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Boardroom gender diversity and dividend payout strategies: Effects of mergers deals

Lookup NU author(s): Dr Vu TrinhORCiD, Rosie Cao

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Abstract

Our study examines the effects of mergers and acquisitions deals on the relationship between female leadership and dividend strategies for 90 UK listed firms during the period 2006-2016. Results indicate that firms with a larger proportion of female directors serving on the board are more likely to pay higher dividends, but this positive finding is weaker when the firms experienced a higher number of mergers and acquisitions deals. Interestingly, extended analyses on female directors’ positions show the opposing effects of female Chairmen and female CEOs on a firm’s payout strategies. While a female Chairman is associated with higher dividend payout levels, a female CEO shows an adverse impact. Yet these results tend to be reversed for firms with more merger and acquisition transactions. Our findings make a significant contribution to a trendy but relatively limited and inconclusive topic that links gender diversity to scrutiny intensity.

Publication metadata

Author(s): Trinh VQ, Cao ND, Nguyen LH, Nguyen NH

Publication type: Article

Publication status: Published

Journal: International Journal of Finance & Economics

Year: 2021

Volume: 26

Issue: 4

Pages: 6014-6035

Print publication date: 01/10/2021

Online publication date: 21/07/2020

Acceptance date: 18/06/2020

Date deposited: 26/06/2020

ISSN (print): 1076-9307

ISSN (electronic): 1099-1158

Publisher: John Wiley & Sons Ltd

URL: https://doi.org/10.1002/ijfe.2106

DOI: 10.1002/ijfe.2106

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