Can Lucky Dividends Really Bring Luck to Listed Companies?

Abstract

The great risk and uncertainty make some investors and managers resort to superstitions. Therefore digital superstition has become an important research topic for scholars at home and abroad. This paper analyses the impact of digital superstition in Chinese culture on the dividend policy of the A-share listed companies in Shenzhen Stock Exchange. The empirical analysis shows that lucky dividends have a positive impact on the ROA of companies. However, in recent years, the influence of lucky dividends has gradually decreased. To a certain extent, it reflects the gradual elimination of digital superstition and the effectiveness of China's securities market. The securities market is gradually developing in a healthy and stable manner.