Does gender diversity on firm’s board affect dividend payouts? Evidence from India

Future Business Journal

Table 4 Board gender diversity and dividend payout policy

Panel 1(A)	DIV	DIV	DIV	DIV
DIRF		− 0.191
DIRFPER			(2.795)**
FD1				− 1.92
LOGDIR	3.861*	4.402*	3.894*	4.654
LOGINDIRBS	0.109**	0.133**	0.156**	0.174
TALOG	(0.41)**	(0.376)*	(0.356)*	− 0.273
FINLEV	0.13	0.095	0.114	0.184
MARTOBOOK	0.189	0.176	0.171	0.17
ROA	− 1.198	− 0.41	− 0.03	0.135
RETE	3.332***	3.185***	3.105***	3.138
CASHHOL	14.522**	13.757**	13.446**	12.146
TobinsQ	− 0.104	− 0.1	− 0.096	− 0.073
Psuedo R-Square	0.175	0.178	0.18	0.205

Panel 1(B)	DIVEARN	DIVEARN	DIVEARN	DIVEARN
DIRF		(0.018)**
DIRFPER			(.642)***
FD1				0.013
LOGDIR	− 0.013	− 0.151	− 0.111	− 0.112
LOGINDIRBS	0.042	0.334	0.339	0.331
TALOG	0.094	0.053	0.052	0.053
FINLEV	0.05	0.014	0.013	0.014
MARTOBOOK	0.059	0.002	0.002**	0
ROA	0.128**	1.12**	1.114	1.14
RETE	0.017	0.085	0.085	0.077
CASHHOL	− 0.057	− 0.099	− 0.096	− 0.103
TobinsQ	0	0.011	0.011	0.012
Adjusted R-Square	0.003	0.001	0.001	0.001

Panel 1(C)	DIVTA	DIVTA	DIVTA	DIVTA
DIRF		(0.004*)
DIRFPER			(0.663)**
FD1				− 0.004
LOGDIR	− 0.005	0.007	− 0.002	− 0.002
LOGINDIRBS	0.037**	0.035*	0.034*	0.035*
TALOG	0.007***	0.007***	0.008***	0.007***
FINLEV	0.001	0.001	0.001	0.001
MARTOBOOK	0.005	0.004	0.004	0.005
ROA	0.669***	0.674***	0.676***	0.669***
RETE	(0.042)***	(0.044)***	(0.044)***	(0.042)***
CASHHOL	− 0.002	− 0.004	− 0.004	− 0.003
TobinsQ	0.001*	0.002*	0.002**	0.002*
Adjusted R-Square	0.663	0.665	0.666	0.663