Does a female CEO and female directors affect dividend policy?

摘要

This study aims to determine the influence of female CEO and female directors on the dividend policy of nonfinancial companies listed on Indonesia Stock Exchange. This study used purposive sampling method with 372 samples. Dividend policy was measured by dividend payout ratio defined as dividend over net income. The result of multiple linear regression showed that female board has a significant positive effect on dividend policy, or in other words, female board increases the dividend policy. Otherwise, female CEO has no significant effect on dividend policy.