Purpose – The current study investigates the effects of several corporate governance characteristics and gender diversity facets on the dividends decision. Moreover, the moderating effect of ESG has been scrutinized on the relationship between board characteristics and gender diversity with dividends decision. Design/methodology/approach –Logistic regression model has been utilized on a sample of 120 EGX listed companies between 2012 and 2019. The non-board data that has been collected from DataStream, the board information has been gathered based on the financial statements and websites of the companies. Findings – The results of the study demonstrated a substantial positive relationship between gender diversity and dividends decision. Additionally, the association between gender diversity and dividend decision is moderated by ESG. Furthermore, the decision to declare a dividend is significantly positively correlated with the board's size, but negatively correlated with the board's independence. Moreover, neither the relationship between board size nor board independence on dividends decision is significantly moderated by ESG. Originality/value – Results hold up well to determine the imperative role of board characteristics and more specifically the gender diversity in dividend decision-making and on ESG. They thus offer compelling evidence in favor of the significance of sustainability in dividends decision.