Hot-Stove Effects: The Impact of CEO Past Corporate Experiences on Dividend Policy
研究发现，CEO在职业生涯中曾经历企业财务困境（非CEO职位时），上任后会减少股利支付和股票回购，更偏好回购而非分红，体现经验驱动的保守主义对股利政策的影响。
Abstract The personal traits of chief executive officers (CEOs) have been found to influence corporate policy decisions. We examine the impact of CEO past corporate distress experiences on payout policy. CEOs who have experienced a distress event in their career, while working in a non-CEO position at a different firm, subsequently alter corporate payout policy once in the CEO position. They are less likely to pay dividends and repurchase shares, pay out lower levels of dividends, and are less likely to increase dividends. They further exhibit preference toward repurchases. Overall, we report that experience-driven conservatism affects payout policy, a novel finding in the literature.