The study investigates the impact of corporate gender diversity on dividend payouts in Asia-Pacific countries. The study used the data of 610 listed firms in the Asian Pacific region over eleven years, from 2006 to 2016, with 6710 observations. The regression results revealed that the representation of women on board and at least 30% on board positively relates to dividend payout. Board size and board independence have a significant negative relationship with dividend payouts. Overall, results suggest that gender diversity on corporate boards has a greater propensity to pay dividends in the mix of ownership structure, strong and weak corporate governance compliance, and horizontal agency conflict.

Abad, D., Lucas-Pérez, M. E., Minguez-Vera, A., & Yagüe, J. (2017). Does gender diversity on corporate boards reduce information asymmetry in equity markets? BRQ Business Research Quarterly, 20(3), 192–205. https://doi.org/10.1016/j.brq.2017.04.001

Abor, J., & Fiador, V. (2013). Does corporate governance explain dividend policy in Sub‐Saharan Africa? International Journal of Law and Management, 55(3), 201–225. https://doi.org/10.1108/17542431311327637

Al-Rahahleh, A. (2017). Corporate Governance Quality, Board Gender Diversity and Corporate Dividend Policy: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 11(2). https://doi.org/10.14453/aabfj.v11i2.6

Afifi, K T H., & Sakr, A M. (2023). An Examination of the Signaling Effect of the Dividend Policy on Synchronization of Stock Returns. Alexandria Journal of Accounting Research. 7(3): 253-274.

Ahmed, S. (2015). Critical Analysis of the Factors Affecting the Dividend Payout: Evidence from Pakistan. International Journal of Economics, Finance and Management Sciences, 3(3), 204. https://doi.org/10.11648/j.ijefm.20150303.17

Al-Amarneh, A., Yaseen, H., & Iskandrani, M. (2017). Board gender diversity and dividend policy: Case of Jordanian commercial banks. Corporate Board Role Duties and Composition, 13(3), 33–41. Portico. https://doi.org/10.22495/cbv13i3art4

Al-Mamun, A., Yasser, Q. R., Entebang, H., et al. (2013). Gender diversity and economic performance of firms: Evidences from emerging market. Journal of Economic Development, Management, IT, Finance, and Marketing. 5(2): 100.

Al‐Najjar, B., & Sarhan, A. A. (2023). Cash holdings and corruption prevention commitment: Evidence from the UK. International Journal of Finance & Economics. Portico. https://doi.org/10.1002/ijfe.2851

Anila, K. (2014). Association between gender diversity in board composition and firm performance: Empirical evidence from Finland. Theses.

Azmi, I. A. G., & Barrett, M. A. (2013). Women on boards and company financial performance: A study of Malaysian SMEs. Paper presented at the Proc. of 3rd Global Accounting, Finance and Economics Conference. Melbourne; World Business Institute.

Becker, B., Ivković Z. & Weisbenner S. (2011). Local Dividend Clienteles. The Journal of Finance, 66(2), 655–683. Portico. https://doi.org/10.1111/j.1540-6261.2010.01645.x

Beh, J. K., Sew, S. S., Chan, M. C., et al. The Impacts of Corporate Governance and Dividend Payout Policy Toward Managerial Compensation: Evidence on Malaysia Top 100 Listed Companies. UTAR.

Bhattacharya, S. (1980). Nondissipative Signaling Structures and Dividend Policy. The Quarterly Journal of Economics, 95(1), 1. https://doi.org/10.2307/1885346

Brooks, C. (2008). Introductory Econometrics for Finance. https://doi.org/10.1017/cbo9780511841644

Brown T. & Roberts H. (2016). Agency Theory, Corporate Governance and Dividend Payout in New Zealand.

Bruhl, R. H. (2003). A Possible Solution to the Principal-Agent Problem Posed by the ContemporaryCorporate CEO. Journal of Business Ethics, 48(4), 401–402. https://doi.org/10.1023/b:busi.0000005797.58349.d3

Bushra, A. (2012). The Determinants of Corporata Dividend Policy in Pakistan. Lahore School of Economics.

Byoun, S., Chang, K., & Kim, Y. S. (2015) Does Board Diversity Effect Corporate Dividend Policy? Thesis.

Byoun, S., Chang, K., & Kim, Y. S. (2016). Does Corporate Board Diversity Affect Corporate Payout Policy? Asia-Pacific Journal of Financial Studies, 45(1), 48–101. Portico. https://doi.org/10.1111/ajfs.12119

Carrasco, A., Francoeur, C., Réal, I., et al. (2012). Cultural differences and board gender diversity. Paper presented at the Comptabilités et innovation.

Carrasco, A., Laffarga, J., & Ruiz-Barbadillo, E. (2012). Cultural differences and board gender diveristy.

Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity, and Firm Value. Financial Review, 38(1), 33–53. Portico. https://doi.org/10.1111/1540-6288.00034

Cha, P. C., Chuah, X. M., Ho, W. L., et al. (2015). The effect of corporate governance on dividend policy: trading/services sector in Malaysia. UTAR.

Chen, J., Leung, W. S., & Goergen, M. (2016). The Impact of Board Gender Composition on Dividend Payouts. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2849529

Chin, C. P., Mei, C. X., Tin, K. P., et al. (2015). The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia. University Tunku Abdul Rahman.

Deloitte. (2016). Women in the boardroom. A Global Perspective.

Djan, G. O., Zehou, S., Bawuah, J. (2017). Board gender diversity and dividend policy in SMEs: Moderating role of capital structure in Emerging Market.

Moderating Role of Capital Structure in Emerging Market. (n.d.). Journal of Research in Business, Economics and Management (JRBEM), 9(2).

Downs, G. W., & Rocke, D. M. (1994). Conflict, Agency, and Gambling for Resurrection: The Principal-Agent Problem Goes to War. American Journal of Political Science, 38(2), 362. https://doi.org/10.2307/2111408

El-Chaarani, H. (2014). The Impact of Corporate Governance on Performance of Lebanese Banks. The International Journal of Business and Finance Research, 8(5).

Ely, R. J., & Thomas, D. A. (2001). Cultural Diversity at Work: The Effects of Diversity Perspectives on Work Group Processes and Outcomes. Administrative Science Quarterly, 46(2), 229–273. https://doi.org/10.2307/2667087

van Essen, M., van Oosterhout, J. H., & Carney, M. (2011). Corporate boards and the performance of Asian firms: A meta-analysis. Asia Pacific Journal of Management, 29(4), 873–905. https://doi.org/10.1007/s10490-011-9269-1

Farhan, A., Obaid, S. N., & Azlan, H. (2017). Corporate governance effect on firms’ performance – evidence from the UAE. Journal of Economic and Administrative Sciences, 33(1), 66–80. https://doi.org/10.1108/jeas-01-2016-0002

Farhat, A. (2014). Corporate governance and firm performance: the case of UK. University of Portsmouth. Theses.

Ferreira, D. (2010). Board Diversity. Corporate Governance. Pp. 225–242. Portico.

Fidrmuc, J. P., Jacob, M. (2008). A cultural explanation for the agency model of dividend.

Halaoua, S., & Boukattaya, S. (2023). Does gender diversity in the audit committee influence corporate dividend policy? Evidence from French listed firms. Green Finance, 5(3), 373–391. https://doi.org/10.3934/gf.2023015

Hutchinson, M., Mack, J., & Plastow, K. (2014). Who selects the ‘right’ directors? An examination of the association between board selection, gender diversity and outcomes. Accounting & Finance, 55(4), 1071–1103. Portico. https://doi.org/10.1111/acfi.12082

Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283–298. https://doi.org/10.1016/j.ribaf.2016.01.018

Jansen, M., Hlongwane, P. (2019). Employee performance reward and recognition inequity in the Western Cape provincial department of transport and public works.

Jagirani, T. S., Chee, L. C., & Kosim, Z. B. (2023). “Board characteristics and firm value: The moderating role of capital adequacy.” Investment Management and Financial Innovations, 20(2), 205–214. https://doi.org/10.21511/imfi.20(2).2023.18.

Jagirani, T.S, Ejaz, S., Hussain. M, Hasan.M, Ballint.C, & Hossain, B. (2023). Women on Board and Firm Value at Different Management Levels: The Moderating Role of Independent Directors. https://www.researchgate.net/publication/379000775

Javakhadze, D., Ferris, S. P., & Sen, N. (2013). An international analysis of dividend smoothing. Journal of Corporate Finance, 29, 200–220. https://doi.org/10.1016/j.jcorpfin.2014.09.007

Kasasbeh, F. I. (2021). Impact of financing decisions ratios on firm accounting-based performance: evidence from Jordan listed companies. Future Business Journal, 7(1). https://doi.org/10.1186/s43093-021-00061-0

Kennedy, O. F. (2021). Dividend Policy and Firm Performance: A Case of Listed banks in Ghana. Thesis.

Kent Baker, H., & Powell, G. E. (2012). Dividend policy in Indonesia: survey evidence from executives. Journal of Asia Business Studies, 6(1), 79–92. https://doi.org/10.1108/15587891211191399

Khan, I., Khan, I., Khan, I. U., Suleman, S., & Ali, S. (2023). Board diversity on firm performance from resource-based view perspective: new evidence from Pakistan. International Journal of Productivity and Performance Management. https://doi.org/10.1108/ijppm-01-2022-0055

Khan, M. N., & Shamim, M. (2017). A Sectoral Analysis of Dividend Payment Behavior. SAGE Open, 7(1), 215824401668229. https://doi.org/10.1177/2158244016682291

Khan, M. Y. (2016). Corporate Governance and Cost of Capital: Evidence from Pakistani Listed Firms.

Kılıç, M., & Kuzey, C. (2016). The effect of board gender diversity on firm performance: evidence from Turkey. Gender in Management: An International Journal, 31(7), 434–455. https://doi.org/10.1108/gm-10-2015-0088

Al-Najjar, B., & Kilincarslan, E. (2015). The effect of ownership structure on dividend policy: evidence from Turkey. Corporate Governance: The International Journal of Business in Society, 16(1), 135–161. https://doi.org/10.1108/cg-09-2015-0129

Kuzey, C., Al-Shaer, H., Karaman, A. S., & Uyar, A. (2023). Public governance, corporate governance and excessive ESG. Corporate Governance: The International Journal of Business in Society, 23(7), 1748–1777. https://doi.org/10.1108/cg-01-2023-0028

Labhane, N. B., & Mahakud, J. (2016). Determinants of Dividend Policy of Indian Companies. Paradigm, 20(1), 36–55. https://doi.org/10.1177/0971890716637698

Lee, L.-E., Marshall, R., Rallis, D., et al. (2015). Women on board.

Low, D. C. M., Roberts, H., & Whiting, R. H. (2015). Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal, 35, 381–401. https://doi.org/10.1016/j.pacfin.2015.02.008

Lumley, T., Diehr, P., Emerson, S., & Chen, L. (2002). The Importance of the Normality Assumption in Large Public Health Data Sets. Annual Review of Public Health, 23(1), 151–169. https://doi.org/10.1146/annurev.publhealth.23.100901.140546

Maldajian, C., & El Khoury, R. (2014). Determinants of the Dividend Policy: An Empirical Study on the Lebanese Listed Banks. International Journal of Economics and Finance, 6(4). https://doi.org/10.5539/ijef.v6n4p240

Manneh, M. B. A. (2014). Determinants of Dividend Policy: Evidence from Non -Financial Companies Listed on Abu Dubai Securities Exchange (ADX). Cardiff Metropolitan University-UK.

Mansourinia, E., Emamgholipour, M., Rekabdarkolaei, E. A., et al. (2013). The Effect of Board Size, Board Independence and CEO Duality on Dividend Policy of Companies: Evidence from Tehran Stock Exchange. International Journal of Economy, Management and Social Sciences. 2(6): 237-241.

Marashdeh, Z. M. S. (2014). The Effect of Corporate Governance on Firm Performance in Jordan. The University of Central Lancashire.

Matlala, R. E. (2011). Board gender diversity and financial performance. University of Pretoria.

Matsa, D. A., & Miller, A. R. (2013). A Female Style in Corporate Leadership? Evidence from Quotas. American Economic Journal: Applied Economics, 5(3), 136–169. https://doi.org/10.1257/app.5.3.136

McGuinness, P. B., Lam, K. C. K., & Vieito, J. P. (2013). Gender and other major board characteristics in China: Explaining corporate dividend policy and governance. Asia Pacific Journal of Management, 32(4), 989–1038. https://doi.org/10.1007/s10490-015-9443-y

Mgammal, M. H. (2022). Appraisal study on board diversity: Review and agenda for future research. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2121241

Mubin M, Ahmed M, Aslam M F, et al. (2013). Determinants of Dividend with Industry-wise Effect–Evidence from KSE 100 Index.

Murtaza, M., Abbas, S., Iqbal, M. M. (2017). Share Price Reaction to Dividend Announcements: A Case of Pakistani Banking Sector. International Journal of Business Studies Review. 2(1).

Musiega, M. G., Juma, D. M., Alala, O. B., et al. (2013). Corporate Governance, Dividend Policy and Performance. Special Reference to Banks Listed on Nairobi Security Exchange Kenya. International Journal of Innovative Research and Development. 2(5).

Nadeem, M., Gyapong, E., & Ahmed, A. (2019). Board gender diversity and environmental, social, and economic value creation: Does family ownership matter? Business Strategy and the Environment, 29(3), 1268–1284. Portico. https://doi.org/10.1002/bse.2432

Narsa Goud, N. (2023). Dividend policy effect on common stock price volatility: An empirical evidence from indian companies. International Journal of Financial Engineering.

Nguyen, H., & Faff, R. (2007). Impact of board size and board diversity on firm value: Australian evidence. Corporate Ownership and Control, 4(2), 24–32. Portico. https://doi.org/10.22495/cocv4i2p2

Ntim, C. G. (2013). Board diversity and organizational valuation: unravelling the effects of ethnicity and gender. Journal of Management & Governance, 19(1), 167–195. https://doi.org/10.1007/s10997-013-9283-4

Oliveira, A. R. C. d. (2016). The Impact of Culture and Corporate Governance in Dividend Policy: Evidence from Emerging and Developed Countries. Polytechnic Institute of Leiria, Dissertation, Master in Finance. (Polytechnic Institute of Leiria).

Otman, K. A. M. (2014). Corporate Governance and Firm Performance in Listed Companies in the United Arab Emirates [PhD thesis]. College of Business. Victoria University of Melbourne Australia.

Pakistan, S a E C o. (2017). Women directors to more than double in three years.

Peterson, C. A., & Philpot, J. (2006). Women’s Roles on U.S. Fortune 500 Boards: Director Expertise and Committee Memberships. Journal of Business Ethics, 72(2), 177–196. https://doi.org/10.1007/s10551-006-9164-8

Pucheta-Martínez M C. Bel-Oms I. (2015). Does board gender diversity impact on dividend policy? Refreshing the Cultural Paradigm. 45.

Qian, M. (2016). Women’s Leadership and Corporate Performance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2737833

Rajula, V. A. A. (2014). Effects of board diversity on financial perforamce of commercial banks in Kenya.

Rehman, I. U. (2022). Payout policy, investment efficiency, and corporate performance in the Asia Pacific: does boardroom diversity matter. International Journal of Monetary Economics and Finance, 15(2), 95. https://doi.org/10.1504/ijmef.2022.124958

Rein, S. M., Lampe, F. C., Ingle, S. M., et al. (2023). All-cause hospitalisation among people living with HIV according to gender, mode of HIV acquisition, ethnicity, and geographical origin in Europe and North America: findings from the ART-CC cohort collaboration. The Lancet Public Health, 8(10), e776–e787. https://doi.org/10.1016/s2468-2667(23)00178-0

Rodriguez, J. (2016). Essays on the Effect of Board Gender Diversity on Firm Risk, Performance, and Institutions’ Ownership Preferences. Florida International University.

Roy, A. (2016). Corporate Governance and Firm Performance: A Study of Indian Listed Firms. Metamorphosis: A Journal of Management Research, 15(1), 31–46. https://doi.org/10.1177/0972622516629032

Saeed, A., Sameer, M. (2015). Impact of board gender diversity on dividend payments: Evidence from some emerging economies. International Business Review.

Sani, A. u. A., Musa, A. M. (2017). Corporate Board Attributes and Dividend Payout Policy of Listed Deposit Money Banks in Nigeria.

Setia‐Atmaja, L., Tanewski, G. A., & Skully, M. (2009). The Role of Dividends, Debt and Board Structure in the Governance of Family Controlled Firms. Journal of Business Finance & Accounting, 36(7–8), 863–898. Portico. https://doi.org/10.1111/j.1468-5957.2009.02151.x

Setiawan, D., & Kee Phua, L. (2013). Corporate governance and dividend policy in Indonesia. Business Strategy Series, 14(5/6), 135–143. https://doi.org/10.1108/bss-01-2013-0003

Shehu, M. (2015). Board Characteristics and Dividend Payout: Evidence from Malaysian Public Listed Companies. Research Journal of Finance and Accounting. ISSN 2222, 2847.

Siddiqui M A. (2015). Modeling Dynamics of Dividend Policy, Capital Structure, and Agency Cost: Evidence from Nonfinancial Sectors of Pakistan.

Singh, N. P., & Tandon, A. (2019). The Effect of Dividend Policy on Stock Price: Evidence from the Indian Market. Asia-Pacific Journal of Management Research and Innovation, 15(1–2), 7–15. https://doi.org/10.1177/2319510x19825729

Song, X. (2015). Gender Diversity on Australian company board.

Srivastava, V., Das, N., & Pattanayak, J. K. (2018). Women on boards in India: a need or tokenism? Management Decision, 56(8), 1769–1786. https://doi.org/10.1108/md-07-2017-0690

Tan, T., Jurdant, F. (2017). Corporate Governance for Asian Publicly Listed Family-Controlled Firms. Codes, Standards, and Position Papers. 2017(1): 1-63.

Tariq, Y. B. (2014). Impact of Corporate Governance Code on Firm Performance, A Comparative Analysis of Pakistan and Malaysia. Mohammad Ali Jinnah University.

Teixeira, J. F., & Carvalho, A. O. (2023). Corporate governance in SMEs: a systematic literature review and future research. Corporate Governance: The International Journal of Business in Society. https://doi.org/10.1108/cg-04-2023-0135

Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20(3), 447–483. https://doi.org/10.1007/s10997-014-9307-8

Torchia, M., Calabrò, A., & Huse, M. (2011). Women Directors on Corporate Boards: From Tokenism to Critical Mass. Journal of Business Ethics, 102(2), 299–317. https://doi.org/10.1007/s10551-011-0815-z

Utomo, M. N., Kaujan, K., Sutrisno, A., Islami, R. N. (2023). Board gender diversity and dividend policy in Indonesia: Impact of ownership structure. International Journal of Economics, Business and Accounting Research (IJEBAR). 7(3).

Uwuigbe, U., Jafaru, J., Ajayi, A. (2012). Dividend policy and firm performance: a study of listed firms in Nigeria. Accounting and Management Information Systems. 11(3): 442.

PWC. (2016). Board diversity disclosure in Singapore. Available online: www.pwc.com/sg (accessed on 26 June 2023).

Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88–99. https://doi.org/10.1108/ribs-02-2014-0030

Zameer, H., Rasool, S., Iqbal, S., et al. (2013). Determinants of Dividend Policy: A Case of Banking Sector in Pakistan. Middle-East Journal of Scientific Research. 18(3); 410-424.

Zardkoohi, A., Harrison, J. S., & Josefy, M. A. (2015). Conflict and Confluence: The Multidimensionality of Opportunism in Principal–Agent Relationships. Journal of Business Ethics, 146(2), 405–417. https://doi.org/10.1007/s10551-015-2887-7