This study investigates the relationship between gender diversity on the board and dividend payouts in China using a large sample over the period 2003–2017. Our results provide robust and strong evidence showing that gender diversity on the board is positively associated with cash payments of dividends. The empirical outcomes confirm that gender diversity on the board facilitates corporate governance and subsequently promotes dividend payouts. We demonstrate that gender diversity on the board has the greatest effect when the board has critical mass participation (three or more female directors) compared with only their token participation. However, independent female directors increase dividend payouts, while female executive directors do not have a significant impact. Furthermore, we extend the literature on the relationship between dividend payments and government ownership by providing evidence that gender diversity has a higher impact on dividend payouts for state-owned enterprises than non-state-owned enterprises. After controlling the endogeneity problems, our findings are reliable and robust. JEL classifications: G30, G35

Board Gender Diversity and Dividend Policy in Chinese Listed Firms / Ain, Q. U.; Yuan, X.; Javaid, H. M.; Zhao, J.; Xiang, L.. - In: SAGE OPEN. - ISSN 2158-2440. - 11:1(2021), p. 215824402199780. [10.1177/2158244021997807]

Board Gender Diversity and Dividend Policy in Chinese Listed Firms

Javaid H. M.;
2021

Abstract

This study investigates the relationship between gender diversity on the board and dividend payouts in China using a large sample over the period 2003–2017. Our results provide robust and strong evidence showing that gender diversity on the board is positively associated with cash payments of dividends. The empirical outcomes confirm that gender diversity on the board facilitates corporate governance and subsequently promotes dividend payouts. We demonstrate that gender diversity on the board has the greatest effect when the board has critical mass participation (three or more female directors) compared with only their token participation. However, independent female directors increase dividend payouts, while female executive directors do not have a significant impact. Furthermore, we extend the literature on the relationship between dividend payments and government ownership by providing evidence that gender diversity has a higher impact on dividend payouts for state-owned enterprises than non-state-owned enterprises. After controlling the endogeneity problems, our findings are reliable and robust. JEL classifications: G30, G35
2021
agency problem; board gender diversity; corporate governance; dividend payouts; female board directors; government ownership
01 Pubblicazione su rivista::01a Articolo in rivista
Board Gender Diversity and Dividend Policy in Chinese Listed Firms / Ain, Q. U.; Yuan, X.; Javaid, H. M.; Zhao, J.; Xiang, L.. - In: SAGE OPEN. - ISSN 2158-2440. - 11:1(2021), p. 215824402199780. [10.1177/2158244021997807]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11573/1567650
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