文章基本信息

标题：Does board gender diversity influence dividend policy? Evidence from France
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作者：Pornsit Jiraporn ; Mondher Bouattour ; Amal Hamrouni 等
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2019
卷号：39
期号：4
页码：1-14
出版社：Economics Bulletin
摘要：Prior research shows that board gender diversity helps improve board quality and effectiveness. Using a sample of French companies, we find that board gender diversity leads to a stronger probability for firm to pay dividends as well as to larger dividends. Our results are consistent with the notion that female directors improve the monitoring function of the board, thereby forcing managers to disgorge more cash out in the form of larger dividends. The free cash flow problem is mitigated as larger dividends reduce the free cash flow left inside the firm that could be exploited by opportunistic managers.