Gender diversity, governance and dividend policy in Brazil
Purpose – Considering that the heterogeneity in the composition of deliberation and management bodies can promote a differentiated impact on earnings distribution policies of companies, the purpose of this paper is to examine the marginal influence of female participation on the board of directors a...
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| Format: | Article |
| Language: | Portuguese |
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Emerald Publishing
2020-04-01
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| Series: | REGE Revista de Gestão |
| Subjects: | |
| Online Access: | https://www.emerald.com/insight/content/doi/10.1108/REGE-03-2019-0041/full/pdf?title=gender-diversity-governance-and-dividend-policy-in-brazil |
| _version_ | 1811195144941076480 |
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| author | Tatiana Aquino Almeida Cinthya Rachel Firmino de Morais Antonio Carlos Coelho |
| author_facet | Tatiana Aquino Almeida Cinthya Rachel Firmino de Morais Antonio Carlos Coelho |
| author_sort | Tatiana Aquino Almeida |
| collection | DOAJ |
| description | Purpose – Considering that the heterogeneity in the composition of deliberation and management bodies can promote a differentiated impact on earnings distribution policies of companies, the purpose of this paper is to examine the marginal influence of female participation on the board of directors and executive board regarding decisions associated with dividend policy in companies operating in Brazil. Design/methodology/approach – The sample is composed of non-financial companies listed on the B3 Stock Exchange between 2010 and 2015, which encompasses 261 companies (1,084 observations per year). The tests aim at explaining the probability of earnings distribution and the payout level of companies through variables that measure the female presence – considering that the explanatory economic attributes of decisions over dividends are kept under control. The econometric analysis was carried out through the descriptive analysis of the variables and LOGIT and TOBIT tests of inference estimated with fixed effects and meeting all econometric requirements. Findings – The proportion of women in both deliberative and executive bodies affects marginally the dividend policy of Brazilian companies. The female presence in management bodies contributes to a higher probability of earnings distribution and increase in the payout level; such tendency is moderated when women are in the board of directors; so, we do not reject the hypothesis of female influence on dividend policy decisions in Brazil. Originality/value – One can find such investigations in foreign environments, but such tests had not been accomplished in Brazil so far. We discuss, therefore, in an unprecedented way, the heterogeneity in deliberative (governance) and executive (management) bodies and its outcomes in strategic decisions made in Brazilian companies, focusing on the female insertion and on fundamental decisions that are related to the relationship among stakeholders, which is the dividend policy per se. |
| first_indexed | 2024-04-12T00:37:30Z |
| format | Article |
| id | doaj.art-819bbf1f872c45d3b62415902db156da |
| institution | Directory Open Access Journal |
| issn | 1809-2276 2177-8736 |
| language | Portuguese |
| last_indexed | 2024-04-12T00:37:30Z |
| publishDate | 2020-04-01 |
| publisher | Emerald Publishing |
| record_format | Article |
| series | REGE Revista de Gestão |
| spelling | doaj.art-819bbf1f872c45d3b62415902db156da2022-12-22T03:55:06ZporEmerald PublishingREGE Revista de Gestão1809-22762177-87362020-04-0127218920510.1108/REGE-03-2019-0041641795Gender diversity, governance and dividend policy in BrazilTatiana Aquino Almeida0Cinthya Rachel Firmino de Morais1Antonio Carlos Coelho2Department of Programa de Pós-Graduação em Administração e Controladoria - PPAC, Universidade Federal do Ceara, Fortaleza, BrazilCentro Universitário Unifanor Wyden, Fortaleza, BrazilDepartment of Programa de Pós-Graduação em Administração e Controladoria - PPAC, Universidade Federal do Ceara, Fortaleza, BrazilPurpose – Considering that the heterogeneity in the composition of deliberation and management bodies can promote a differentiated impact on earnings distribution policies of companies, the purpose of this paper is to examine the marginal influence of female participation on the board of directors and executive board regarding decisions associated with dividend policy in companies operating in Brazil. Design/methodology/approach – The sample is composed of non-financial companies listed on the B3 Stock Exchange between 2010 and 2015, which encompasses 261 companies (1,084 observations per year). The tests aim at explaining the probability of earnings distribution and the payout level of companies through variables that measure the female presence – considering that the explanatory economic attributes of decisions over dividends are kept under control. The econometric analysis was carried out through the descriptive analysis of the variables and LOGIT and TOBIT tests of inference estimated with fixed effects and meeting all econometric requirements. Findings – The proportion of women in both deliberative and executive bodies affects marginally the dividend policy of Brazilian companies. The female presence in management bodies contributes to a higher probability of earnings distribution and increase in the payout level; such tendency is moderated when women are in the board of directors; so, we do not reject the hypothesis of female influence on dividend policy decisions in Brazil. Originality/value – One can find such investigations in foreign environments, but such tests had not been accomplished in Brazil so far. We discuss, therefore, in an unprecedented way, the heterogeneity in deliberative (governance) and executive (management) bodies and its outcomes in strategic decisions made in Brazilian companies, focusing on the female insertion and on fundamental decisions that are related to the relationship among stakeholders, which is the dividend policy per se.https://www.emerald.com/insight/content/doi/10.1108/REGE-03-2019-0041/full/pdf?title=gender-diversity-governance-and-dividend-policy-in-brazilheterogeneity and gendergovernance and managementdividend policy |
| spellingShingle | Tatiana Aquino Almeida Cinthya Rachel Firmino de Morais Antonio Carlos Coelho Gender diversity, governance and dividend policy in Brazil REGE Revista de Gestão heterogeneity and gender governance and management dividend policy |
| title | Gender diversity, governance and dividend policy in Brazil |
| title_full | Gender diversity, governance and dividend policy in Brazil |
| title_fullStr | Gender diversity, governance and dividend policy in Brazil |
| title_full_unstemmed | Gender diversity, governance and dividend policy in Brazil |
| title_short | Gender diversity, governance and dividend policy in Brazil |
| title_sort | gender diversity governance and dividend policy in brazil |
| topic | heterogeneity and gender governance and management dividend policy |
| url | https://www.emerald.com/insight/content/doi/10.1108/REGE-03-2019-0041/full/pdf?title=gender-diversity-governance-and-dividend-policy-in-brazil |
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