How the Interaction Between Board Gender Diversity and ESG Shapes Dividend Policy
| Authors | |
|---|---|
| Year of publication | 2025 |
| Type | Article in Periodical |
| Magazine / Source | Corporate Social Responsibility and Environmental Management |
| MU Faculty or unit | |
| Citation | |
| web | https://onlinelibrary.wiley.com/doi/full/10.1002/csr.3068 |
| Doi | http://dx.doi.org/10.1002/csr.3068 |
| Keywords | dividend payout ratio; female board directors; ESG performance; critical mass; moderating effect |
| Attached files | |
| Description | This study investigates the moderating role of ESG performance on the relationship between board gender diversity and dividend payout ratio in European listed non-financial companies in 2014–2023. Additionally, it explores the threshold level of female directors required to influence dividend payouts and compares companies operating under Anglo-Saxon (common law) and continental (civil law) systems. It employs two-way fixed effects panel linear regression models on a balanced longitudinal dataset of 5,230 firm-year observations and system generalised method of moments (GMM-SYS) GMM to address endogeneity concerns. The results suggest a negatively significant moderating role of ESG performance on the positive relationship between female board directors and companies’ dividend payout ratios. Additionally, they provide evidence of a critical mass of female directors and emphasise the significance of regional variations stemming from governance norms and regulatory frameworks. The findings contribute to corporate |
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