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HARP Seminar, presented by Dr Zezeng Li: "Do female directors protect employee pension benefits? Evidence on the nexus between pensions and dividends"

Event information
Date 12 March 2024
Time 11:00-12:00 (Timezone: Europe/London)
Price Free
Venue Henley Business School LG01
Event types:
Webinars Seminars


This study shows that for firms with a higher percentage of female directors, better pension funding positions and higher dividend payments are more likely. Further analysis reveals that firms with a higher proportion of female directors are more likely to improve their pension funding levels rather than paying dividends when their DB pension plans are underfunded. Similarly, these firms tend to prioritize pension funding over dividends when they encounter financial constraints and higher external financing costs. Overall, our empirical results suggest that female directors place greater emphasis on employee benefits and promote more ethical, socially responsible and community-oriented pension policies.

JEL classification: G30; J32; G34

Keywords: Female directors; DB pension plans; Dividend payments; Pension funding; Corporate Governance Code

Zezeng Li 2

Short Bio on Presenter: Dr Zezeng Li is a Lecturer (Assistant Professor) in Accounting at Queen Mary University of London. His primary research interests encompass pension accounting, corporate governance of pension plans, and pension de-risking strategies. Dr. Li is enthusiastic about developing impactful research and engaging with various stakeholders. He is involved in projects collaborating with the UK Pension Regulator to explore the diversity of pension trustees and promote diversity within pension governance bodies. Additionally, he collaborates with the Institute of Business Ethics to examine the influence of FTSE 350 code of ethic quality on employee satisfaction. Dr. Li has published in leading journals such as the British Journal of Management, Accounting Forum, and International Review of Financial Analysis, among others.

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