Liao Wen-Ju, Lin Yu-En, Li Xin-Zhe, Chih Hsiang-Hsuan
Newhuadu Business School, Minjiang University, Fuzhou, China.
Center for Quantitative Economics, Jilin University, Changchun, China.
Front Psychol. 2022 Mar 23;13:849238. doi: 10.3389/fpsyg.2022.849238. eCollection 2022.
This study analyzes the influence of behavioral foundation factors and corporate strategic behavior on the formulation of corporate dividend policy. We use the Logit model and the OLS model for estimating the empirical model. The year- and industry-fixed effects are controlled in the model. We consider the behavioral foundations in three dimensions-ambiguity aversions, risk aversion, and loss aversion. The results show firms with high ambiguity or high risk infrequently pay dividends but firms with loss-averse behavior tend to pay dividends. This paper also provides evidence that a firms' business strategy influences its corporate dividend policy. Aggressive firms inhibit the payout of dividends. In additional tests, we find the results remain unchanged in those firms with high corporate governance or high growth opportunities.
本研究分析了行为基础因素和公司战略行为对公司股利政策制定的影响。我们使用Logit模型和OLS模型来估计实证模型。模型中控制了年份和行业固定效应。我们从三个维度考虑行为基础——模糊规避、风险规避和损失规避。结果表明，具有高模糊性或高风险的公司很少支付股息，但具有损失规避行为的公司倾向于支付股息。本文还提供了证据表明公司的商业战略会影响其公司股利政策。激进的公司会抑制股息的支付。在额外的测试中，我们发现在那些具有高公司治理水平或高增长机会的公司中，结果保持不变。
