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

In: The 19th International Conference on Industrial Engineering and Engineering Management

Author

Listed:
  • Xiu-qun Hu

    (Tianjin University
    Hainan University)

  • Rong-shen Lv

    (Tianjin University
    Tianjin University of technology)

  • Guo-liu Hu

    (Hainan University)

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.

Suggested Citation

  • Xiu-qun Hu & Rong-shen Lv & Guo-liu Hu, 2013. "Chairman Overconfidence and Dividend Payout Policy: An Analysis Based on China’s Listed Companies," Springer Books, in: Ershi Qi & Jiang Shen & Runliang Dou (ed.), The 19th International Conference on Industrial Engineering and Engineering Management, edition 127, chapter 0, pages 749-757, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-37270-4_70
    DOI: 10.1007/978-3-642-37270-4_70
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