Overseas Management,Earnings Management And Corporate Cash Dividend Decisions

Dividend policy,as one of the company's three major financial policies,is a logical continuation of the company's fund-raising and investment activities.It is an inevitable result of the company's financial management behavior.It is self-evidently important to the survival and development of the company.It has also been subject to academia and practice.Most of the traditional research on corporate financial behavior is based on the premise of rational economic people,and ignores the influence of personal characteristics and experiences of corporate executives on corporate financial decisions.Therefore,it is of great theoretical and practical significance to explore the personal heterogeneity of corporate executives on the impact of corporate dividend policy.Listed companies,as China's micro-enterprises,have an excellent corporate governance structure,a sound financial system,and good corporate development.They are the main force and important force for China's economic growth.The decisionmaking autonomy and resource allocation rights of listed companies are controlled by the company's executives.As participants and decision-makers of various corporate decisions,executives are unique strategic resources for the survival and development of enterprises,and they cannot be copied as human resources.It can be seen that the importance of executives for the efficiency of resource allocation of listed companies is self-evident.As the world's largest emerging market country,China's huge market potential and employment opportunities continue to attract overseas immigrants and international students to return home for development.Since the 1990 s in the 20 th century,a series of policies have been promulgated to return overseas talents,which has provided a series of convenient conditions and generous treatment for returnees to return to work.These returnees with overseas experience are generally considered to have received a good education and mastered the scientific knowledge and management skills of developed countries.Among them,many high-level scientific researchers and entrepreneurial talents have played an important role in promoting the development of innovation and entrepreneurship in Chinese enterprises.During the transition period from high-speed domestic economic growth to high-quality development,the role of returnee executives in promoting enterprise development has attracted the common attention of management and academia.According to related theories such as executive echelon theory and branding theory,these overseas returnees are influenced by different foreign economic and legal systems and socio-cultural environments,so they have cultivated a different way of thinking,cognitive systems and values.Joining the management team of domestic enterprises,this heterogeneity can also be inherited and continued,which has an important impact on the financial behavior and decision-making of enterprises controlled by corporate executives.The dividend policy that this article focuses on is one of the three major financial decisions and behaviors of listed companies that are led by senior executives and whose resource allocation is the core.It will inevitably be affected by the characteristics and experiences of individual heterogeneity of senior executives.The overseas background of senior executives and the company's dividend policy are of great practical significance.In addition,the separation of management rights and ownership has become the norm in modern enterprise management.It brings professional management capabilities,investment capabilities,and other conveniences to the enterprise.At the same time,it also causes extremely serious agency problems.The information asymmetry between managers and owners,coupled with the inconsistency in the goals and the difference in the final pursuit,will lead to a certain degree of earnings management,which will have a key impact on the choice of the company's dividend policy.Therefore,this study is based on related theories such as branding theory and highlevel echelon theory.Taking 2008-2017 China-Shanghai and Shenzhen-listed companies as research objects,this paper explores the executives 'heterogeneity characteristics of Chinese listed companies' overseas background.The impact of decision-making and the intermediary role of earnings management on executives' overseas background and cash dividend decisions.The study found that:(1)Executives with an overseas background can increase the company's cash dividend payment level.The higher the proportion of executives with overseas background,the higher the company's cash dividend payment level.(2)Executives with overseas background can reduce accrued earnings management.The higher the proportion of executives with overseas background,the lower the level of accrual earnings management.(3)Earnings management will significantly reduce cash dividends,and earnings management plays a part of the intermediary role for overseas executives and cash dividend policies.(4)Further study the differences in the impact of senior managers' overseas experience background on the company's cash dividend policy.Studying the differences in the impact of different corporate nature on the company's cash dividend policy,it is found that among non-state-owned holding companies,overseas executives have a more significant impact on the company's cash dividend policy;Research on the different legal systems of the source of overseas experience of executives on corporate cash dividend policy found that the experience of executives in Anglo-American law countries or regions with a higher level of investor protection has a more significant impact on the company's cash dividend policy than the experience in civil law countries or regions;A study of the differences in the impact of executive backgrounds of different overseas experiences on the company's cash dividend policy found that executives with overseas work experience had a more significant impact on the company's cash dividend policy than executives with overseas study experience.Research the difference in the impact of executive backgrounds of different overseas study experiences on the company's cash dividend policy found that the executives with overseas study and visit had a more significant impact on the company's cash dividend policy than those with overseas degree studies.This paper has enriched the research results of senior executives' overseas background,and can provide references for governments and enterprises to further improve the returnee talent introduction policy,which has strong theoretical and practical significance.