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Hypothèses de profit permanent et d'anticipations rationnelles. Une nouvelle modélisation des politiques de versement de dividendes

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  • Jean-François Malécot

Abstract

[fre] Hypothèses de profit permanent et d'anticipations rationnelles : une nouvelle modélisation des politiques de versement de dividendes. . Après une brève revue de la littérature théorique concernant la justification de la présence même d'une politique de dividende, l'article montre qu'il est actuellement possible d'élaborer une nouvelle dérivation d'un modèle de politique de dividende où l'on constate empiriquement de forts taux de versement. Globalement, la nouvelle modélisation incorpore le nouvel endettement comme une contrainte qui pèse sur les versements en raison de problème d'agence (du point de vue de la banque dans le cas de la France). Elle est estimée sur un panel de firmes françaises. Les estimations semblent donner de bons résultats écono­métriques et réconcilient les premières idées de Lintner avec les nouveaux développements de la théorie financière. [eng] Permanent profit and rational expectations hypothesis : a new model of dividend payout policy. . After a short review of the most recent theoretical literature about dividend policy, this paper points out that it it now possible to find new ways to model empirical dividend policy with generally high payout ratio. On the whole, this new model includes new debt as a constraint because agency control (from the point of view of bank lender for the French case) and is estimated on a French firms panel data. The estimates seem to give econometric good results and make it up former Lintner'ideas and new theoretical developments of financial theory.

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  • Jean-François Malécot, 1990. "Hypothèses de profit permanent et d'anticipations rationnelles. Une nouvelle modélisation des politiques de versement de dividendes," Revue Économique, Programme National Persée, vol. 41(4), pages 713-730.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1990_num_41_4_409232
    DOI: 10.3406/reco.1990.409232
    Note: DOI:10.3406/reco.1990.409232
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