Board Gender Diversity and Dividend Policy in Nigerian Listed Firms

Sunday Kajola, Jayeola Olabisi (), Kenny A. Soyemi () and Peter O. Olayiwola ()
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Kenny A. Soyemi: Olabisi Onabanjo University, Ago-Iwoye, Nigeria
Peter O. Olayiwola: University of Lagos, Akoka, Nigeria

ACTA VSFS, 2019, vol. 13, issue 2, 135-151

Abstract: This paper assessed the eff ect of proportion of female directors in corporate boards on dividend policy of 19 Nigerian listed consumer goods and industrial companies for the seven-year period, 2010–2016. Using Random Eff ects Generalised Least Squares (REGLS) model as estimation technique, the result indicated a positive and signifi cant association between the number of women in corporate boardrooms and dividend policy. The outcome is consistent with the view that female directors are more involved in monitoring activities than their male counterpart in boardrooms. The fi nding also provides empirical evidence in support of outcome hypothesis where dividend payment is related to the corporate governance regime that is in place in an organisation.

Keywords: agency; corporate governance; dividend; gender diversity; Nigeria; outcome hypothesis; substitution hypothesis (search for similar items in EconPapers)
JEL-codes: D21 G02 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:prf:journl:v:13:y:2019:i:2:p:131-151

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