公司治理、高管过度自信与现金股利被引量：2

Corporate Governance,Executives Overconfidence and Cash Dividend

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摘要以股改后的2007—2011年A股上市公司为研究样本,考察高管过度自信行为对公司现金股利的影响,并从公司内部治理的视角探讨如何弱化这种非理性行为对公司现金股利政策的影响。结果发现,高管过度自信行为对公司现金股利政策有显著的负向影响,而通过提高第一大股东持股比例以及董事长与总经理的两职分离将有效的抑制高管过度自信的心理行为并进而弱化高管过度自信行为对现金股利支付政策的负向影响。 Based on A - share listed finns for the period 2007 -2011 this paper examines the relationship between executives overcon- fident behavior and the company＇ s cash dividend policy, and explores how to weaken the influence of the overconfident behavior on company cash dividend policy from inner corporate govemanee. The study shows that there is significant negative influence between ex- ecutives overconfident behavior and corporate cash dividend, 6ut we can effectively inhibit the negative influence of executives overcon- fident behavior on cash dividend policy through improving share ratio of the largest shareholder and separating the authority of chairman of the board and the general manager.

作者胡秀群吕荣胜

机构地区天津大学管理与经济学部海南大学经济与管理学院天津理工大学管理学院

出处《湘潭大学学报（哲学社会科学版）》 CSSCI 北大核心 2013年第3期26-30,共5页 Journal of Xiangtan University:Philosophy And Social Sciences

基金教育部人文社会科学研究青年基金(项目编号:11YJC630067) 国家自然科学基金(项目编号:71062009)

关键词高管过度自信现金股利公司治理 executives overconfidence cash dividend corporate governance

分类号 F276.6 [经济管理—企业管理]

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参考文献10

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二级参考文献30

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