{"title":"印度的董事会多元化和股利政策","authors":"Ajab Khan, H. Kent Baker","doi":"10.1007/s10490-023-09922-4","DOIUrl":null,"url":null,"abstract":"<div><p>This study investigates the association between board diversity attributes – gender, experience, age, nationality, educational level, and tenure ‒ and dividend policy in Indian firms. We use the dividend payout ratio and dividend yield in a panel Tobit regression model. Our panel dataset comprises 65 firms drawn from the NIFTY 100 Index of India's National Stock Exchange (NSE) between 2013 and 2019. Our evidence shows that gender and experience diversities help explain why firms pay high dividends. Female directors encourage paying high dividends. In contrast, age diversity is a negative determinant of dividend policy. Foreign directors are an insignificant determinant of a firm's dividend policy, perhaps because they represent a small percentage of the board. Educational and tenure diversities are also insignificant drivers of dividend policy. This study contributes to agency and resource dependence theories by considering specific board diversity attributes among Indian firms related to dividend payments.</p></div>","PeriodicalId":8474,"journal":{"name":"Asia Pacific Journal of Management","volume":"42 2","pages":"887 - 918"},"PeriodicalIF":5.8000,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Board diversity and dividend policy in India\",\"authors\":\"Ajab Khan, H. Kent Baker\",\"doi\":\"10.1007/s10490-023-09922-4\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This study investigates the association between board diversity attributes – gender, experience, age, nationality, educational level, and tenure ‒ and dividend policy in Indian firms. We use the dividend payout ratio and dividend yield in a panel Tobit regression model. Our panel dataset comprises 65 firms drawn from the NIFTY 100 Index of India's National Stock Exchange (NSE) between 2013 and 2019. Our evidence shows that gender and experience diversities help explain why firms pay high dividends. Female directors encourage paying high dividends. In contrast, age diversity is a negative determinant of dividend policy. Foreign directors are an insignificant determinant of a firm's dividend policy, perhaps because they represent a small percentage of the board. Educational and tenure diversities are also insignificant drivers of dividend policy. This study contributes to agency and resource dependence theories by considering specific board diversity attributes among Indian firms related to dividend payments.</p></div>\",\"PeriodicalId\":8474,\"journal\":{\"name\":\"Asia Pacific Journal of Management\",\"volume\":\"42 2\",\"pages\":\"887 - 918\"},\"PeriodicalIF\":5.8000,\"publicationDate\":\"2023-10-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asia Pacific Journal of Management\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://link.springer.com/article/10.1007/s10490-023-09922-4\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"MANAGEMENT\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia Pacific Journal of Management","FirstCategoryId":"91","ListUrlMain":"https://link.springer.com/article/10.1007/s10490-023-09922-4","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"MANAGEMENT","Score":null,"Total":0}
This study investigates the association between board diversity attributes – gender, experience, age, nationality, educational level, and tenure ‒ and dividend policy in Indian firms. We use the dividend payout ratio and dividend yield in a panel Tobit regression model. Our panel dataset comprises 65 firms drawn from the NIFTY 100 Index of India's National Stock Exchange (NSE) between 2013 and 2019. Our evidence shows that gender and experience diversities help explain why firms pay high dividends. Female directors encourage paying high dividends. In contrast, age diversity is a negative determinant of dividend policy. Foreign directors are an insignificant determinant of a firm's dividend policy, perhaps because they represent a small percentage of the board. Educational and tenure diversities are also insignificant drivers of dividend policy. This study contributes to agency and resource dependence theories by considering specific board diversity attributes among Indian firms related to dividend payments.
期刊介绍：
The Asia Pacific Journal of Management publishes original manuscripts on management and organizational research in the Asia Pacific region, encompassing Pacific Rim countries and mainland Asia. APJM focuses on the extent to which each manuscript addresses matters that pertain to the most fundamental question: “What determines organization success?” The major academic disciplines that we cover include entrepreneurship, human resource management, international business, organizational behavior, and strategic management. However, manuscripts that belong to other well-established disciplines such as accounting, economics, finance, marketing, and operations generally do not fall into the scope of APJM. We endeavor to be the major vehicle for exchange of ideas and research among management scholars within or interested in the broadly defined Asia Pacific region.Key features include:
Rigor - maintained through strict review processes, high quality global reviewers, and Editorial Advisory and Review Boards comprising prominent researchers from many countries.
Relevance - maintained by its focus on key management and organizational trends in the region.
Uniqueness - being the first and most prominent management journal published in and about the fastest growing region in the world.
Official affiliation - Asia Academy of ManagementFor more information, visit the AAOM website:www.baf.cuhk.edu.hk/asia-aom/ Officially cited as: Asia Pac J Manag
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