Board-Gender Diversity, Family Ownership, and Dividend Announcement: Evidence from Asian Emerging Economies

Mustafa, Adeel; Saeed, Abubakr; Awais, Muhammad; Aziz, Shahab

doi:10.3390/jrfm13040062

Cited by 27 publications

(31 citation statements)

References 120 publications

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“…Trinh et al (2020) also demonstrated a positive relationship between gender diversity and dividend payments. Finally, McGuinness et al (2015) provided positive but insignificant results in this context, while Mustafa et al (2020) showed negative relationship between gender diversity and dividend announcements.…”

Section: Board Gender Diversity and Dividend Payoutsmentioning

confidence: 81%

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Board Gender Diversity and Dividend Policy in Chinese Listed Firms

et al. 2021

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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

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Section: Board Gender Diversity and Dividend Payoutsmentioning

confidence: 81%

“…Finally, McGuinness et al (2015) provided positive but insignificant results in this context, whileMustafa et al (2020) showed negative relationship between gender diversity and dividend announcements.…”

mentioning

confidence: 85%

Board Gender Diversity and Dividend Policy in Chinese Listed Firms

et al. 2021

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“…Women’s directors improve monitoring, mitigate agency conflicts and enhance dividend payouts (Adams and Ferreira, 2009; Byoun et al , 2016; Pucheta-Martínez and Bel-Oms, 2016; Chen et al , 2017; Ye et al , 2019; Ahmed et al , 2020; Mustafa et al , 2020; Ain et al , 2021; Thompson and Manu, 2021). Female directors are also competent and hardworking, with a better record of attending meetings than their male counterparts (Adams and Ferreira, 2009).…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Ownership structure, board characteristics and dividend policy: evidence from Turkey

Khan

2021

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Purpose This study aims to investigate the impact of ownership structure and board characteristics on dividend policy in the listed Turkish firms between 2013 and 2019. Design/methodology/approach This study uses the probability of paying dividends, dividend payout ratio and dividend yield measures. The suitable regression procedures (logit, probit and Tobit models) are used to examine the research hypotheses by focusing on a panel data set drawn from the Borsa Istanbul (BIST) 100 index, excluding financial and utility firms. Findings The empirical findings indicate that institutional and concentrated ownerships are significant and positively associated with dividend payouts, whereas family ownership does not influence dividend policy. On the other end, board size is positive, while chief executive officer duality is negatively related to dividend policy. Additionally, the female directors and board independence are insignificant in influencing firms to pay high dividends. Research limitations/implications Future researchers can validate this paper’s findings by considering the stock dividends as well. Additionally, future researchers may investigate the relationship between these constructs by extending the sample size of firms listed on BIST or in other emerging markets. Practical implications This study’s findings may serve policymakers, regulators, investors and academic researchers to get valuable guidance from relevant literature. The Turkish firms may improve dividend policy by implementing the regulatory framework introduced by the Capital Markets Law in 2012 for effective monitoring and protecting the minority shareholders’ rights. The controlling shareholders may alleviate principal-principal conflicts by ensuring the independence of directors and increasing the number of female directors according to the critical mass of at least 30% of board members. Originality/value This study contributes to agency theory and signaling theory by considering ownership structure and board attributes among Turkish firms related to dividend payments.

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“…On the contrary, few researchers determine adverse influence of board gender diversity with organizational performance (Mukarram et al, 2018;Sani, 2021;Suciu et al, 2021;Vo & Bui, 2017). Mustafa et al, (2020) concluded that board gender diversity negatively influence firm divident payout that is eventually reflected in the market capitalization of the firm. Aghadike, (2021) found that in Nigeria corporate board diversity dampens the financial performance.…”

Section: Literature Review 21 Board Gender Diversity and Firm Performancementioning

confidence: 99%

Board Gender Diversity, Firm Performance and Risk-Taking: The Case of Non-Financial Firms of Pakistan

et al. 2021

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This paper examines the influence of board gender diversity on firm performance and risk taking. We employed the panel data of seventy-five non-financial firms of KSE-100 index listed in the Pakistan Stock Exchange. The data consists of 2005-2018 period. Results of panel regression reveal that board gender diversity have adverse influence on the firm performance i-e Tobin’s Q and return on assets. Moreover, it further provides that board gender diversity has decrease the firm’s risk-taking i-e insolvency risk. Overall, the inclusion of females in the boardroom reduces the financial performance and decrease the risk-taking of non-financial firms in Pakistan. This study provides the managerial and practical implications in compliance with SECP Act of 2017, to include the females in boardroom to discourage the risk-taking behavior of firms.

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Board-Gender Diversity, Family Ownership, and Dividend Announcement: Evidence from Asian Emerging Economies

Cited by 27 publications

References 120 publications

Board Gender Diversity and Dividend Policy in Chinese Listed Firms

Board Gender Diversity and Dividend Policy in Chinese Listed Firms

Ownership structure, board characteristics and dividend policy: evidence from Turkey

Board Gender Diversity, Firm Performance and Risk-Taking: The Case of Non-Financial Firms of Pakistan

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