Research On The Influence Of Diversification Of Board Of Directors On The Cash Dividend Policy Of Listed Companies

The company's dividend policy and the diversification of the board of directors have always been the hot issues studied by academic circles at home and abroad,and have achieved relatively rich study results.Dividend policy,as the basis for profit distribution of companies,has been receiving great attention from all walks of life.It is as important as investment and financing in financial management practice and theory,but it is considered by the Western academic community as “the mystery of unresolved dividends”.Listed companies formulate cash dividend policy,on the one hand to send good signals to investors,on the other hand,the appropriate dividend policy is to safeguard the rights and interests of shareholders,so it is necessary for the board of directors to make a science based on the company's own conditions and external macro conditions decision making.Therefore,for the board of directors of listed companies,optimizing cash dividend policy has always been a major problem in corporate governance.However,there are few literatures that incorporate these two important issues into the same study framework,namely,analyzing cash dividend policy from the perspective of board diversity.Therefore,this article analyzes in depth from the perspective of board diversity the impact on cash dividend policy.First of all,this article reviews a large number of domestic and foreign literatures,sorts out the literature on board diversity and cash dividend policy,defines the relevant concepts such as board diversity,and lays the groundwork for the following study.Then collect and sort out the data of listed companies in China from 2008 to 2015,use excel and stata software to preliminarily organize the data,and objectively analyze the development status of board of directors on gender diversity,age diversification,independence diversification and international diversification,and cash The status quo of the development of dividend payment,and combing out the problems of cash dividend payment,analyzing the relationship between board diversity and cash dividend policy,and finding out the degree of gender diversity,age diversity,independence,and international diversification of the board of directors.The higher the company,the more inclined it is to pay cash dividends.Finally,this paper selected 1,951 listed companies as samples to conduct empirical research on the data from 2008 to 2015,using whether cash dividends and dividend payout rates were used as the explanatory variables.The Board of Directors was gender-diverse,age-diversified,and independent.Internationalization and international diversity are used as explanatory variables for regression.In addition,considering the particularity of board members and the general applicability of their conclusions,the empirical analysis of this paper also carried out a sample-by-sample regression analysis of state-owned enterprises,non-state-owned enterprises,and family-owned companies.The following conclusions are drawn: The board's gender diversity,age diversification,and independence diversification have a significant positive impact on cash dividend policies,and international diversification has a significant negative impact on cash dividend policies.The study results of non-state-owned enterprises and family-owned companies are not significant,indicating that their board of directors is relatively stable and their degree of diversification is low.There is no impact on the decision on whether to pay dividends.