BOARD OF DIRECTORS COMPOSITION AND DIVIDENDS PAYMENT
THE ROLE OF GENDER DIVERSITY AND AGE OF BOARD MEMBERS
DOI:
https://doi.org/10.51320/rmc.v25i2.1564Keywords:
Dividends, Diversity, Board of Directors, AgeAbstract
The main purpose of this research was to investigate whether the characteristics of the board of directors (BOD) of publicly traded companies in Brazil - presence of women and age of board members – are related to the distribution of dividends. Financial data were collected in the Economatica Database, and BOD data were collected at the Brazilian Securities and Exchange Commission website. The hypotheses were tested through panel data regression, using data of 222 companies during the period from 2017 to 2021. The results did not indicate a significant effect regarding the presence of women on the BOD and distribution of dividends. It was observed that the age of board members had a significant relationship with dividends, particularly for board members who are between forty and fifty years old. This study contributes to the Corporate Governance literature, specifically with regard to the presence of women on the BOD, as well as the age heterogeneity of the Board members, considering that most studies with this theme are carried out in included countries. In addition, the study has the practical contribution of helping investors focused on dividends to make more assertive decisions.
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