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      Are Risk-takers Dividend Payers? CEO Compensation and its Impact on Dividend Decision

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      KHAN-THESIS-2017.pdf (1.337Mb)
      Date
      2017-09-18
      Author
      Khan, Osman 1991-
      Type
      Thesis
      Degree Level
      Masters
      Metadata
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      Abstract
      Both dividend policy and CEO risk aversion have been subjects of tremendous research over the past 30 years. The current gap is how both topics are sporadically considered in tandem. We provide a solution to this by analyzing dividend changes in the context of CEO risk-taking incentives. Our findings suggest that risk-taking propensity, often overlooked in comparison to pay-performance incentives, negatively explains dividend increases. When we account for a firm’s cash flow volatility, we see that risk-taking sensitivities carry a positive relationship with payout. These findings themselves speak to the belief that much of our current understanding regarding dividends must be refocused to encapsulate the effects that CEO characteristics have on payout policy.
      Degree
      Master of Science (M.Sc.)
      Department
      Finance
      Program
      Finance
      Supervisor
      Wilson, Craig; Maung, Min
      Committee
      Wilson, Craig; Maung, Min; Asem, Ebenezer; Yang, Fan; Mamun, Abdullah
      Copyright Date
      August 2017
      URI
      http://hdl.handle.net/10388/8102
      Subject
      Dividend Payout theory, CEO Compensation, Risk
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      • Graduate Theses and Dissertations
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