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Politiques de distribution des entreprises françaises : critères de choix entre dividende et rachat d'actions

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  • Céline Du Boys

    (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon, AMU IMPGT - Institut de management public et de gouvernance territoriale - AMU - Aix Marseille Université)

Abstract

L'objectif de cet article est de mieux appréhender les décisions de distribution de liquidités aux actionnaires, et en particulier, les critères du choix entre dividende et rachat d'actions. A travers une étude théorique, puis empirique sur les sociétés françaises du SBF250, nous montrons que le rachat est préféré lorsque les dirigeants détiennent des stock-options ou lorsque les revenus de la firme ont un aspect temporaire. En revanche, la fiscalité des dirigeants et des principaux actionnaires n'influence pas le choix de l'instrument. Ces variables semblent moins explicatives des décisions des entreprises françaises que des entreprises anglo-saxonnes. L'existence d'effets individuels montre que les entreprises françaises ont encore des critères spécifiques et peu financiers pour choisir l'instrument de distribution. Notre recherche souligne également que le rachat est un outil de distribution peu utilisé en France et que le dividende en reste le moyen privilégié.

Suggested Citation

  • Céline Du Boys, 2008. "Politiques de distribution des entreprises françaises : critères de choix entre dividende et rachat d'actions," Post-Print hal-02057683, HAL.
    • Handle: RePEc:hal:journl:hal-02057683
    Note: View the original document on HAL open archive server: https://amu.hal.science/hal-02057683v1
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    References listed on IDEAS

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