0000000001235523
AUTHOR
Sana Charbti
L'apport de la finance d'entreprise comportementale à l'explication de la politique de dividendes
Behavioural corporate finance is an area that has attracted a lot of interest from financial economists, psychologists and neuroscientists over the past decade. This research falls within the scope of behavioural corporate finance, which proves to be an new and promising field of research. The question of dividends, although recurrent, continues to occupy an axiological position in recent research in Finance. Since 2015, France has been considered as one of the most generous countries in terms of dividend distribution in the European Union (EU). At this level, it is a question of research aimed at delimiting the real contours of the determinants of the decision and the amount of the dividen…
Dividend Policy and Managerial Overconfidence: French Evidence
This paper examines the impact of managerial overconfidence on dividend policy.The literature has identified two strands of reasoning. Deshmukh et al. (2013) argue that overconfident managers with relatively high investment needs perceive external funds as more costly than internal financing. This leads them to pay out lower dividends. Conversely, Wu and Liu (2011) claim that overconfident CEOs expect higher future cash flows and are prone to pay out higher dividends. We study a sample of 120 French firms for the period 2000–2015. Our results provide evidence that CEOs’ overconfidence plays a decisive role in explaining the dividend policy of French firms. Managerial overconfidence exerts a…