Managerial Overconfidence and Dividend Stickiness

Jui Chia Lin, Min Teh Yu*


研究成果: Article同行評審

1 引文 斯高帕斯(Scopus)


In this study, we examine whether overconfident CEOs strive to smooth dividends. Our findings show overconfident CEOs increase dividends more as earnings increase and decrease dividends less as earnings decline, resulting in downward dividend stickiness. This asymmetric dividend payout is consistent with the selective self-attribution bias. Furthermore, the effect of managerial overconfidence on dividend stickiness is more pronounced for firms without catering incentives. In addition, overconfident CEOs do not manage share repurchases as they do for dividends. Therefore, we do not find a positive effect of managerial overconfidence on total payout stickiness.

期刊Journal of Accounting, Auditing and Finance
出版狀態Accepted/In press - 2023


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