Payout policy, investment efficiency, and corporate performance in the Asia Pacific: does boardroom diversity matter?

Ijaz Ur Rehman

International Journal of Monetary Economics and Finance, 2022, vol. 15, issue 2, 95-117

Abstract: This study empirically examines the impact of board gender diversity on corporate performance, payout policy, and investment efficiency using a sample of 1021 firms listed in Asia Pacific markets for 2006-2016. Using fixed effect regression models, the results suggest that having a woman director on the corporate board enhances the investment efficiency and increases the propensity of dividend payout of the firms as compared to companies that do not have a women director. Nevertheless, the presence of a women director has an impact on weakening corporate performance. The results are robust across alternative measures of gender diversity. The study concludes that the presence of a woman director in the boardroom grants company a competitive edge over its competitors.

Keywords: gender diversity; firm performance; dividend payout; investment efficiency; agency theory. (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijmefi:v:15:y:2022:i:2:p:95-117

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