Corporate dividend policy, managerial overconfidence, myopia, and investor irrationality: a complex concoction
本文从理论上分析了管理者道德风险、过度自信和短视如何影响股利增减决策，并探讨了投资者非理性导致的股利迎合行为，为理解经济与行为因素对股利政策的混合效应提供了理论基础。
Corporate dividend policy is a puzzle, especially when considering the effects of economic and behavioural factors.We develop a theoretical analysis of corporate dividend policy in order to analyse the effects of the complex mix of managerial moral hazard, overconfidence, and myopia on managerial incentives to increase or decrease dividends.Furthermore, we consider the effect of investor irrationality that drives corporate dividend catering behaviour.We investigate how this complex mix of economic and behavioural factors is likely to affect dividend policy.Our analysis provides a deep theoretical underpinning to understanding these effects and provides a basis for future empirical research.