Incorporación de la perspectiva de género en las políticas de dividendos: implicaciones sobre la solvencia financiera y el rendimiento accionario de las empresas ecuatorianas del sector CIIU F42, durante el periodo 2018 - 2024.

Abstract

Abstract: This research analyzed the relationship between gender perspective in corporate governance, dividend policies, financial solvency, and stock performance in 76 Ecuadorian companies from the civil engineering works sector (CIIU F42), using an unbalanced panel of 140 observations for the period 2018 2024. Through panel regression models with fixed and random effects, processed in Stata/MP 17, the study found that female representation in executive positions remains low, reaching only 13.6% in general management roles. The results show that female presence in legal representation is associated with more conservative financial decisions. Specifically, companies with a female legal representative distributed significantly lower dividends (β= -0.1063, p= 0.013) and showed lower relative debt levels (β= -1.218, p= 0.001), suggesting a greater orientation toward financial solvency. Additionally, a higher female participation among shareholders was linked to lower short-term returns on equity. These findings provide evidence to better understand how women s participation in decision making spaces may be related to companies financial behavior. They also contribute to addressing a gap in Ecuadorian financial literature on corporate governance, gender, and finance.