Do Female Directors Protect Employee Pension Benefits? Evidence on the Nexus Between Pensions and Dividends
研究2007-2021年英国FTSE全股公司发现，女性董事比例高的企业养老金资金状况更好，且在资金不足或财务紧张时优先弥补养老金缺口而非支付股利，表明女性董事促进员工导向的财务决策。
ABSTRACT This study examines whether female directors influence firms' allocation of internal funds between dividend payments and defined benefit (DB) pension funding. Using FTSE All‐Share firms from 2007 to 2021, we find that companies with a higher proportion of female directors exhibit stronger pension funding positions and, overall, maintain balanced dividend policies. When pension plans are underfunded or financial constraints tighten, gender‐diverse boards prioritise closing pension deficits over paying dividends. These findings indicate that female directors foster employee‐oriented, ethical, and socially responsible financial decisions, extending the understanding of gender diversity's role in corporate financial policy.