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

Author

Listed:
  • M. Albouy

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

Abstract

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

Suggested Citation

  • M. Albouy, 2010. "La politique de dividende permet-elle de discipliner les dirigeants ?," Post-Print halshs-00534746, HAL.
  • Handle: RePEc:hal:journl:halshs-00534746
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00534746
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    Cited by:

    1. OUATTARA, Aboudou, 2017. "Politique de distribution de dividendes des sociétés cotées sur les marchés en développement : Cas de la BRVM
      [Dividend policy of companies listed in developing financial markets: Case study of the
      ," MPRA Paper 79839, University Library of Munich, Germany.
    2. Mohamed Ali AZOUZI & Anis JARBOUI, 2012. "Ceo Emotional Bias And Capital Structure Choice. Bayesian Network Method," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 2(2), pages 47-70, June.

    More about this item

    Keywords

    Gouvernance; Parties prenantes; Opportunités d'investissement; Dividendes; Fiscalité; Asymétrie d'information; Biais comportementaux;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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