摘要：The aim of our paper consists in theories that psychological biases affect dividend rationality decision of managers. We find a strong result on the effect of managerial psychology on corporate dividend decision’s rationality. Using model estimation from a Tunisian context, we find that the results are robust with numerous control variables as firm size and academic CEO education. We use managerial optimism to explain their impact on corporate dividend decision’s rationality. Corporate governance contributes to the board of directors such as board independence and board size and the ownership structure as well such as managerial participation and institutional investors to influence the manager’s rationality.
