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L'Exces De Confiance Des Dirigeants Et La Decision De Distribution De Dividendes : Une Analyse Lexicale

  • Kamal Anouar

    ()

    (GRM - Groupe de Recherche en Management - Institut d'Administration des Entreprises (IAE) - Nice - UTLN - Université de Toulon - Université Nice Sophia Antipolis [UNS] : EA4711 - IAE Toulon - Institut d'Administration des Entreprises - Toulon - USTV - Université Sud Toulon Var)

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    This article proposes to study the dividend decision under the overconfident managers' approach by using a methodology resulting from the textual data analysis. We test the presence of the overconfidence biases' when managers decide to pay dividends for their shareholders. The intuition behind consists in supposing a greater propensity of overconfident managers with the dividend payment. The major finding that emerges from our analyses is: the managers of the SBF250 companies are more confidents when they talk about dividends and financial or accounting results; they are overconfident when they talk about the strategy, and finally managers are not or less confidents when their companies are exposed to an uncertain environment.

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    Paper provided by HAL in its series Working Papers with number halshs-00797635.

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    Date of creation: 15 Feb 2013
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    Handle: RePEc:hal:wpaper:halshs-00797635
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    1. Malcolm Baker & Richard S. Ruback & Jeffrey Wurgler, 2004. "Behavioral Corporate Finance: A Survey," NBER Working Papers 10863, National Bureau of Economic Research, Inc.
    2. Brav, Alon & Graham, John R. & Harvey, Campbell R. & Michaely, Roni, 2005. "Payout policy in the 21st century," Journal of Financial Economics, Elsevier, vol. 77(3), pages 483-527, September.
    3. Ulrike Malmendier & Geoffrey Tate & Jonathan Yan, 2007. "Corporate Financial Policies With Overconfident Managers," NBER Working Papers 13570, National Bureau of Economic Research, Inc.
    4. J B Heaton, 2002. "Managerial Optimism and Corporate Finance," Financial Management, Financial Management Association, vol. 31(2), Summer.
    5. Ulrike Malmendier & Geoffrey Tate, 2004. "CEO Overconfidence and Corporate Investment," NBER Working Papers 10807, National Bureau of Economic Research, Inc.
    6. Samira Demaria, 2007. "Lecture multi-théorique de la période de transition aux normes IAS/IFRS : une analyse lexicale de la communication financière," Post-Print halshs-00266262, HAL.
    7. Ulrike Malmendier & Geoffrey Tate, 2004. "Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction," NBER Working Papers 10813, National Bureau of Economic Research, Inc.
    8. Ulrike Malmendier & Geoffrey Tate, 2005. "Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited," European Financial Management, European Financial Management Association, vol. 11(5), pages 649-659.
    9. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
    10. Hackbarth, Dirk, 2008. "Managerial Traits and Capital Structure Decisions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 43(04), pages 843-881, December.
    11. Franklin Allen & Roni Michaely, 2002. "Payout Policy," Center for Financial Institutions Working Papers 01-21, Wharton School Center for Financial Institutions, University of Pennsylvania.
      • Allen, Franklin & Michaely, Roni, 2003. "Payout policy," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 7, pages 337-429 Elsevier.
    12. Malcolm Baker & Jeffrey Wurgler, 2003. "A Catering Theory of Dividends," NBER Working Papers 9542, National Bureau of Economic Research, Inc.
    13. Véronique Bessière, 2007. "Excès de confiance des dirigeants et décisions financières:une synthèse," Revue Finance Contrôle Stratégie, revues.org, vol. 10(1), pages 39-66, March.
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