The Impact of Board Gender Composition on Dividend Payouts

Chen, Jie; Leung, Woon Sau; Goergen, Marc

doi:10.2139/ssrn.2849529

Cited by 69 publications

(170 citation statements)

References 47 publications

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“…The pseudo R-squared for the logistic regression is high, with a value of 0.330. 4 We also employ the difference-in-difference (DID) approach as used in Chen et al (2017) to further address potential endogeneity issues. However, applying the DID procedure requires information for three consecutive years before year t and at least two consecutive years after year t. Given that our dependent variables including ST5 have a lot of missing values before applying this criterion, we do not obtain sufficient observations to conduct the tests.…”

Section: Psm Resultsmentioning

confidence: 99%

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Impact of board gender composition on corporate debt maturity structures

Zhang

2019

Euro Fin Management

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This paper examines the effect of female directors on corporate debt maturity structures. We find that firms with a higher ratio of female directors tend to have a larger proportion of short‐maturity debt. This effect is more pronounced with female independent directors and is insignificant with female inside directors. These findings remain robust under propensity score matching and instrumental variable approaches to address potential endogeneity concerns. Furthermore, we find that our results are driven primarily by firms with weak governance quality and low financial constraints. We also find that the effect does not differ between high‐ and low‐leveraged firms, and there is a negative relation between female directors and likelihood of overinvestment. This evidence suggests that female directors view short‐term debt as a monitoring device.

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Section: Psm Resultsmentioning

confidence: 99%

“…Female directors are not randomly assigned to firms; for example, managers who are more likely to issue more short-term debt may also be more likely to call for greater diversity in the boardroom. We apply both IV and PSM approaches (e.g., Chen et al, 2017;Huang & Kisgen, 2013) to mitigate potential endogeneity issues. 4…”

Section: Sensitivity Testmentioning

confidence: 99%

Impact of board gender composition on corporate debt maturity structures

Zhang

2019

Euro Fin Management

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“…We incorporate four controls for board structure and institutional presence because of prior evidence that they are important determinants of CEO compensation and/or the dividend payout (Hartzell and Starks, 2003;Fich and Shivdasani, 2006;Chhaochharia and Grinstein, 2009;Chen et al, 2017). Board busyness is the fraction of busy directors on the board, with busy directors being those who hold three or more directorships, following Fich and Shivdasani (2006).…”

Section: Control Variablesmentioning

confidence: 99%

Passing the dividend baton: The impact of dividend policy on new CEOs' initial compensation

Chen

Song

Goergen

2019

Journal of Corporate Finance

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We examine how firms' dividend policy affects the initial compensation of their newly appointed CEOs. We focus on newly appointed CEOs to isolate the effect of dividends on compensation and to provide new insights into an aspect largely neglected by compensation research. We show that the dividend payout is positively related to new CEO compensation. Further, the positive effect of dividends is stronger for firms with no dividend cuts over the past two, three and four years, firms with relatively high institutional ownership, and those with strong boards, consistent with new CEOs receiving higher pay as compensation for greater dividend pressure.

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“…Independent director refers to the percentage of independent directors on the board [19], [25]. Board size (BS) is measured as the total number of directors on a company"s board [5], [26], [27].…”

Section: Measurement Of Variablesmentioning

confidence: 99%

Role of Corporate Governance in Determining Dividend Policy: Panel Evidence from India

Pahi¹,

Yadav²

2018

IJTEF

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The present study investigated the nexus between the structure of corporate governance and dividend policy using independent directors and board size as proxy variables for corporate governance for a total of 360 Indian non-financial and non-utility companies included in BSE 500 index during 2012-2016. The study also employed the firm-level control variables such as firm size, beta, profitability, and liquidity to control for firm specific characteristics. Using Tobit and Logit models, the study found that non-executive directors significantly and negatively determined the dividend payout ratio whereas the board size significantly and positively affected the dividend payout ratio of the selected firms. The other firm specific control variables used in the study also had the expected and desired influence on the dividend payout ratio in both the estimated models. Overall, the findings suggest that dividends could be a substitute for corporate governance for monitoring the agency problem.

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The Impact of Board Gender Composition on Dividend Payouts

Cited by 69 publications

References 47 publications

Impact of board gender composition on corporate debt maturity structures

Impact of board gender composition on corporate debt maturity structures

Passing the dividend baton: The impact of dividend policy on new CEOs' initial compensation

Role of Corporate Governance in Determining Dividend Policy: Panel Evidence from India

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