경영자의 과신성향과 확정급여형(DB) 퇴직연금 적립비율 간의 관련성 및 배당정책에 따른 효과

[Purpose] I empirically examine the relationship between the managerial overconfidence and the level of plan assets of the firms that have adopted defined benefit plans and the effect of dividend policies. [Methodology] The sample consists of KOSPI and KOSDAQ listed firms during the fiscal year from 2011 to 2022. Logistic and OLS regression analyze whether there is a significant relationship between the managerial overconfidence and the level of plan assets and the effect of dividend polices. [Findings] As a results of our regression, I suggest that there is a statistically significant negative relationship between the managerial overconfidence and the compliance with the level of plan assets. And I propose that there is a statistically significant negative relationship between the managerial overconfidence and the level of plan assets. Moreover I find that the level of plan assets have increased significantly when dividend have increased. However there is a statistically significant positive relationship between the level of plan assets and the managerial overconfidence when the dividend significantly changes. In addition, I suggest that changes in the level of plan assets have decreased significantly when fluctuations of the managerial overconfidence have increased. Accordingly, I provide empirical evidence that the decision of the level of plan assets may be affected by managerial overconfidence and dividend polices. [Implications] I analyse that the managerial overconfidence is one of the reasons why the firms do not comply with the minimum reserve. These results may suggest that the plan assets is perceived by management as a discretionary decision rather than the compliance with the minimum reserve. Therefore, I propose that the regulators practically need to establish laws and regulations that the firms will be able to pay their severance benefit in the future