The board of directors and dividenc policy: the effect of gender diversity
comunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8648
comunitat-uji-handle3:10234/8649
comunitat-uji-handle4:
INVESTIGACIONMetadatos
Título
The board of directors and dividenc policy: the effect of gender diversityFecha de publicación
2015-08xmlui.dri2xhtml.METS-1.0.item-edition
PostprintEditor
Oxford University PressCita bibliográfica
PUCHETA-MARTÍNEZ, María Consuelo; BEL-OMS, Inmaculada. The board of directors and dividend policy: the effect of gender diversity. Industrial and Corporate Change, 2015, p. dtv040.Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://icc.oxfordjournals.org/content/early/2015/08/20/icc.dtv040.abstractVersión
info:eu-repo/semantics/submittedVersionPalabras clave / Materias
Resumen
In this paper we aim to study the impact on dividends policy of gender diversity on the board of directors (hereinafter BD). We hypothesise that the proportion of women directors, the proportion of independent, ... [+]
In this paper we aim to study the impact on dividends policy of gender diversity on the board of directors (hereinafter BD). We hypothesise 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, analysing 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. [-]
Publicado en
Industrial and Corporate Change, 2015, p. dtv040.Derechos de acceso
© The Author 2015. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved.
http://rightsstatements.org/vocab/InC/1.0/
info:eu-repo/semantics/openAccess
http://rightsstatements.org/vocab/InC/1.0/
info:eu-repo/semantics/openAccess
Aparece en las colecciones
- COFIN_Articles [213]