The Empirical Study On The Relationship Between The Financial Background Of Senior Executives And Dividend Policy Of Listed Companies

The dividend policy is one of the most important financial decisions of company.The senior executives,who make judgements on their knowledge and circumstances of market at that time,make these decisions,of course including the dividend one.However,different people make different judgements even depending on the same condition.And what cause these differences may concern the knowledge and working experience even the mental factors.This dissertation studies the relationship between the financial background and dividend policy.It selects companies listed in the A-share in both Shanghai and Shenzhen stock market as sample to do the research,and divides the sample into three categories,financial regulators,commercial banks and other financial institutions to discuss the different degree of influence.The results of research show that if the senior executives have the financial background,they prefer not granting dividends or choosing the lower amount of cash.In terms of the different categories,the background of regulators may not have the obvious influence.The other two categories have the obvious impact on the dividend policy,and the former one is superior to the latter.This dissertation certifies the relationship between the senior executives' financial background and dividend policy,it also has the guiding meaning to the companies and the investors in the aspects of theory and practice.