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

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  • 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.

Suggested Citation

  • Sébastien Dereeper & Frédéric Romon, 2006. "Rachats d’actions versus dividendes:effet de substitution sur le marché boursier français?," Revue Finance Contrôle Stratégie, revues.org, vol. 9(1), pages 157-186, March.
    • Handle: RePEc:dij:revfcs:v:9:y:2006:i:q1:p:157-186
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    Cited by:

    1. P. Du Jardin & E. Séverin, 2011. "Dividend policy," Post-Print hal-00801923, HAL.
    2. Céline Du Boys, 2008. "Politiques de distribution des entreprises françaises : critères de choix entre dividende et rachat d'actions," Post-Print hal-02057683, HAL.

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    More about this item

    Keywords

    effet de substitution; programme de rachat d’actions; politique de dividende; substitution hypothesis; open market share repurchases; dividend policy.;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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