Future Business Journal

Table 5 Alternative board gender diversity index and dividend payout policy

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

Panel 2(A)	DIV	DIV
DIRFLN	(0.208)*
FD3		(0.338)**
TALOG	− 0.256	− 0.303
FINLEV	0.036	0.09
MARTOBOOK	0.228	0.245
ROA	− 0.289	− 1.095
RETE	3.48***	3.58***
CASHHOL	13.506**	14.333**
TobinsQ	(0.108)*	(0.112)*
Adjusted R-Square	0.158	0.157

Panel 2(B)	DIVEARN	DIVEARN
DIRFLN	(0.028)**
FD3		(0.045)**
TALOG	0.053	0.057*
FINLEV	0.014	0.015
MARTOBOOK	0.001**	− 0.001
ROA	1.106	1.146**
RETE	0.105	0.098
CASHHOL	− 0.097	− 0.104
TobinsQ	0.012	0.012
Adjusted R − Square	0.004	0.003

Panel 2(C)	DIVTA	DIVTA
DIRFLN	(0.006)*
FD3		(0.001)***
TALOG	0.008***	0.007***
FINLEV	0.001	0.001
MARTOBOOK	0.005	0.005
ROA	0.673***	0.668***
RETE	(0.039)***	(0.039)***
CASHHOL	− 0.003	− 0.001
TobinsQ	0.002*	0.001*
Adjusted R-Square	0.663	0.661

***, **, *Significance at 1%, 5% and 10%

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