The Empirical Study On The Relationship Between Top Managerial Traits And Listed Companies’ Dividend Policy

The management of PLCs has drawn more concerns to the public since the financial crisis in2008, which lead to a passion of implementing research on the managements and the senior executives in the academic domain. The research achievements demonstrated mainly on the relationship between the managements and the enterprises’market diversification strategy, as well as the financing strategy, company performance, etc. However, there are very few articles made the contribution on dividend policy through the managements’prospective. It is believed that the dividend policy played a significant role in operation. A reasonable dividend policy will not only compatible with shareholders’interests, but also help to maximize of shareholders’wealth.This paper has implemented a empirical research study on the relationship between the traits of senior management and dividend policy among Chinese PLCs. The research selected telecommunication companies listed in the A-share in both Shanghai and Shenzhen stock market as sample, analysis the managerial traits hold implications for dividend policy of China’s listed company. The results shown that top managerial age, top managerial salary and top managerial education background have positive effects on dividend payments; top managerial risk preference, male top managers and top managerial term have significantly negative effect on dividend payment; top managerial shares do not have effect on dividend payments. Hence, under the current institutional environments, it can be assume that the senior executives’personality will play a key role for Chinese PLCs formulating and selecting dividend policy.