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La politique de dividende permet-elle de discipliner les dirigeants ?

  • M. Albouy

    (Finance-Comptabilité - CERAG - Centre d'études et de recherches appliquées à la gestion - Grenoble 2 UPMF - Université Pierre Mendès France - CNRS)

Depuis près de 25 ans, la théorie de l'agence (Easterbrook, 1984 ; Jensen, 1986) postule que les actionnaires demandent des dividendes pour discipliner les dirigeants. Une analyse approfondie de la littérature montre cependant que la politique de dividende ne constitue pas un mécanisme efficace de gouvernance, pour au moins trois raisons : les attentes des divers groupes d'actionnaires sont variées en matière de versement de dividendes ; les entreprises concernées présentent des caractéristiques spécifiques ; la gouvernance des entreprises est de " faible " qualité du point de vue des actionnaires minoritaires

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Paper provided by HAL in its series Post-Print with number halshs-00534746.

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Date of creation: 2010
Publication status: Published in Cahier de recherche n° 2010-05 E2. 2010
Handle: RePEc:hal:journl:halshs-00534746
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