the association between corporate governance characteristics and dividend policy and its impact on investment efficiency
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Abstract
This study aimed at examining the association between corporate governance (CG) characteristics and dividend policy and its impact on investment efficiency in an emerging market, Egypt. To achieve the objectives of this study, the researcher used 70 non-financial companies listed on the Egyptian Stock Exchange (EGX100) and 490 firm-year observations as a sample during the period 2013-2019. Data are analyzed using logistic regression, generalized method of moments (GMM), and structured equation modelling (SEM). The research findings revealed that dividend policy fully mediated the positive impact of CG characteristics on investment efficiency. In other words, investment efficiency was not affected by CG characteristics unless through the full mediation of dividend policy This study proposes two policy recommendations. Firstly, a firm can employ a dividend policy to limit excessive free cash flows (FCF) and minimize the problems of over and under-investment. Secondly, firms should enhance their CG to mitigate agency conflicts. These results are also relevant for academic research, policymakers, and managers