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<p>The characteristics of a CEO heavily influence organizational policies and corporate governance. This study evaluates the impact of a CEOs academic experience on the firm’s dividend policy. It also appraises the moderating role of CEOs duality in this relationship. We draw a sample of 1,957 non-financial Chinese firms with 25,441 observations out of the publicly listed firms on the Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010 to 2022. A series of panel regression analyses were performed, and the findings revealed a positive relationship between a CEOs academic experience and dividend payouts with a positive moderation of CEOs duality in this relationship. Additionally, the influence of academic CEOs was also found to be significantly positive on the initiation and increases in dividends. After several additional tests and accounting for potential endogeneity concerns, the findings remained robust. Heterogeneity analysis found that the relationship between the CEOs academic experience and dividend policy is more pronounced in SOEs and larger firms than in non-SOEs and smaller firms. Channel analysis further proved that profitability and cash holdings are the channels exerting significant mediation effects through which the academic experience of a CEO affects a firm’s dividend policy. These results strongly suggest that the presence of an academic CEO reduces agency issues and costs by increasing the odds of dividend payment, initiations, and increases. This study contributes to financial research and provides practical implications for firms, boards, stakeholders, investors, and policymakers.</p>

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How academic experienced CEOs influences payout policies in Chinese firms?

  • 期刊论文

  • 发表日期：

    2025年4月24日

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  • Muhammad Usman Arshad,
  • Fahad Najeeb Khan,
  • Zahid Bashir,
  • Muskan ILyas

摘要

The characteristics of a CEO heavily influence organizational policies and corporate governance. This study evaluates the impact of a CEOs academic experience on the firm’s dividend policy. It also appraises the moderating role of CEOs duality in this relationship. We draw a sample of 1,957 non-financial Chinese firms with 25,441 observations out of the publicly listed firms on the Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010 to 2022. A series of panel regression analyses were performed, and the findings revealed a positive relationship between a CEOs academic experience and dividend payouts with a positive moderation of CEOs duality in this relationship. Additionally, the influence of academic CEOs was also found to be significantly positive on the initiation and increases in dividends. After several additional tests and accounting for potential endogeneity concerns, the findings remained robust. Heterogeneity analysis found that the relationship between the CEOs academic experience and dividend policy is more pronounced in SOEs and larger firms than in non-SOEs and smaller firms. Channel analysis further proved that profitability and cash holdings are the channels exerting significant mediation effects through which the academic experience of a CEO affects a firm’s dividend policy. These results strongly suggest that the presence of an academic CEO reduces agency issues and costs by increasing the odds of dividend payment, initiations, and increases. This study contributes to financial research and provides practical implications for firms, boards, stakeholders, investors, and policymakers.