Board Gender Diversity and Dividend Policy in Chinese Listed Firms

This study investigates the relationship between gender diversity on board and dividend payouts in China using a large sample over period 2003–2017. Our results provide robust strong evidence showing that is positively associated with cash payments of dividends. The empirical outcomes confirm facilitates corporate governance subsequently promotes payouts. We demonstrate has greatest effect when critical mass participation (three or more female directors) compared only their token participation. However, independent directors increase payouts, while executive do not have significant impact. Furthermore, we extend literature government ownership by providing higher impact for state-owned enterprises than non-state-owned enterprises. After controlling endogeneity problems, our findings are reliable robust. JEL classifications: G30, G35