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초록
영어
We find that firms with gender/racial diversity in their boards are more likely to pay larger dividends than are firms with non-diverse boards. Our results suggest that board diversity has a significant impact on dividend payout policy. The impact of board diversity on dividend payout policy is particularly conspicuous for firms with potentially greater agency problems of free cash flow, suggesting that a diverse board helps to mitigate the free cash flow problem. Our findings are consistent with the argument that board diversity enhances the monitoring function of directors and the shareholder-manager conflict resolution for the benefit of shareholders.
목차
Abstract
1. Introduction
2. A literature review on the effect of diversity
3. Data and summary statistics
3.1. Data
3.2. Board diversity measures
3.3. Dividend payout measures
3.4. Summary statistics
4. Univariate analysis
5. Multivariate analysis
5.1. Regressions
5.2. The effect of a female/ minority CEO
5.3. The effect of board diversity and free cash flow
5.4. Propensity Score matching and difference-in-difference approach
6. Alternative explanations
6.1. The effect of institutional investors
6.2. Signaling
6.3. Differential director and board characteristics
7. Robustness checks
7.1. Instrumental variables approach
7.2. Alternative specifications
8. Conclusion
References
1. Introduction
2. A literature review on the effect of diversity
3. Data and summary statistics
3.1. Data
3.2. Board diversity measures
3.3. Dividend payout measures
3.4. Summary statistics
4. Univariate analysis
5. Multivariate analysis
5.1. Regressions
5.2. The effect of a female/ minority CEO
5.3. The effect of board diversity and free cash flow
5.4. Propensity Score matching and difference-in-difference approach
6. Alternative explanations
6.1. The effect of institutional investors
6.2. Signaling
6.3. Differential director and board characteristics
7. Robustness checks
7.1. Instrumental variables approach
7.2. Alternative specifications
8. Conclusion
References
저자정보
참고문헌
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