Document Type
Article
Publication Date
2-2023
Abstract
We investigate whether and how CEO marital status is related to dividend policy. We find that firms run by single CEOs are less likely to pay dividends. Further analyses reveal that the aforementioned relation is stronger for single CEOs who are more risk-seeking, have compensation packages with lower pay-performance sensitivity, are less conservative, or are less engaged in corporate social responsibility activities. Our results hold in multiple robustness and endogeneity tests, including propensity score matching, difference-in-differences estimation, and an instrumental variable regression. Overall, our findings contribute to the literature highlighting the importance of CEOs' personal attributes for corporate decisions.
Recommended Citation
Hossain, M.N., Rabarison, M.K., Ater, B. and Sobngwi, C.K., 2023. CEO marital status and dividend policy. Journal of Corporate Finance, 78, p.102342. https://doi.org/10.1016/j.jcorpfin.2022.102342
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Publication Title
Journal of Corporate Finance
DOI
10.1016/j.jcorpfin.2022.102342
Comments
Original published version available at https://doi.org/10.1016/j.jcorpfin.2022.102342