This study investigates the association between board diversity attributes – gender, experience, age, nationality, educational level, and tenure ‒ and dividend policy in Indian firms. We use the dividend payout ratio and dividend yield in a panel Tobit regression model. Our panel dataset comprises 65 firms drawn from the NIFTY 100 Index of India's National Stock Exchange (NSE) between 2013 and 2019. Our evidence shows that gender and experience diversities help explain why firms pay high dividends. Female directors encourage paying high dividends. In contrast, age diversity is a negative determinant of dividend policy. Foreign directors are an insignificant determinant of a firm's dividend policy, perhaps because they represent a small percentage of the board. Educational and tenure diversities are also insignificant drivers of dividend policy. This study contributes to agency and resource dependence theories by considering specific board diversity attributes among Indian firms related to dividend payments.

本研究调查了印度公司董事会多元化属性（性别、经验、年龄、国籍、教育水平和任期）与股息政策之间的关联。我们在面板 Tobit 回归模型中使用股息支付率和股息收益率。我们的面板数据集包含 2013 年至 2019 年印度国家证券交易所 (NSE) NIFTY 100 指数中的 65 家公司。我们的证据表明，性别和经验多样性有助于解释公司支付高股息的原因。女性董事鼓励支付高额股息。相比之下，年龄多样性是股利政策的负面决定因素。外国董事对公司股利政策的决定因素并不重要，这或许是因为他们在董事会中所占比例很小。教育和任期的多样性也是股利政策的无关紧要的驱动因素。这项研究通过考虑印度公司与股息支付相关的特定董事会多样性属性，为代理和资源依赖理论做出了贡献。