The objective of this study is to assess the effect of corporate governance on dividend payout ratio for the non-financial sector of the Pakistan Stock Exchange. The research shows that certain qualities or elements have a moderating effect in organizations and industries. As a result, the ownership structure is used to limit the dividend payout ratio. The major concern of the research is to explore the association among corporate governance practices, firms’ ownership structures, and firm dividend payout ratio. Moreover, focuses on the elements of corporate governance, such as the board structure and the CEO duality and a board of directors that is independent. A panel data analysis is used to examine the effects of standard accounting variables. Statistics on non-financial firms for the years 2016-2020 is used. As a result of these findings, independent boards constituted of non-resident members who pay a larger dividend have become increasingly important. The dividend payout of larger boards with independent directors is inversely related to the size of the board. There is also considerable evidence that CEO duality in the top five stockholder boards has a negative impact on dividend decisions at a significance threshold of 5 percent. There was also a moderating effect of the ownership structure; certain findings do not support the previous literature, but they do justify their implications based on present circumstances. There are two ways our analysis contributes to the literature: First, we examine corporate governance and dividend payout ratio for the non-financial sector over a longer time period; second, we employ the ownership structure as a moderator element. Supervisor:- Dr. Farhat Mahmood