The Role of Overconfident CEO to Dividend Policy in Industrial Enterprises
The Role of Overconfident CEO to Dividend Policy in Industrial Enterprises
复制标题
CEO过度自信对工业企业股利政策的作用
DOI：
10.13106/jafeb.2020.vol7.no7.361
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发表时间：
2020
期刊：
影响因子：
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通讯作者：
Thuan Duc Tran
中科院分区：
文献类型：
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作者：
L. Hoang;D. Dang;Thuan Duc Tran
研究CEO过度自信对股利政策的影响和作用，对股票市场投资者具有重要意义。因此，本研究以越南工业企业为研究对象，探讨CEO过度自信与股利政策之间的关系。数据收集自2012年至2018年在越南证券交易所上市的222家行业企业。数据是从上市公司的财务报表中收集的。采用面板数据的GLS模型对回归结果进行分析。研究结果表明，CEO过度自信比CEO非过度自信具有更高的股利收益率。同时，过度自信与非过度自信的公司股利支付率没有差异。研究结果还表明，收入增长对小企业的股利收益率有正向影响，而对大企业的股利支付有负向影响。按企业规模划分的研究结果与对所有企业的一般分析结果相似。同时，对所有制类型的分析表明，CEO过度自信对非国有企业的股利收益率有正向影响，而对其他类型的企业没有影响。从这些结果中，作者还提出了一些建议，以帮助投资者根据自己的战略选择企业进行投资。
Researching the influence and role of CEO overconfidence to dividend policy is important for stock market investors. Therefore, this study was conducted to find out the relationship between CEO overconfidence and dividend policy in industrial enterprises in Vietnam. Data collected from 222 industry enterprises listed on the Vietnam Stock Exchange from 2012 to 2018. Data is collected on financial statements of listed companies. GLS model with panel data is used to analyze regression results. The results show that CEO overconfidence has dividend yield higher than CEO non-overconfidence. At the same time, the dividend payout ratio of enterprises has no difference between CEO overconfidence and CEO non-overconfidence. The results also showed that revenue growth has a positive impact on dividend yield in small enterprises, but negative impact on dividend payout in large enterprises. Research results by firm size have similar results with the general analysis for all enterprises. At the same time, the analysis of ownership type shows that CEO overconfidence has a positive impact on dividend yield of non-state enterprises without affecting other types of enterprises. From these results, the authors also made a number of recommendations to help investors choose businesses to invest in accordance with their strategies.