IDEAS home Printed from https://ideas.repec.org/a/wly/corsem/v32y2025i2p2472-2490.html
   My bibliography  Save this article

How the interaction between board gender diversity and ESG shapes dividend policy

Author

Listed:
  • Filip Hampl
  • Dagmar Vágnerová Linnertová

Abstract

This study investigates the moderating role of ESG performance on the relationship between board gender diversity and dividend payout ratio in European listed non‐financial companies in 2014–2023. Additionally, it explores the threshold level of female directors required to influence dividend payouts and compares companies operating under Anglo‐Saxon (common law) and continental (civil law) systems. It employs two‐way fixed effects panel linear regression models on a balanced longitudinal dataset of 5230 firm‐year observations and system generalised method of moments (GMM‐SYS) GMM to address endogeneity concerns. The results suggest a negatively significant moderating role of ESG performance on the positive relationship between female board directors and companies' dividend payout ratios. Additionally, they provide evidence of a critical mass of female directors and emphasise the significance of regional variations stemming from governance norms and regulatory frameworks. The findings contribute to corporate practice and empirically enhance agency, signalling and critical mass theories.

Suggested Citation

  • Filip Hampl & Dagmar Vágnerová Linnertová, 2025. "How the interaction between board gender diversity and ESG shapes dividend policy," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(2), pages 2472-2490, March.
    • Handle: RePEc:wly:corsem:v:32:y:2025:i:2:p:2472-2490
    DOI: 10.1002/csr.3068
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/csr.3068
    Download Restriction: no
    File URL: https://libkey.io/10.1002/csr.3068?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:corsem:v:32:y:2025:i:2:p:2472-2490. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://doi.org/10.1002/(ISSN)1535-3966 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.