CEO marital status and dividend policy

Md Noman Hossain, Monika K. Rabarison, Brandon Ater and Christian K. Sobngwi

Journal of Corporate Finance, 2023, vol. 78, issue C

Abstract: We investigate whether and how CEO marital status is related to dividend policy. We find that firms run by single CEOs are less likely to pay dividends. Further analyses reveal that the aforementioned relation is stronger for single CEOs who are more risk-seeking, have compensation packages with lower pay-performance sensitivity, are less conservative, or are less engaged in corporate social responsibility activities. Our results hold in multiple robustness and endogeneity tests, including propensity score matching, difference-in-differences estimation, and an instrumental variable regression. Overall, our findings contribute to the literature highlighting the importance of CEOs' personal attributes for corporate decisions.

Keywords: Dividend policy; CEO marital status; Risk preferences; Behavioral corporate finance (search for similar items in EconPapers)
JEL-codes: G35 G41 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:78:y:2023:i:c:s0929119922001857

DOI: 10.1016/j.jcorpfin.2022.102342

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