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Women In A Dual Board System And Dividend Policy

Author

Listed:
  • Tastaftiyan Risfandy

    (Universitas Sebelas Maret)

  • Timotius Radika

    (Universitas Sebelas Maret)

  • Leo Indra Wardhana

    (Universitas Gadjah Mada)

Abstract

We investigate whether female presence on firms’ board of commissioners and board of directors is associated with a higher dividend policy. Using panel data on 525 publicly listed firms in Indonesia between 2011 and 2018, we find that the impact of females’ presence on firms’ boards on dividend policy depends on their role as either an executive or a non-executive on the boards. Female directors are negatively associated with cash dividend payments, while female commissioners are positively associated with dividend payments in the case of only family-controlled firms. Our results provide insights into corporate governance practices in a two-tiered board system in a developing country.

Suggested Citation

  • Tastaftiyan Risfandy & Timotius Radika & Leo Indra Wardhana, 2021. "Women In A Dual Board System And Dividend Policy," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 24(Special I), pages 129-150, January.
    • Handle: RePEc:idn:journl:v:24:y:2021:i:spi:p:129-150
    DOI: https://doi.org/10.21098/bemp.v24i0.1465
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    Cited by:

    1. Sangapta Damarjati Purba & Tastaftiyan Risfandy & Muizzuddin Muizzuddin & Muh. Rudi Nugroho, 2022. "Foreign institutional investors and dividend policy in Indonesia," Journal of Asset Management, Palgrave Macmillan, vol. 23(3), pages 235-245, May.

    More about this item

    Keywords

    Board of commissioners; Board of directors; Dividend policy; Gender diversity; Dual board system;
    All these keywords.

    JEL classification:

    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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