Family ownership and dividend smoothing in Asian emerging economies: the moderating role of board independence and gender diversity

Purpose This study examines how family ownership (FO) influences dividend smoothing in Asian emerging markets and whether board independence (BI) and gender diversity (GD) moderate this relationship. Design/methodology/approach This study uses annual data from 527 publicly listed nonfinancial firms across four Asian emerging economies: Bangladesh, India, Pakistan and Sri Lanka. The study period spanned 10 years, from 2015 to 2024. The hypotheses were tested using the generalized method of moments to address potential endogeneity. Findings The empirical results reveal that FO significantly increases dividend smoothing, indicating that concentrated family control strengthens monitoring and supports stable payout policies. Moreover, BI and GD positively and significantly moderate this relationship, suggesting that effective boards strengthen the positive effect of FO on dividend smoothing through enhanced oversight and reduced entrenchment. Originality/value This is the first comprehensive multicountry study to integrate ownership concentration, BI, GD and dividend-smoothing behavior in Asian emerging markets. The findings extend agency and signaling theories by showing that effective governance mechanisms complement family control and offer actionable insights for regulators, investors and boards seeking stable and transparent dividend policies.