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La politique de dividende permet-elle de discipliner les dirigeants ?

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Author Info

  • M. Albouy

    (CERAG - Centre d'études et de recherches appliquées à la gestion - CNRS : UMR5820 - Université Pierre-Mendès-France - Grenoble II)

Abstract

Depuis près de 25 ans, la théorie de l'agence (Easterbrook, 1984 ; Jensen, 1986) postule que les actionnaires demandent des dividendes pour discipliner les dirigeants. Une analyse approfondie de la littérature montre cependant que la politique de dividende ne constitue pas un mécanisme efficace de gouvernance, pour au moins trois raisons : les attentes des divers groupes d'actionnaires sont variées en matière de versement de dividendes ; les entreprises concernées présentent des caractéristiques spécifiques ; la gouvernance des entreprises est de " faible " qualité du point de vue des actionnaires minoritaires

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00534746.

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Date of creation: 2010
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Handle: RePEc:hal:journl:halshs-00534746

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Related research

Keywords: Dividendes ; Fiscalité ; Asymétrie d'information ; Biais comportementaux ; Opportunités d'investissement - Gouvernance - Parties prenantes;

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Cited by:
  1. Mohamed Ali AZOUZI & Anis JARBOUI, 2012. "Ceo Emotional Bias And Capital Structure Choice. Bayesian Network Method," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 2(2), pages 47-70, June.

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