L'EXCES DE CONFIANCE DES DIRIGEANTS ET LA DECISION DE DISTRIBUTION DE DIVIDENDES : UNE ANALYSE LEXICALE
This article proposes to study the dividend decision under the overconfident managers' approach by using a methodology resulting from the textual data analysis. We test the presence of the overconfidence biases' when managers decide to pay dividends for their shareholders. The intuition behind consists in supposing a greater propensity of overconfident managers with the dividend payment. The major finding that emerges from our analyses is: the managers of the SBF250 companies are more confidents when they talk about dividends and financial or accounting results; they are overconfident when they talk about the strategy, and finally managers are not or less confidents when their companies are exposed to an uncertain environment.