Chairman Overconfidence and Dividend Payout Policy: An Analysis Based on China’s Listed Companies

Xiu-qun Hu (), Rong-shen Lv and Guo-liu Hu
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Xiu-qun Hu: Tianjin University
Rong-shen Lv: Tianjin University
Guo-liu Hu: Hainan University

Chapter Chapter 70 in The 19th International Conference on Industrial Engineering and Engineering Management, 2013, pp 749-757 from Springer

Abstract: Abstract Considering the individual characteristics of chairman and organizational environment, this paper constructs a comprehensive evaluation index as proxy measure of chairman overconfidence and develops a panel regression model to empirically examine the impact of chairman overconfidence on corporate dividend policy. The results show that there is a notable negative correlation relationship between overconfidence behavior of the chairman and the dividend payout policy in China’s listed companies. Relative to the rational chairman, overconfident chairman will be less likely to pay cash dividend.

Keywords: Behavioral corporate finance; Dividend; Overconfidence; Payout policy (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-37270-4_70

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DOI: 10.1007/978-3-642-37270-4_70

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