Board Structure&Diversity and Corporate Payout Policy in US Companies

Student: Galiev Irek

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

This thesis investigates whether director's sex, age, eduaction, and independence are the factors that affects him or her to be more likely to impose high dividend payouts. On the sample of 2241 US company from 2004 to 2016, we find evidence that firms with a larger fraction of female directors on their board have greater dividend payouts and that the presence of woman in a board increases the probability of dividend payout. This finding is robust to alternative samples and alternative measures of dividend payouts . The same effect exists in terms of independence directors representation. The board of director member's average age and education level do not make a significant impact on a company's dividend policy.

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