managers. In particular, the element of overconfidence of the CEO contributes to the decision-making process for the dividend …The dividend policy in an enterprise depends not only on the company's strategy but also on the characteristics of the …. Therefore, this study is conducted to determine the effect of overconfident CEO on dividend policy through dividend yield and …

We develop a model of the effect of CEO overconfidence on dividend policy and empirically examine its central … predictions. Consistent with our main prediction, we find that the level of dividend payout is lower in firms managed by … growth opportunities and lower cash flow. We also show that the magnitude of the positive market reaction to a dividend …