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Excès de confiance des dirigeants et politique de distribution des dividendes

Author

Listed:
  • Jean-Claude Juhel

    (CRIFP - Centre de Recherche en Ingénierie Financière et Finances Publiques - UNS - Université Nice Sophia Antipolis (1965 - 2019))

  • Kamal Anouar

    (GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - IAE Toulon - Institut d'Administration des Entreprises (IAE) - Toulon - UTLN - Université de Toulon)

Abstract

Cet article se propose d'étudier la décision de distribution en France prise par des dirigeants surconfiants à travers une analyse de contenu des « messages des présidents ». Il s'agit de tester la présence de biais d'excès de confiance et d'optimisme chez les dirigeants lorsqu'ils décident de verser des dividendes à leurs actionnaires. L'intuition laisse supposer une plus forte propension chez les dirigeants surconfiants à la distribution du dividende. Les principaux résultats obtenus montrent une présence plus au moins significative de ces biais. L'analyse de contenu a décelé aussi un « effet crise » : le vocabulaire témoignant à la fois de l'incertitude et de la surconfiance des dirigeants est plus présent sur la période qui a suivit le déclenchement de la crise financière en 2008.

Suggested Citation

  • Jean-Claude Juhel & Kamal Anouar, 2014. "Excès de confiance des dirigeants et politique de distribution des dividendes," Post-Print hal-01527952, HAL.
    • Handle: RePEc:hal:journl:hal-01527952
    as

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    Cited by:

    1. Sana Charbti & Fabrice Hervé & Evelyne Poincelot, 2021. "Dividend Policy and Managerial Overconfidence: French Evidence," Post-Print hal-03199452, HAL.

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