Female Directors,institutional Environment And Cash Dividend Distribution Of Listed Companies

Since the introduction of laws on gender equality led by The European country Norway,other countries and regions,including Asia and the Middle East,have followed Norway's lead and introduced similar policies on gender equality in succession.In recent years,the gender composition of the board of directors has attracted the attention and research of more scholars.There are numerous studies on the role of female directors in corporate governance,but there are still few studies on dividend distribution.Therefore,based on the theory of high-level ladder,feminist concern ethics,human capital and dividend agency cost theory,this paper explores whether female directors can increase dividend distribution of listed companies.Based on the cash dividend payment rate as a measure of cash dividend distribution of listed companies,whether to have the proportion of women directors and directors to measure the degree of women directors,selects the listed companies in China from 2013 to 2018 as the research sample,empirically female directors to the effect of dividend distribution of listed companies in our country,and on this basis,discussion on the regulation of the institutional environment under the action of female directors to the effect of cash dividend distribution of listed companies.In addition,considering the action mechanism of female directors on cash dividend distribution,this paper conducts a path study in the further analysis.This paper finds that:(1)compared with companies with only male directors,companies with female directors are more inclined to distribute cash dividends;(2)The higher the proportion of female directors,the more inclined listed companies are to distribute cash dividends;(3)With a high level of financial market development,the promoting effect of female directors on cash dividend distribution is significantly weakened;(4)With more government intervention,the promotion effect of female directors on cash dividend distribution is significantly weakened;(5)With a high level of legal protection,the promotion effect of female directors on cash dividend distribution is significantly weakened.