The Influence Of Executives' Personal Experience On Cash Dividend Policy

With the rapid development of behavioral finance and psychology,scholars broaden their minds,try to broaden the "rational man" hypothesis,and introduce the research results of Psychology,thus the behavior dividend policy is developed,then it promote people's understanding of dividend policy.Review of the development of dividend policy research,most of the relevant literature's review is from the external governance environment such as policy supervision,market environment,media consensus;internal governance mechanism such as ownership structure,board governance,corporate characteristics,life cycle,over investment;and management's irrational factor.And for the enterprise managers and other micro subject research basically focus on executive overconfidence and demographic characteristics of executives,and there are few studies on the impact of corporate executives' personal experience such as famine on cash dividend policy.This paper takes the early famine experience of executives of listed companies as the breakthrough point,the purpose of this study is to explore whether the subjective awareness of the psychological characteristics and values influenced by the major life experiences will affect the cash dividend policy of the enterprise executives.This paper is based on behavioral finance theory,high echelon theory and empathy altruism tendency in Psychology,selected 2089 listed companies in China's A share market from 2009 to 2015 as the research objects,obtained total of 8169 observations,select chairman,CEO,CFO and secretaries as senior management team,compare the year of birth and the "three year difficult" period of enterprise executives from 1959 to 1961,when at least one or more of the executives in the company had a famine,it was defined as having a famine;In addition,executives with famine experiences are divided into Infancy,childhood,childhood and adolescence,using STATA measurement software and Logit,OLS model,this paper empirically studies the impact of corporate executives' famine experience,the different stages of the growth of the executives' hunger experience,and corporate regional factors on the cash dividend policy of listed companies.The results showed that:(1)executive hunger experience will significantly improve the willingness and level of cash dividend distribution;(2)when the executive hunger experience occurs,the influence of childhood and adolescence on the willingness and level of cash dividend distribution is most obvious;(3)compared with enterprises located in the eastern part of the enterprise,the enterprises located in the central and western regions of the country,the executives have experienced a famine will significantly improve the level of cash dividend distribution.This paper examines the impact of executives' famine experience on cash dividend policy through empirical analysis,it enriches the influence factors of corporate cash dividend policy in theory,and it provides some reference for the construction of top management team in Listed Companies.