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An Analysis of Dividend Policies of Listed Companies in China from the Behavioral Finance Perspective

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주제분류경영학

초록

Different emotions and preferences impact people’s cognitive processes, causing cognitive biases and irrational behaviors that in turn directly influence decision-making by market participants. We study the impact of the irrationality of investors and managers on cash dividends of China’s listed companies from the perspective of behavioral finance, using A-share listed companies data for 2011–2019 using multiple linear regression analysis, and find: 1) Dividend distribution anomalies exist in the securities market; 2) Managers’ overconfidence reduces cash dividends, investors’ demand for dividends and controlling shareholders’ shareholding ratio have a positive impact, and the proportion of tradable shares has a negative impact.

Abstract

Different emotions and preferences impact people’s cognitive processes, causing cognitive biases and irrational behaviors that in turn directly influence decision-making by market participants. We study the impact of the irrationality of investors and managers on cash dividends of China’s listed companies from the perspective of behavioral finance, using A-share listed companies data for 2011–2019 using multiple linear regression analysis, and find: 1) Dividend distribution anomalies exist in the securities market; 2) Managers’ overconfidence reduces cash dividends, investors’ demand for dividends and controlling shareholders’ shareholding ratio have a positive impact, and the proportion of tradable shares has a negative impact.

참고문헌 (50)

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