engleski

The Impact of the Board Gender Diversity on the Dividend Policy

Dividend policy is one of the basic and most important corporate policies in which the management of the company decides on divident payment and payment pattern (behavior of dividends) over a certain period of time. The decision to pay or not pay a dividend is a key financial and economic decision for both business managers and owners and investors. The theoretical literature based on corporate management indicates that gender diversity on corporate boards can affect not only the regulation and control of board activities, the results of the enterprise and the quality of financial reporting, but also the dividend policy. The aim of this research is to analyse whether the board gender diversity influences the determination of dividend policy, and if it does, to explain in what form and in what way that influence will occure. The research is performed by analyzing static panels on a sample of Croatian manufacturing companies listed on the Zagreb Stock Exchange that operated between 2015 and 2019. To conduct such an analysis, the study uses several variables related to the characteristics of the board, including the proportion of women on the board, the false variable of whether the female sex is present on the board of directors, the Blau index and the size of the board of directors. Also, the survey includes net profit margin and natural sales logarithm as variables that are specific to the profitability of the enterprise. When it comes to gender diversity, the results reveal that the Blau index, as index measuring the heterogeneity of the board of directors, has a statistically significant negative impact on the amount of the dividend. This confirmed the main hypothesis of this scientific paper: Greater gender diversity of the management of the enterprise has a negative impact on the amount of dividends.

gender diversity, management, dividend policy, sales

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