How the interaction between board gender diversity and ESG shapes dividend policy

IF 8.3 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2024-12-12 DOI:10.1002/csr.3068

Filip Hampl, Dagmar Vágnerová Linnertová

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Abstract

This study investigates the moderating role of ESG performance on the relationship between board gender diversity and dividend payout ratio in European listed non-financial companies in 2014–2023. Additionally, it explores the threshold level of female directors required to influence dividend payouts and compares companies operating under Anglo-Saxon (common law) and continental (civil law) systems. It employs two-way fixed effects panel linear regression models on a balanced longitudinal dataset of 5230 firm-year observations and system generalised method of moments (GMM-SYS) GMM to address endogeneity concerns. The results suggest a negatively significant moderating role of ESG performance on the positive relationship between female board directors and companies' dividend payout ratios. Additionally, they provide evidence of a critical mass of female directors and emphasise the significance of regional variations stemming from governance norms and regulatory frameworks. The findings contribute to corporate practice and empirically enhance agency, signalling and critical mass theories.

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.