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Overconfidence of management and profit sharing policy in companies admitted to Tehran Stock Exchange

Number of pages: 30 File Format: word File Code: 29743
Year: 2014 University Degree: Master's degree Category: Librarianship
Tags/Keywords: Cumulative abnormal returns - Dividend policy - Free cash flows - Growth opportunities - Information asymmetry - Information asymmetry and free cash flows - Management overconfidence - The news of dividend increase
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  • Summary of Overconfidence of management and profit sharing policy in companies admitted to Tehran Stock Exchange

    Master's Thesis in Accounting

    Abstract

     

     

    Management overconfidence and dividend policy

    in companies admitted to the Tehran Stock Exchange

     

    Overconfident managers find external financing expensive and hence offset future investment needs by reducing current interest payments. The purpose of this research is to investigate the relationship between overconfidence of management and the dividend policy of companies listed on the Tehran Stock Exchange during the years 1382-1391. The first hypothesis has been tested using linear regression. In testing the second and third hypothesis, regression and Wald test were used. The results show that there is a negative relationship between management overconfidence and dividend policy. Management overconfidence affects the relationship between free cash flow, growth opportunities and information asymmetry with dividend policy. The market reaction is more positive to the news of dividend increase made by overconfident management.

  • Contents & References of Overconfidence of management and profit sharing policy in companies admitted to Tehran Stock Exchange

    List:

    Table of Contents

    Page Title

    Chapter One: General research. 14-2

    1-1- Introduction. 78

    1-2- Statement of the research problem. 79

    1-3- Importance and necessity of research. 81

    1-4- Research objectives. 82

    1-5- Research hypotheses. 83

    1-6- Research variables. Error! Bookmark not defined.

    1-6-1- Independent variables. Error! Bookmark not defined.

    1-6-2- dependent variable. Error! Bookmark not defined.

    1-7-3- Control variables. Error! Bookmark not defined.

    1-7- Research method and data collection Error! Bookmark not defined.

    1-7-1- Type of research. Error! Bookmark not defined.

    1-7-2- Society and statistical sample. Error! Bookmark not defined.

    1-7-3- Method of data analysis and hypothesis testing Error! Bookmark not defined.

    1-7-4- Data collection tool Error! Bookmark not defined.

    1-8- Application of research results. Error! Bookmark not defined.

    1-9- Definition of keywords. Error! Bookmark not defined.

    1-9-1- Behavioral finance. Error! Bookmark not defined.

    1-9-2- Overconfidence of management. Error! Bookmark not defined.

    1-9-3- Profit sharing policy. Error! Bookmark not defined.

    1-9-4- Abnormal yield. Error! Bookmark not defined.

    1-10- Research structure. Error! Bookmark not defined.

    The second chapter. 14-40

    2-1- Introduction. Error! Bookmark not defined.

    2-2- Theoretical foundations. Error! Bookmark not defined.

    2-2-1- Behavioral finance. Error! Bookmark not defined.

    2-2-2- Overconfidence of management. Error! Bookmark not defined.

    2-2-2-1- Types of overconfidence. Error! Bookmark not defined.

    2-2-2-2- Measurement of management overconfidence. Error! Bookmark not defined.

    2-2-3- Profit sharing policy. Error! Bookmark not defined.

    2-2-3-1- Profit sharing theories. Error! Bookmark not defined.

    2-2-3-2- Factors affecting profit sharing policy. Error! Bookmark not defined.

    2-2-4- Overconfidence of management and profit sharing policy. Error! Bookmark not defined.

    2-2-5- Overconfidence of management and growth opportunities. Error! Bookmark not defined.

    2-2-6- Management overconfidence and market reaction to the news of profit increase. Error! Bookmark not defined.

    2-3- Research background. Error! Bookmark not defined.

    2-3-1- Internal research. Error! Bookmark not defined.

    2-3-2- Foreign researches. Error! Bookmark not defined.

    2-4- chapter summary. Error! Bookmark not defined.

    The third chapter.57-43

    3-1- Introduction. 83

    3-2- Research method. 84

    3-3- Research hypotheses. 84

    3-4- Research model. Error! Bookmark not defined.

    3-5- Research variables. Error! Bookmark not defined.

    3-5-1- Variables and how to calculate them Error! Bookmark not defined.

    3-5-1-1- Independent variables. Error! Bookmark not defined.

    3-5-1-2- dependent variable. Error! Bookmark not defined.

    3-5-1-3-modifying variable Error! Bookmark not defined.

    3-5-1-4- control variables. Error! Bookmark not defined.

    3-5-2- How to test hypotheses Error! Bookmark not defined.

    3-5-2-1- The first hypothesis. Error! Bookmark not defined.

    3-5-2-2- The second hypothesis. Error! Bookmark not defined.

    3-5-2-3- The third hypothesis. Error! Bookmark not defined.

    3-6- Society and statistical sample. Error! Bookmark not defined.

    3-6-1- Statistical population. 85

    3-6-2- Statistical sample. 85

    3-7- Data collection method 86

    3-8- Data analysis method 86

    3-8- 1- Descriptive statistics. 86

    3-8-2- Inferential statistics. 87

    3-8-2-1- Regression. 87

    3-8-2-1-1- coefficient of determination and adjusted coefficient of determination 87

    3-8-2-1-2- significance test in regression model. 87

    3-8-2-1-2-1- Testing the significance of the regression equation. 88

    3-8-2-1-2-2- Coefficients significance test. 88

    3-8-2-2- Absence of self-correlation.89

    3-8-3- How to use data 90

    3-8-4- Parent test. 90

    3-9- Summary of the chapter. 92

    Chapter IV.59-70

    4-1- Introduction. Error! Bookmark not defined.

    4-2- Calculating management overconfidence. Error! Bookmark not defined.

    4-3- Descriptive statistics. Error! Bookmark not defined.

    4-4- Inferential statistics. Error! Bookmark not defined.

    4-4-1- Test of the first hypothesis. Error! Bookmark not defined.

    4-5-2- Second hypothesis test. Error! Bookmark not defined.

    4-5-3- Third hypothesis test. Error! Bookmark not defined.

    4-6- chapter summary. Error! Bookmark not defined.

    Chapter 5.77-72

    5-1- Introduction. Error! Bookmark not defined.

    5-2- An overview of the results obtained from the research. Error! Bookmark not defined.

    5-2-1- The result of the first hypothesis test. Error! Bookmark not defined.

    5-2-2- The result of the second hypothesis test. Error! Bookmark not defined.

    5-2-3- The result of the third hypothesis test. Error! Bookmark not defined.

    5-3- Research suggestions. Error! Bookmark not defined.

    5-3-1- Suggestions from research findings. Error! Bookmark not defined.

    5-3-2- Suggestions for future research Error! Bookmark not defined.

    5-4- Limitations of the research. Error! Bookmark not defined.

    5-5- Summary of the chapter. Error! Bookmark not defined.

    Resources. Error! Bookmark not defined.

    Appendix No. 1: Sample companies. Error! Bookmark not defined.

    Source:

    No.

Overconfidence of management and profit sharing policy in companies admitted to Tehran Stock Exchange
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