The board of directors and dividend policy: the effect of gender diversity
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The board of directors and dividend policy: the effect of gender diversity

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The board of directors and dividend policy: the effect of gender diversity

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dc.contributor.author Pucheta-Martínez, M.C.
dc.contributor.author Bel Oms, Inmaculada
dc.date.accessioned 2021-09-02T06:44:36Z
dc.date.available 2021-09-02T06:44:36Z
dc.date.issued 2015
dc.identifier.uri https://hdl.handle.net/10550/80187
dc.description.abstract In this article, we aim to study the impact on dividends policy of gender diversity on the board of directors (hereinafter BD). We hypothesize that the proportion of women directors, the proportion of independent, institutional, and executive female directors, and the percentage of shares held by female directors on BD, have an impact on the dividends policy of Spanish companies. Our findings, analyzing the whole sample, show that the proportion of female directors and shares held by female directors are positively associated with dividend payout, while the percentage of institutional female directors has a negative impact. The percentage of independent and executive female directors has no effect on dividend payout. When companies with losses are removed from the sample, the findings report that the percentage of female directors on BD and the percentage of independent female directors impact positively on dividend policy, while the percentage of institutional and executive female directors has a negative effect. The proportion of shares held by female directors on BD does not have an effect on dividend payout when only companies with profits are examined. Thus, the results confirm that gender diversity has an influence on dividend payout, so the existing legislation should encourage more participation by women in governing bodies. Our evidence supports the Act for Effective Equality between Women and Men, which establishes that listing companies have to achieve a quota of 40% of women in decision-making bodies by 2015.
dc.language.iso eng
dc.relation.ispartof Industrial And Corporate Change, 2015, vol. 25, num. 3, p. 523-547
dc.rights.uri info:eu-repo/semantics/openAccess
dc.source Pucheta-Martínez, M.C. Bel-Oms, I. 2015 The board of directors and dividend policy: the effect of gender diversity Industrial And Corporate Change 25 3 523 547
dc.subject Igualtat
dc.subject Discriminació
dc.subject Dones Situació legal, lleis, etc.
dc.title The board of directors and dividend policy: the effect of gender diversity
dc.type info:eu-repo/semantics/article
dc.date.updated 2021-09-02T06:44:36Z
dc.identifier.doi https://doi.org/10.1093/icc/dtv040
dc.identifier.idgrec 147512

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