Earticle

초록

영어

We find that firms with gender/racial diversity in their boards are more likely to pay larger dividends than are firms with non-diverse boards. Our results suggest that board diversity has a significant impact on dividend payout policy. The impact of board diversity on dividend payout policy is particularly conspicuous for firms with potentially greater agency problems of free cash flow, suggesting that a diverse board helps to mitigate the free cash flow problem. Our findings are consistent with the argument that board diversity enhances the monitoring function of directors and the shareholder-manager conflict resolution for the benefit of shareholders.

목차

Abstract
 1. Introduction
 2. A literature review on the effect of diversity
 3. Data and summary statistics
  3.1. Data
  3.2. Board diversity measures
  3.3. Dividend payout measures
  3.4. Summary statistics
 4. Univariate analysis
 5. Multivariate analysis
  5.1. Regressions
  5.2. The effect of a female/ minority CEO
  5.3. The effect of board diversity and free cash flow
  5.4. Propensity Score matching and difference-in-difference approach
 6. Alternative explanations
  6.1. The effect of institutional investors
  6.2. Signaling
  6.3. Differential director and board characteristics
 7. Robustness checks
  7.1. Instrumental variables approach
  7.2. Alternative specifications
 8. Conclusion
 References

키워드

저자

• Soku Byoun [ Associate Professor of Finance Hankamer School of Business Baylor University ]
• Kiyoung Chang [ Associate Professor of Finance College of Business University of South Florida Sarasota-Manatee ]
• Young Sang Kim [ Associate Professor of Finance Haile/US Bank College of Business Northern Kentucky University Highland Heights, KY 41099 ]

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• 간행물명

  한국재무학회 학술대회

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• 수록기간

  2006~2024

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  KDC 325 DDC 330