Payout policy, investment efficiency, and corporate performance in the Asia Pacific: does boardroom diversity matter?
by Ijaz Ur Rehman
International Journal of Monetary Economics and Finance (IJMEF), Vol. 15, No. 2, 2022

Abstract: This study empirically examines the impact of board gender diversity on corporate performance, payout policy, and investment efficiency using a sample of 1021 firms listed in Asia Pacific markets for 2006-2016. Using fixed effect regression models, the results suggest that having a woman director on the corporate board enhances the investment efficiency and increases the propensity of dividend payout of the firms as compared to companies that do not have a women director. Nevertheless, the presence of a women director has an impact on weakening corporate performance. The results are robust across alternative measures of gender diversity. The study concludes that the presence of a woman director in the boardroom grants company a competitive edge over its competitors.

Online publication date: Thu, 18-Aug-2022

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