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ABSTRACT:

A board must be varied in size and independence to make intelligent dividend payouts. This research analyses how board structure diversity and traditional criteria affect Sub-Saharan African banks dividend choices. From 2008 until 2023, stock exchanges in Nigeria, South Africa, Kenya, and Gabon provided data. In the research, Board structure diversity (Board Independence and Board size) and conventional characteristics (Bank size and Bank age) were independent variables, whereas dividend payout ratio was the dependent variable. EPS is the control variable. We employed an ex post facto study approach using correlation, descriptive, and panel dynamic analysis. The findings show that board independence and EPS negatively affect dividend choices. However, the interplay between board independence and EPS and board size and EPS effects dividend choices more positively and significantly than when analysed separately. The research also indicated that board independence and EPS separately affect dividend distribution choices positively but insignificantly. According to the study, board structure diversity affects dividend choices in Sub-Saharan African deposit money banks (DMBs) from 2008 to 2023. The research suggests increasing board independence and size can dramatically impact dividend distribution choices.

KEYWORDS:

Board structure diversity, Dividend decision, Board size, Board Independence, Earnings per share

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