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    Por favor, use este identificador para citar o enlazar este ítem:https://uvadoc.uva.es/handle/10324/50938

    Título
    Board gender diversity and dividend payout: The critical mass and the family ties effect
    Autor
    García Meca, Emma
    López Iturriaga, Félix JavierAutoridad UVA Orcid
    Santana Martín, Domingo Javier
    Año del Documento
    2022
    Editorial
    Elsevier
    Descripción
    Producción Científica
    Documento Fuente
    International Review of Financial Analysis, 2022, vol. 79, 101973
    Resumen
    We analyse the relationship between female directors and payout policy for a sample of non-financial Spanish listed firms. Based on the critical mass theory, we find an inverted-U shaped relationship. For low levels of female representation in the board, women directors increase dividends in order to reduce agency conflicts, and improve reputation or legitimacy. However, after an inflection point, characteristics traditionally associated to women, such as risk aversion, a conservative and prudent financial attitude, and lower overconfidence emerge and reduce dividend payments. Moreover, our results suggest that female directors play a very different role with the controlling shareholder, depending on what family ties exist. Women directors who have family connections with the dominant shareholder exhibit the same inverted-U shaped relationship with dividends. In contrast, for female directors with no family ties, the relationship with dividends is U-shaped. Our results show the faultlines within the group of female directors depending on the relationship with the family owners, and that the influence of non-family female directors only arises when this group of women gain enough power, visibility, authority, and legitimacy.
    Palabras Clave
    Dividend payout
    Pago de dividendos
    Family firms
    Empresas familiares
    Gender diversity
    Diversidad de género
    ISSN
    1057-5219
    Revisión por pares
    SI
    DOI
    10.1016/j.irfa.2021.101973
    Patrocinador
    Ministerio de Economía, Industria y Competitividad (projects ECO2017-82259-R and ECO2017-84132-R)
    Ministerio de Ciencia, Innovación y Universidades (project PID2020-114797GB-I00)
    Version del Editor
    https://www.sciencedirect.com/science/article/pii/S1057521921002891#s0050
    Propietario de los Derechos
    © 2021 The Authors
    Idioma
    eng
    URI
    https://uvadoc.uva.es/handle/10324/50938
    Tipo de versión
    info:eu-repo/semantics/publishedVersion
    Derechos
    openAccess
    Aparece en las colecciones
    • DEP63 - Artículos de revista [322]
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    Attribution-NonCommercial-NoDerivatives 4.0 InternacionalLa licencia del ítem se describe como Attribution-NonCommercial-NoDerivatives 4.0 Internacional

    Universidad de Valladolid

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