CEO narcissism and dividend policy

Moon Deok Park, Seung Hun Han and Chanhoo Song

Research in International Business and Finance, 2025, vol. 79, issue C

Abstract: This study examines the effect of CEO narcissism on dividend policies. The results indicate that firms with highly narcissistic CEOs pay higher dividends. Additional analyses using cash flow and CEO pay slice reveal that this tendency is less likely to be driven by signaling motivation. However, using tangibility and bid-ask spread, we observe that this tendency is to mitigate agency conflicts by disciplining managerial opportunism and incentivizing CEOs to prioritize shareholders’ interests. This study contributes to literature by linking a firm’s major strategy to its CEO characteristics.

Keywords: CEO narcissism; CEO overconfidence; dividend policy (search for similar items in EconPapers)
JEL-codes: G35 G41 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:79:y:2025:i:c:s0275531925003216

DOI: 10.1016/j.ribaf.2025.103065

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