Dividend Policy–Performance Linkages: The Moderating Role of Board Structure Elements in an Emerging Economy

This inquiry investigates the moderating role of board size (BS), board independence (BI), and board gender diversity (BGD) on the relationship between dividend policy (DP) and firm performance (FP) in Ghana. The study utilized financial data from 14 purposively selected listed firms in Ghana, spanning 2010–2018. A system-generalized method of moments (GMM) was espoused for the estimation. Results indicate that whilst dividend per share and dividend payout ratio demonstrated significantly positive relationship with FP, dividend yield exhibited significantly negative relationship with FP. Additionally, while BI moderated the relationship between DP and FP, BS and BGD had no moderating influence on FP.