题  目：红利发放的行为惯性与企业的“认知失调”

报告人：杨 扬  博士（中山大学国际商学院）

主持人：夏�君   浙江大学经济学院

时  间：2014年5月16日   星期五   15:00-17:00

地  点：浙大玉泉校区外经贸大楼418室

                           欢迎广大师生参加！

Abstract: Numerous studies have demonstrated the prevalence of cognitive dissonance in human behavior. While the enterprise is considered as rational economic agent in pursuit of profit maximization in economics, we expect cognitive dissonance may also occur in corporate behavior. However, it is still a problem to identify cognitive dissonance in corporate behavior. In this study, we develop a method to identify cognitive dissonance in corporate behavior by investigating corporate dividend practice. More specifically, according to our method, if corporate dividend policy is consistent and corporate risk preference coefficient changes significantly then cognitive dissonance exists in corporate behavior. When examining listed companies from 2002 to 2012 in China, we find that: (1) Corporate dividend policy is consistent and corporate risk preference coefficient changes significantly, which means cognitive dissonance exists in dividend practice in China. (2) When environment changes, there is a tendency for companies to adjust their risk preference in order to seek consistency among their cognitions, and they become more conscious.

                                         CRPE秘书处
                                         2014-5-12