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