The Determinants of Female Director Appointments and the Impacts of Female Directors on Performance and Dividend Policy
Date Issued
2014
Date
2014
Author(s)
Chou, Tsai-Yi
Abstract
Using the sample of Taiwan’s listed firms between 2005 and 2012, this thesis discusses which firm characteristics affect the firms’ appointment decisions of women directors. It also investigates the female directors’ impacts on firm performance and dividend policy. The thesis finds that smaller firms and firms with lower Tobin’s q and lower foreign institutional ownership are more likely to have female directors. Also, family firms and firms with CEO duality have higher fractions of female directors. In addition, when a firm has more outside directors, it is less likely to have female inside directors and female directors from the controlling shareholder’s family. For the impacts of female directors on firm performance, this thesis finds that in general, female directors do not significantly affect ROA. However, female directors from the controlling shareholders’ families may have a negative influence on Tobin’s q. As to dividend policy, it is found that a firm will pay lower cash dividend if it has more female directors. This result is consistent with the hypothesis that female directors are more conservative than male directors and prefer to keep cash in the firms.
Subjects
female directors
firm performance
dividend payout
Type
thesis
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ntu-103-R01723009-1.pdf
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