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Rachats d’actions versus dividendes:effet de substitution sur le marché boursier français?

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Author Info
Sébastien Dereeper () (Université de Metz)
Frédéric Romon (Université de Lille 2)
Abstract

(VF)Depuis 1998, les sociétés françaises cotées en bourse peuvent utiliser des programmes de rachat d’actions. Cette possibilité constitue une alternative au paiement « traditionnel » du dividende. Entre 1998 et 2001, les sociétés de notre échantillon ont procédé à 37,2 Md€ de rachat d’actions contre 47,8 Md€ de dividendes. Toutefois, l’hypothèse de substitution entre rachat d’actions et dividende ne semble pas valide. Nous montrons que les firmes les plus actives en matière de rachat d’actions sont également celles qui présentent les politiques de dividende les plus généreuses. En fait, dividende et rachat d’actions apparaissent complémentaires.(VA)Since 1998, French public firms can use open market share repurchases. We hypothesize that this opportunity represents an alternative means of paying out cash to shareholders when compared to the “classical” dividend. Between 1998 and 2001, the firms in our sample spent 37.2 billion € in share repurchases against 47.8 billion € in dividends. However, the substitution hypothesis between dividends and share repurchases does not seem to hold. We show that the most active firms in repurchases also present the highest dividend policies. In fact, dividends and share repurchases appear to be complementary.

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Publisher Info
Article provided by Editions Economica in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 9 (2006)
Issue (Month): 1 (March)
Pages: 157-186
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Handle: RePEc:dij:revfcs:v:9:y:2006:i:q1:p:157-186

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Related research
Keywords: effet de substitution; programme de rachat d’actions; politique de dividende; substitution hypothesis; open market share repurchases; dividend policy.;

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Fama, Eugene F. & French, Kenneth R., 2001. "Disappearing dividends: changing firm characteristics or lower propensity to pay?," Journal of Financial Economics, Elsevier, vol. 60(1), pages 3-43, April. [Downloadable!] (restricted)
    Other versions:
  2. Jong, A. de & Dijk, R. van & Veld, C., 2000. "The dividend and share repurchase policies of Canadian firms : empirical evidence based on a new research design," Discussion Paper 16, Tilburg University, Center for Economic Research. [Downloadable!]
  3. David L. Ikenberry & Theo Vermaelen, 1996. "The Option to Repurchase Stock," Financial Management, Financial Management Association, vol. 25(4), Winter.
  4. DeAngelo, Harry & DeAngelo, Linda & Skinner, Douglas J., 2000. "Special dividends and the evolution of dividend signaling," Journal of Financial Economics, Elsevier, vol. 57(3), pages 309-354, September. [Downloadable!] (restricted)
  5. Stulz, ReneM., 1988. "Managerial control of voting rights : Financing policies and the market for corporate control," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 25-54, January. [Downloadable!] (restricted)
  6. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September. [Downloadable!] (restricted)
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