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L'Exces De Confiance Des Dirigeants Et La Decision De Distribution De Dividendes : Une Analyse Lexicale

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  • Kamal Anouar

    ()
    (GRM - Groupe de Recherche en Management - Institut d'Administration des Entreprises (IAE) - Nice - Institut d'Administration des Entreprises (IAE) - Toulon - Université Sud Toulon Var : EA4711 - Université Nice Sophia Antipolis (UNS) : EA4711)

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    Abstract

    Cet article propose d'étudier la décision de distribution du dividende sous l'approche des dirigeants surconfiants en utilisant une méthodologie issue de l'analyse des données textuelles. Il s'agit de tester la présence du biais d'excès de confiance chez les dirigeants lorsqu'ils décident de verser des dividendes à leurs actionnaires. L'intuition derrière consiste à supposer une plus grande propension des dirigeants surconfiants à la distribution du dividende. Les principaux résultats obtenus montrent que les dirigeants des grandes sociétés cotées en France sont assez confiants lorsqu'il s'agit du dividende ou des résultats comptables et financiers, surconfiants lorsqu'il s'agit de stratégie et ils sont peu confiants lorsque l'environnement est incertain.

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    Bibliographic Info

    Paper provided by HAL in its series Working Papers with number halshs-00797635.

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    Date of creation: 15 Feb 2013
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    Handle: RePEc:hal:wpaper:halshs-00797635

    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00797635
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    Related research

    Keywords: : surconfiance; dividende; finance d'entreprise comportementale; approche des dirigeants surconfiants; analyse des données textuelles; analyse lexicale.;

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    1. Hackbarth, Dirk, 2008. "Managerial Traits and Capital Structure Decisions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 43(04), pages 843-881, December.
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    12. J B Heaton, 2002. "Managerial Optimism and Corporate Finance," Financial Management, Financial Management Association, vol. 31(2), Summer.
    13. Samira Demaria, 2007. "Lecture multi-théorique de la période de transition aux normes IAS/IFRS : une analyse lexicale de la communication financière," Post-Print halshs-00266262, HAL.
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