This study uses a unique panel of 120 industrial companies listed on the Tehran Stock Exchange (TSE) from 2012 to 2019 to examine the relationship between corporate governance mechanisms, specifically ownership concentration, board independence, and dividend payout. The empirical specification was estimated using panel data fixed effects, instrumental variable fixed effects, and quantile fixed effects regression techniques. Overall, the estimation results show a positive relationship between the two corporate governance indicators, namely ownership concentration and board independence, and the DPO of Iranian companies. However, this relationship depends on the level of DPO, ROE, ownership concentration and board independence. Moreover, the results highlight some characteristics specific to the Iranian context.