CEO marital status and dividend policy |
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| Affiliation: | 1. College of Business, Central Washington University, 400 E University Way, Ellensburg, WA 98926, United States of America;2. Robert C. Vackar College of Business and Entrepreneurship, The University of Texas Rio Grande Valley, 1201 W University Dr, Edinburg, TX 78539, United States of America;1. Department of Economics and Finance, Woody L. Hunt College of Business, The University of Texas at El Paso, 500 W. University Ave., El Paso, TX 79968, United States of America;2. Department of Finance, College of Business, Florida State University, United States of America;1. Shenzhen Audencia Financial Technology Institute, Shenzhen University, 3688 Nanhai Avenue, Nanshan District, Shenzhen, China;2. Monash Business School, Monash University, Wellington Rd, Clayton, VIC 3800, Australia;3. School of Business and Creative Industries, University of Sunshine Coast, 90 Sippy Downs Dr, Sippy Downs, QLD 4556, Australia;4. Adelaide Business School, Adelaide University, Adelaide, SA 5005, Australia;1. University of Sheffield, United Kingdom;2. University of Edinburgh, United Kingdom |
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| 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. |
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