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Board Gender Diversity and Dividend Policy in Nigerian Listed Firms

Author

Listed:
  • Sunday O. Kajola

    (Federal University of Agriculture, Abeokuta, Nigeria)

  • Jayeola Olabisi

    (Federal University of Agriculture, Abeokuta, Nigeria)

  • Kenny A. Soyemi

    (Olabisi Onabanjo University, Ago-Iwoye, Nigeria)

  • Peter O. Olayiwola

    (University of Lagos, Akoka, Nigeria)

Abstract

This paper assessed the eff ect of proportion of female directors in corporate boards on dividend policy of 19 Nigerian listed consumer goods and industrial companies for the seven-year period, 2010–2016. Using Random Eff ects Generalised Least Squares (REGLS) model as estimation technique, the result indicated a positive and signifi cant association between the number of women in corporate boardrooms and dividend policy. The outcome is consistent with the view that female directors are more involved in monitoring activities than their male counterpart in boardrooms. The fi nding also provides empirical evidence in support of outcome hypothesis where dividend payment is related to the corporate governance regime that is in place in an organisation.

Suggested Citation

  • Sunday O. Kajola & Jayeola Olabisi & Kenny A. Soyemi & Peter O. Olayiwola, 2019. "Board Gender Diversity and Dividend Policy in Nigerian Listed Firms," ACTA VSFS, University of Finance and Administration, vol. 13(2), pages 135-151.
    • Handle: RePEc:prf:journl:v:13:y:2019:i:2:p:131-151
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    References listed on IDEAS

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    Cited by:

    1. Sunday Olugboyega KAJOLA & Wasiu Abiodun SANYAOLU & Abiola Akanbi TONADE & Adekunle ADEYEMI, 2021. "Corporate Board Attributes And Earnings Management In Nigerian Banking Sector," Management Strategies Journal, Constantin Brancoveanu University, vol. 53(3), pages 29-42.
    2. Sunday Olugboyega KAJOLA & Samuel Babatunji ADEDEJI & Joel Adeniyi OKEWALE & Segun Daniel OWOEYE, 2022. "Corporate Board Features And Dividend Policy In Nigerian Banks," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 7(4), pages 242-258.

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    More about this item

    Keywords

    agency; corporate governance; dividend; gender diversity; Nigeria; outcome hypothesis; substitution hypothesis;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles

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