Why firms are reluctant to cut dividend? Evidence from managerial overconfidence
碩士 === 國立交通大學 === 財務金融研究所 === 107 === Prior studies document firms’ reluctance of dividend cut from the perspective of information content and catering incentives. In this study, we explain this phenomenon from the perspective of managerial overconfidence. We find that managerial overconfidence is s...
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| Format: | Others |
| Language: | en_US |
| Published: |
2019
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| Online Access: | http://ndltd.ncl.edu.tw/handle/h3xnn2 |
| Summary: | 碩士 === 國立交通大學 === 財務金融研究所 === 107 === Prior studies document firms’ reluctance of dividend cut from the perspective of information content and catering incentives. In this study, we explain this phenomenon from the perspective of managerial overconfidence. We find that managerial overconfidence is significantly positive to reluctance of dividend cut (dividend stickiness behavior). We further find that the effect of overconfidence on dividend stickiness is more pronounced for firms without catering incentives.
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