Board Gender Diversity and Dividend Policy: Evidence from Nigeria

Dividend policy plays a crucial role in investor decisions, company valuation, and shareholder wealth. It serves as a signal of financial stability and managerial confidence in a firm's prospects. Consistent dividend payouts attract income-oriented investors, enhancing stock liquidity and stabilizing company value. This study investigates the impact of board gender diversity on dividend policy in the Nigerian consumer goods sector. The research employs a quantitative
approach, analyzing data from twenty-one firms over ten years (2013-2023). The findings reveal that board gender diversity and independence do not significantly influence dividend policy in this sector. Additionally, firm size does not moderate the relationship between board gender diversity and dividend policy. The study recommends that firms in the Nigerian consumer sector should actively promote gender diversity on their boards to enhance decision-making processes and improve dividend policies which can be achieved through policies that encourage the recruitment and retention of female directors. This research contributes to the ongoing debate on corporate governance and financial management by providing insights into how gender-inclusive governance practices might influence dividend policy.