Abstract

The dividend policy in an enterprise depends not only on the company’s strategy but also on the characteristics of the managers. In particular, the element of overconfidence of the CEO contributes to the decision-making process for the dividend. Therefore, this study is conducted to determine the effect of overconfident CEO on dividend policy through dividend yield and dividend payout. The study carried out an evaluation based on 576 companies listed on Vietnam’s stock market from 2014 to 2018. Panel data model with GLS (error correction model) is used in regression analysis. The analysis results show that CEO overconfidence has a positive impact on Dividend Payout and Dividend Yield. At the same time, the study also shows that the influence of CEO overconfidence on Dividend Payout is the same between state-owned and non-state enterprises and companies listed on different exchanges (HNX and HOSE). In addition, the results also indicate that there is no influence of CEO overconfidence on Dividend Yield in state-owned enterprises as well as companies listed on the HOSE. From the research results, the author also made some conclusions and recommendations for managers and investors.

摘要

企业的股利政策不仅取决于公司的战略，还取决于经理的特征。特别是，CEO过度自信的因素会导致股利的决策过程。因此，本研究旨在通过股利收益率和股利支付来确定过度自信的首席执行官对股利政策的影响。该研究对2014年至2018年在越南股市上市的576家公司进行了评估。回归分析中使用了具有GLS（误差校正模型）的面板数据模型。分析结果表明，CEO过度自信对股息支付和股息收益率具有积极影响。同时，研究还显示，国有企业和非国有企业与在不同交易所上市的公司（HNX和HOSE）之间，首席执行官过度自信对股息支付的影响是相同的。此外，结果还表明，国有企业以及在HOSE上市的公司，首席执行官的过度自信对股息收益率没有影响。根据研究结果，作者还为管理者和投资者提供了一些结论和建议。