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dc.contributor.authorGarcía Meca, Emma
dc.contributor.authorLópez Iturriaga, Félix Javier 
dc.contributor.authorSantana Martín, Domingo Javier
dc.date.accessioned2021-12-14T09:32:13Z
dc.date.available2021-12-14T09:32:13Z
dc.date.issued2022
dc.identifier.citationInternational Review of Financial Analysis, 2022, vol. 79, 101973es
dc.identifier.issn1057-5219es
dc.identifier.urihttps://uvadoc.uva.es/handle/10324/50938
dc.descriptionProducción Científicaes
dc.description.abstractWe 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.es
dc.format.mimetypeapplication/pdfes
dc.language.isoenges
dc.publisherElsevieres
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subject.classificationDividend payoutes
dc.subject.classificationPago de dividendoses
dc.subject.classificationFamily firmses
dc.subject.classificationEmpresas familiareses
dc.subject.classificationGender diversityes
dc.subject.classificationDiversidad de géneroes
dc.titleBoard gender diversity and dividend payout: The critical mass and the family ties effectes
dc.typeinfo:eu-repo/semantics/articlees
dc.rights.holder© 2021 The Authorses
dc.identifier.doi10.1016/j.irfa.2021.101973es
dc.relation.publisherversionhttps://www.sciencedirect.com/science/article/pii/S1057521921002891#s0050es
dc.peerreviewedSIes
dc.description.projectMinisterio de Economía, Industria y Competitividad (projects ECO2017-82259-R and ECO2017-84132-R)es
dc.description.projectMinisterio de Ciencia, Innovación y Universidades (project PID2020-114797GB-I00)es
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internacional*
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersiones


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