<![CDATA[This study aims to examine the effect of board gender diversity on dividend policy and the moderating role of family ownership in LQ45 companies listed on the Indonesia Stock Exchange. Board gender diversity is measured based on the Blau Index for the board of commissioners, board of directors, and the combined board. This study employs a quantitative approach using secondary data from annual reports of LQ45 companies during 2020–2024. Using purposive sampling, 200 firm-year observations were analyzed using panel data regression with a fixed-effect model. The results show that board gender diversity has a positive and significant effect on dividend policy (β = 0.936; p < 0.001). Similarly, gender diversity on the board of commissioners (β = 0.565; p < 0.001) and board of directors (β = 0.741; p < 0.001) positively and significantly affects dividend policy. Furthermore, family ownership negatively and significantly moderates the relationship between board gender diversity and dividend policy (β = −1.354; p < 0.001), board of commissioners gender diversity and dividend policy (β = −1.591; p < 0.001), and board of directors gender diversity and dividend policy (β = −0.955; p < 0.001). These findings indicate that family ownership weakens the positive contribution of gender-diverse boards to dividend policy. The study contributes empirical evidence on the interaction between board gender diversity and family ownership in explaining dividend policy in an emerging market context. For investors, the findings highlight the importance of considering board composition and ownership structure when evaluating dividend policies of LQ45 companies.]]>
