Penelitian ini mengkaji tentang kebijakan dividen pada direksi wanita pada perusahaan Indonesia khususnya pada sektor perbankan yang terdaftar di Bursa Efek Indonesia selama 6 tahun, dari tahun 2015-2020. Dengan menggunakan model regresi OLS, kami menemukan bahwa direksi wanita berpengaruh positif terhadap kebijakan dividen. Hasil ini menunjukkan bahwa kehadiran wanita dalam direksi sangat penting untuk pengambilan keputusan pembayaran dividend di perusahaan di Indonesia. Salah satu alasan yang masuk akal di balik temuan kami adalah karena direktur wanita memiliki gaya kepemimpinan interaktif yang lebih memperhatikan pemegang saham. Hasil kami memberikan wawasan kepada pembuat kebijakan bahwa kehadiran perempuan di perusahaan publik berdampak positif pada kebijakan dividen yang pada akhirnya dapat mengurangi masalah keagenan dalam perusahaan.Kata Kunci: direksi wanita; kebijakan dividen; perbankan IndonesiaThis research examines the dividend policy of female directors in Indonesian companies, especially in the banking sector which is listed on the Indonesia Stock Exchange for 6 years, from 2015-2020. Using OLS regression, we find that female director positively affect dividend policy. These results indicate that the presence of women as directors is very important for corporate decision-making especially dividend payment. One plausible reason behind our findings is those female directors have an interactive leadership style that is more concerned about shareholders. Our results provide policymakers with insight that the presence of women in public companies positively impacts on dividend policy and the end, their presence can reduce agency problems within the company. Keywords: female directors; dividend policy; Indonesia commercial banks
Purpose This paper aims to investigate the impact of female directors on the dividend policies of 96 ASEAN-5 listed commercial banks between 2015 and 2020. Design/methodology/approach This paper developed an econometric model to assess the impact of female directors on the banks’ dividend policies. This paper regressed the payout variable on the female director, legal (institutional environment) variables and several control variables. This paper also considered the interaction between the female and legal variables to assess the moderating impact of the institutional environment. Findings This paper found that female directors positively affected dividend policy and that banks with female directors tended to pay dividends to balance stakeholders’ interests, especially for the minority. This paper also found that the influence of female directors was weaker in countries with strong institutional environments because greater legal protection for shareholders reinforced or replaced corporate governance mechanisms. Originality/value To the best of the authors’ knowledge, this is the first study to investigate gender diversity and its impact on dividend policy using data from ASEAN-5 countries.
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