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A company’s dividend policy is determined not just by its strategy but also by the qualities of its managers, particularly overconfidence. As a result, the purpose of this study is to explore the impact of CEO overconfidence on dividend policy using the dividend payout ratio and dividend yield ratio.

The study’s sample includes 170 non-financial enterprises listed on the Pakistan Stock Exchange between 2011 and 2022. Furthermore, we used corporate governance and firm-specific factors as control variables. The fixed effect model based on the Hausman test result and dynamic system GMM estimation technique was employed in the analysis. Furthermore, the dividend dummy variable and alternative proxies of dividend payments are used to ensure the results are robust.

The findings indicate that CEOs’ overconfidence positively impacts dividend payout and dividend yield ratios. Further analysis reveals that board size and remuneration committee significantly impact dividend payment among corporate governance control variables, while block holding has a negative effect. Among firm-specific control variables, the results suggest that firm size, profitability, and market-to-book ratio are significantly positively associated. In contrast, the coefficient of variation and debt ratio are inversely associated with dividend payments.

Managerial overconfidence benefits shareholders by increasing dividend payouts, but firms may struggle in the long run if they do not have adequate retained earnings to meet capital requirements. Dividends and retained earnings must be balanced to make enough funds available for long-term investment in capital-intensive projects.

Although little previous research has focused on the managerial overconfidence-dividend policy relationship, the authors believe this is the first study to test this relationship generally in emerging markets, particularly Pakistan.

Infrastructure projects are complex, task-based endeavours; the reliability of project schedules is often low, as delays occur. As a result, the infrastructure sector is constantly searching for innovative practices that might improve project performance. This study aims to pursue one research question: what are the benefits and challenges to last planner system (LPS) implementation in Australia’s infrastructure industry? It addresses this question through an examination of two rail infrastructure projects in Victoria, Australia.

The state of Victoria in Australia provides an excellent context for this study. The study was set in one of the programme alliances which was contracted to carry out five level-crossing removal projects. This study uses a combination of qualitative and quantitative research techniques, including surveys, interviews and site visits. The authors collected 43 valid survey responses. Additionally, 19 participants from the alliance programme’s two projects (Projects A and B) took part in the interviews. Extensive empirical evidence has been triangulated to achieve the research goals.

The findings show through the questionnaire survey that the greatest benefits that digital LPS brings are primarily associated with process improvement and social benefits. The interview results acknowledged that the roll-out of digital LPS had a positive impact on schedules, cost, occupational health and safety (OHS) and quality performance. The research also noted a few challenges in the introduction of digital LPS. Overall, the finding presents strong evidence that the introduction of digital LPS has been a clear success in the case company.

This is the first piece of research to fill this major gap in the LPS literature by exploring the issue of digital LPS adoption in Australia’s infrastructure sector. This study has thus laid the foundation for future work on LPS research in the Australian context. The authors are optimistic that this exploratory work will generate interest across other alliances, and perhaps extend into Australia’s construction sector.