Table 1 Variables description
From: Does gender diversity on firm’s board affect dividend payouts? Evidence from India
Variable | Proxy |
|---|---|
Panel A: Dividend proxy | |
DIV | One if dividend is paid by firm, else zero |
DPR | Dividends Paid/Net Income |
DPRTA | Dividends Paid/Total Assets |
PASTDIV | One if firm has paid dividend in last year and current year, else zero |
DPRINC | One is dividend payout ratio has increased from last year, else zero |
DPRTAINC | One if ratio of Dividends Paid/Total Assets has increased from last year, else zero |
Panel B: Gender diversity proxy | |
DIRF | Number of Female Directors on the board |
DIRFLN | Natural Log of female directors on board plus one |
DIRFPER | Percentage of female directors to total directors on board |
FD1 | One if minimum one female director is on board, else zero |
FD3 | One if minimum three female director is on board, else zero |
Panel C: Other variables | |
TALOG | Natural logarithm of total assets |
FINLEV | Financial leverage measured by total debts/total assets |
TOBINSQ | Tobin’s Q measured by (total assets-book value of equity + market value of equity)/total assets |
ROA | Net income/total assets |
RETE | retained earnings/total common equity |
CASHHOL | Cash holdings measured by (cash + current investment)/total assets |
MARTOBOOK | Market-to-book: natural logarithm of total market value/total assets |
LOGDIR | Logarithm of the total number of board directors |
LOGINDIRBS | Logarithm of the number of independent directors divided by board size |