Details of Research Outputs

TitleDoes board gender diversity increase dividend payouts? Analysis of global evidence
Author (Name in English or Pinyin)
Ye, Dezhu1; Deng, Jie1; Liu, Yi2; Szewczy, Samuel H.3; Chen, Xiao4
Date Issued2019-04-08
Indexed BySSCI
Firstlevel Discipline经济学
Education discipline社科类
Published range国外学术期刊
Volume Issue Pages卷: 58 页: 1-26
[1] Adams, R.B., Ferreira, D., Women in the boardroom and their impact on governance and performance. J. Financ. Econ. 94 (2009), 291–309.
[2] Adams, R.B., Funk, P., Beyond the glass ceiling: does gender matter?. Manag. Sci. 58 (2012), 219–235.
[3] Adams, R.B., Kirchmaier, T., Women on boards in finance and STEM industries. Am. Econ. Rev. 106 (2016), 277–281.
[4] Adhikari, B.K., Agrawal, A., Peer influence on payout policies. J. Corp. Financ. 48 (2018), 615–637.
[5] Agarwal, S., Qian, W.L., Reeb, D.M., Sing, T.F., Playing the boys game: golf buddies and board diversity. Am. Econ. Rev. 106 (2016), 272–276.
[6] Ahern, K.R., Dittmar, A.K., The changing of the boards: the impact on firm valuation of mandated female board representation. Q. J. Econ. 127 (2012), 137–197.
[7] Alesina, A., Giuliano, P., Nunn, N., On the origins of gender roles: women and the plough. Q. J. Econ. 128 (2013), 469–530.
[8] Allen, F., Bernardo, A.E., Welch, I., A theory of dividends based on tax clienteles. J. Financ. 55 (2000), 2499–2536.
[9] An, H., Zhang, T., Stock price synchronicity, crash risk, and institutional investors. J. Corp. Financ. 21 (2013), 1–15.
[10] An, Z., Li, D.H., Yu, J., Earnings management, capital structure, and the role of institutional environments. J. Banking Financ. 68 (2016), 131–152.
[11] Apesteguia, J., Azmat, G., Iriberri, N., The impact of gender composition on team performance and decision making: evidence from the field. Mang. Sci. 58 (2012), 78–93.
[12] Armstrong, C.S., Guay, W.R., Weber, J.P., The role of information and financial reporting in corporate governance and debt contracting. J. Account. Econ. 50 (2010), 179–234.
[13] Baker, M., Wurgler, J., A catering theory of dividends. J. Financ. 59 (2004), 1125–1165.
[14] Bernardi, R.A., Arnold, D.F., An examination of moral development within public accounting by gender, staff level, and firm. Contemp. Account. Res. 14 (1997), 653–668.
[15] Beugelsdijk, S., Frijns, B., A cultural explanation of the foreign bias in international asset allocation. J. Banking Financ. 34 (2010), 2121–2131.
[16] Bliss, B.A., Cheng, Y.M., Denis, D.J., Corporate payout, cash retention, and the supply of credit: evidence from the 2008–2009 credit crisis. J. Financ. Econ. 115 (2015), 521–540.
[17] Bohren, O., Staubo, S., Does mandatory gender balance work? Changing organizational form to avoid board upheaval. J. Corp. Financ. 28 (2014), 152–168.
[18] Bond, P., Zhong, H.D., Buying high and selling low: stock repurchases and persistent asymmetric information. Rev. Financ. Stud. 29 (2016), 1409–1452.
[19] Botero, J.C., Djankov, S., La Porta, R., Lopez-de-Silanes, F., Shleifer, A., The regulation of labor. Q. J. Econ. 119 (2004), 1339–1382.
[20] Boubakri, N., Saffar, W., Culture and externally financed firm growth. J. Corp. 41 (2016), 502–520.
[21] Brav, A., Graham, J.R., Harvey, C.R., Michaely, R., Payout policy in the 21st century. J. Financ. Econ. 77 (2005), 483–527.
[22] Breuer, W., Rieger, M.O., Soypak, K.C., The behavioral foundations of corporate dividend policy a cross-country analysis. J. Banking Financ. 42 (2014), 247–265.
[23] Brockman, P., Unlu, E., Dividend policy, creditor rights, and the agency costs of debt. J. Financ. Econ. 92 (2009), 276–299.
[24] Brown, J.R., Liang, N., Weisbenner, S., Executive financial incentives and payout policy: firm responses to the 2003 dividend tax cut. J. Financ. 62 (2007), 1935–1965.
[25] Byun, H.Y., Choi, S., Hwang, L.S., Kim, R.G., Business group affiliation, ownership structure, and the cost of debt. J. Corp. Financ. 23 (2013), 311–331.
[26] Chae, J., Kim, S., Lee, E.J., How corporate governance affects payout policy under agency problems and external financing constraints. J. Banking Financ. 33 (2009), 2093–2101.
[27] Chay, J.B., Suh, J., Payout policy and cash-flow uncertainty. J. Financ. Econ. 93 (2009), 88–107.
[28] Chen, T., Institutions, board structure, and corporate performance: evidence from Chinese firms. J. Corp. Financ. 32 (2015), 217–237.
[29] Chen, Y.Y., Dou, P.Y., Rhee, S.G., Truong, C., Veeraraghavan, M., National culture and corporate cash holdings around the world. J. Banking Financ. 50 (2015), 1–18.
[30] Chen, J., Leung, W.S., Goergen, M., The impact of board gender composition on dividend payouts. J. Corp. Financ. 43 (2017), 86–105.
[31] Chetty, R., Saez, E., Dividend taxes and corporate behavior: evidence from the 2003 dividend tax cut. Q. J. Econ. 120 (2005), 791–833.
[32] Crane, A.D., Michenaud, S., Weston, J.P., The effect of institutional ownership on payout policy: evidence from index thresholds. Rev. Financ. Stud. 29 (2016), 1377–1408.
[33] Croson, R., Gneezy, U., Gender differences in preferences. J. Econ. Lit. 47 (2009), 448–474.
[34] Cumming, D., Johan, S., Li, D., Exchange trading rules and stock market liquidity. J. Financ. Econ. 99 (2011), 651–671.
[35] Cumming, D., Leung, T.Y., Rui, O., Gender diversity and securities fraud. Acad. Mange. J. 58 (2015), 1572–1593.
[36] Dang, T.L., Moshirian, F., Zhang, B.H., Commonality in news around the world. J. Financ. Econ. 116 (2015), 82–110.
[37] DeAngelo, H., DeAngelo, L., Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. J. Financ. Econ. 81 (2006), 227–254.
[38] Denis, D.J., Osobov, I., Why do firms pay dividends? International evidence on the determinants of dividend policy. J. Financ. Econ. 89 (2008), 62–82.
[39] Dittmar, A., Field, L.C., Can managers time the market? Evidence using repurchase price data. J. Financ. Econ. 115 (2015), 261–282.
[40] Easterbrook, F.H., Two agency-cost explanations of dividends. Am. Econ. Rev. 74 (1984), 650–659.
[41] Eckel, C.C., Fullbrunn, S.C., Thar she blows? Gender, competition, and bubbles in experimental asset markets. Am. Econ. Rev. 105 (2015), 906–920.
[42] Edmans, A., Manso, G., Governance through trading and intervention: a theory of multiple blockholders. Rev. Financ. Stud. 24 (2011), 2395–2428.
[43] Eom, C., Institutional bidding behaviors during IPO bookbuilding: evidence from Korea. J. Corp. Financ. 48 (2018), 413–427.
[44] Espen Eckbo, B., Verma, S., Managerial shareownership, voting power, and cash dividend policy. J. Corp. Financ. 1 (1994), 33–62.
[45] Eun, C.S., Wang, L.L., Xiao, S.C., Culture and R-2. J. Financ. Econ. 115 (2015), 283–303.
[46] Evgeniou, T., Vermaelen, T., Share buybacks and gender diversity. J. Corp. Financ. 45 (2017), 669–686.
[47] Faccio, M., Marchica, M.T., Mura, R., CEO gender, corporate risk-taking, and the efficiency of capital allocation. J. Corp. Financ. 39 (2016), 193–209.
[48] Fahlenbrach, R., Stulz, R.M., Bank CEO incentives and the credit crisis. J. Financ. Econ. 99 (2011), 11–26.
[49] Fama, E.F., Agency problems and the theory of the firm. J. Polit. Econ. 88 (1980), 288–307.
[50] Fama, E.F., Babiak, H., Dividend policy: An empirical analysis. J. Am. Stat. Assoc. 63 (1968), 1132–1161.
[51] Fama, E.F., French, K.R., Disappearing dividends: changing firm characteristics or lower propensity to pay?. J. Financ. Econ. 60 (2001), 3–43.
[52] Fama, E.F., Jensen, M.C., Agency problems and residual claims. J. Law Econ. 26 (1983), 327–349.
[53] Fernandez, R., Cultural change as learning: the evolution of female labor force participation over a century. Am. Econ. Rev. 103 (2013), 472–500.
[54] Firth, M., Gao, J., Shen, J.H., Zhang, Y.Y., Institutional stock ownership and firms’ cash dividend policies: evidence from China. J. Banking Financ. 65 (2016), 91–107.
[55] Floyd, E., Li, N., Skinner, D.J., Payout policy through the financial crisis: the growth of repurchases and the resilience of dividends. J. Financ. Econ. 118 (2015), 299–316.
[56] Frijns, B., Gilbert, A., Lehnert, T., Tourani-Rad, A., Uncertainty avoidance, risk tolerance and corporate takeover decisions. J. Banking Financ. 37 (2013), 2457–2471.
[57] Gonzalez, F., Creditor rights, bank competition, and corporate investment during the global financial crisis. J. Corp. Financ. 37 (2016), 249–270.
[58] Grinstein, Y., Michaely, R., Institutional holdings and payout policy. J. Financ. 60 (2005), 1389–1426.
[59] Grullon, G., Michaely, R., Dividends, share repurchases, and the substitution hypothesis. J. Financ. 57 (2002), 1649–1684.
[60] Gugler, K., Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment. J. Banking Financ. 27 (2003), 1297–1321.
[61] Gul, F.A., Srinidhi, B., Ng, A.C., Does board gender diversity improve the informativeness of stock prices?. J. Account. Econ. 51 (2011), 314–338.
[62] Hasan, M.M., Cheung, A., Organization capital and firm life cycle. J. Corp. Financ. 48 (2018), 556–578.
[63] Healy, P.M., Palepu, K.G., Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. J. Account. Econ. 31 (2001), 405–440.
[64] Hillert, A., Maug, E., Obernberger, S., Stock repurchases and liquidity. J. Financ. Econ. 119 (2016), 186–209.
[65] Hillman, A.J., Shropshire, C., Cannella, A.A., Organizational predictors of women on corporate boards. Acad. Mange. J. 50 (2007), 941–952.
[66] Ho, P.H., Huang, C.W., Lin, C.Y., Yen, J.F., CEO overconfidence and financial crisis: evidence from bank lending and leverage. J. Financ. Econ. 120 (2016), 194–209.
[67] Hoberg, G., Prabhala, N.R., Disappearing dividends, catering, and risk. Rev. Financ. Stud. 22 (2009), 79–116.
[68] Hu, A.D., Kumar, P., Managerial entrenchment and payout policy. J. Financ. Quant. Anal. 39 (2004), 759–790.
[69] Huang, W., Mazouz, K., Excess cash, trading continuity, and liquidity risk. J. Corp. Financ. 48 (2018), 275–291.
[70] Isakov, D., Weisskopf, J.P., Pay-out policies in founding family firms. J. Corp. Financ. 33 (2015), 330–344.
[71] Jagannathan, M., Stephens, C.P., Weisbach, M.S., Financial flexibility and the choice between dividends and stock repurchases. J. Financ. Econ. 57 (2000), 355–384.
[72] Jensen, M.C., Agency costs of free cash flow, corporate finance, and takeovers. Am. Econ. Rev. 76 (1986), 323–329.
[73] Jensen, M.C., Meckling, W.H., Theory of the firm: managerial behavior, agency costs and ownership structure. J. Financ. Econ. 3 (1976), 305–360.
[74] Jensen, G.R., Solberg, D.P., Zorn, T.S., Simultaneous determination of insider ownership, debt, and dividend policies. J. Financ. Quant. Anal. 27 (1992), 247–263.
[75] Jiang, X.Y., Yuan, Q.B., Institutional investors’ corporate site visits and corporate innovation. J. Corp. Financ. 48 (2018), 148–168.
[76] Jin, Z., Shiomura, K., Jiang, L.Z., Assessing implicit mate preferences among Chinese and Japanese women by providing love, sex, or money cues. Psychol. Rep. 116 (2015), 195–206.
[77] Jiraporn, P., Ning, Y., Dividend Policy, Shareholder Rights, and Corporate Governance. Working Paper, 2006, Pennsylvania State University.
[78] Kale, J.R., Kini, O., Payne, J.D., The dividend initiation decision of newly public firms: some evidence on signaling with dividends. J. Financ. Quant. Anal. 47 (2012), 365–396.
[79] Kim, D., Starks, L.T., Gender diversity on corporate boards: do women contribute unique skills?. Am. Econ. Rev. 106 (2016), 267–271.
[80] Kim, K., Patro, S., Pereira, R., Option incentives, leverage, and risk-taking. J. Corp. Financ. 43 (2017), 1–18.
[81] La Porta, R., Lopez-de-Silanes, F., The benefits of privatization: evidence from Mexico. Q. J. Econ. 114 (1999), 1193–1242.
[82] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R.W., Law and finance. J. Polit. Econ. 106 (1998), 1113–1155.
[83] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R.W., Agency problems and dividend policies around the world. J. Financ. 55 (2000), 1–33.
[84] Lam, K.C., Sami, H., Zhou, H., The role of cross-listing, foreign ownership and state ownership in dividend policy in an emerging market. China J. Account. Res. 5 (2012), 199–216.
[85] Leary, M.T., Roberts, M.R., Do peer firms affect corporate financial policy?. J. Financ. Econ. 69 (2014), 139–178.
[86] Levit, D., Malenko, N., The labor market for directors and externalities in corporate governance. J. Financ. 71 (2016), 775–808.
[87] Li, W., Lie, E., Dividend changes and catering incentives. J. Financ. Econ. 80 (2006), 293–308.
[88] Li, F., Srinivasan, S., Corporate governance when founders are directors. J. Financ. Econ. 102 (2011), 454–469.
[89] Li, D.H., Chen, Z.A., An, Z., Murong, M., Do financial analysts play a role in shaping the rival response of target firms? International evidence. J. Corp. Financ. 23 (2017), 84–103.
[90] Lievenbrück, M., Schmid, T., Why do firms (not) hedge? – Novel evidence on cultural influence. J. Corp. Financ. 25 (2014), 92–106.
[91] Lin, C., Ma, Y., Malatesta, P., Xuan, Y.H., Corporate ownership structure and the choice between bank debt and public debt. J. Financ. Econ. 109 (2013), 517–534.
[92] Lintner, J., Distribution of incomes of corporations among dividends, retained earnings, and taxes. Am. Econ. Rev. 46 (1956), 97–113.
[93] Liu, Y., Wei, Z.B., Xie, F.X., Do women directors improve firm performance in China?. J. Corp. Financ. 28 (2014), 169–184.
[94] Liu, C., Are women greener? Corporate gender diversity and environmental violations. J. Corp. Financ. 52 (2018), 118–142.
[95] Miller, M.H., Modigliani, F., Dividend policy, growth, and the valuation of shares. J. Bus. 34 (1961), 411–433.
[96] Mullins, W., Schoar, A., How do CEOs see their roles? Management philosophies and styles in family and non-family firms. J. Financ. Econ. 119 (2016), 24–43.
[97] Neckebrouck, J., Schulze, W., Zellweger, T., Are family firms good employers?. Acad. Mange. J. 61 (2018), 553–585.
[98] Niederle, M., Vesterlund, L., Do women shy away from competition? Do men compete too much?. Q. J. Econ. 122 (2007), 1067–1101.
[99] Officer, M.S., Overinvestment, corporate governance, and dividend initiations. J. Corp. Financ. 17 (2011), 710–724.
[100] Price, C.R., Gender, competition, and managerial decisions. Manag. Sci. 58 (2012), 114–122.
[101] Shleifer, A., Vishny, R.W., A survey of corporate governance. J. Financ. 52 (1997), 737–783.
[102] Short, H., Zhang, H., Keasey, K., The link between dividend policy and institutional ownership. J. Corp. Financ. 8 (2002), 105–122.
[103] Smith, M.P., Shareholder activism by institutional investors: evidence from CalPERS. J. Financ. 51 (1996), 227–252.
[104] Srite, M., Karahanna, E., The role of espoused national cultural values in technology acceptance. Mis. Quart. 30 (2006), 679–704.
[105] Sun, H.W., Yin, S.X., Information leakage in family firms: evidence from short selling around insider sales. J. Corp. Financ. 47 (2017), 72–87.
[106] Tsoutsoura, M., The effect of succession taxes on family firm investment: evidence from a natural experiment. J. Financ. 70 (2015), 649–688.
[107] Von Eije, H., Megginson, W.L., Dividends and share repurchases in the European Union. J. Financ. Econ. 89 (2008), 347–374.
[108] Ward, C., Yin, C., Zeng, Y.Q., Institutional investor monitoring motivation and the marginal value of cash. J. Corp. Financ. 48 (2018), 49–75.
[109] Wintoki, M.B., Linck, J.S., Netter, J.M., Endogeneity and the dynamics of internal corporate governance. J. Financ. Econ. 105 (2012), 581–606.
[110] Young, S., Yang, J., Stock repurchases and executive compensation contract design: the role of earnings per share performance conditions. Account. Rev. 86 (2011), 703–733.
[111] Zhang, M., M, L.J., Zhang, B., Yi, Z.H., Pyramidal structure, political intervention and firms’ tax burden: evidence from China's local SOEs. J. Corp. Financ. 36 (2016), 15–25.
Citation statistics
Cited Times:105[WOS]   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionSchool of Management and Economics
Corresponding AuthorChen, Xiao
1.Jinan Univ, Res Inst Finance, Dept Finance, Guangzhou 510630, Guangdong, Peoples R China
2.Univ North Texas, G Brint Ryan Coll Business, Dept Finance Insurance Real Estate & Law, 1155 Union Circle 305339, Denton, TX 76203 USA
3.Drexel Univ, LeBow Coll Business, Dept Finance, 3220 Market St, Phiadelphia, PA 19104 USA
4.Chinese Univ Hong Kong , Sch Management & Econ, 2001 Longxiang Rd, Shenzhen 518172, Peoples R China
Recommended Citation
GB/T 7714
Ye, Dezhu,Deng, Jie,Liu, Yiet al. Does board gender diversity increase dividend payouts? Analysis of global evidence[J]. JOURNAL OF CORPORATE FINANCE,2019.
APA Ye, Dezhu, Deng, Jie, Liu, Yi, Szewczy, Samuel H., & Chen, Xiao. (2019). Does board gender diversity increase dividend payouts? Analysis of global evidence. JOURNAL OF CORPORATE FINANCE.
MLA Ye, Dezhu,et al."Does board gender diversity increase dividend payouts? Analysis of global evidence".JOURNAL OF CORPORATE FINANCE (2019).
Files in This Item:
There are no files associated with this item.
Related Services
Usage statistics
Google Scholar
Similar articles in Google Scholar
[Ye, Dezhu]'s Articles
[Deng, Jie]'s Articles
[Liu, Yi]'s Articles
Baidu academic
Similar articles in Baidu academic
[Ye, Dezhu]'s Articles
[Deng, Jie]'s Articles
[Liu, Yi]'s Articles
Bing Scholar
Similar articles in Bing Scholar
[Ye, Dezhu]'s Articles
[Deng, Jie]'s Articles
[Liu, Yi]'s Articles
Terms of Use
No data!
Social Bookmark/Share
All comments (0)
No comment.

Items in the repository are protected by copyright, with all rights reserved, unless otherwise indicated.