Impact de la structure de propriété sur la politique de dividendes

Analyse de court et de long terme par l’approche VECM

  • Amani CHERTEL Faculté des Sciences Economiques et de Gestion de Mahdia. Université de Monatir.
  • Anis EL AMMARI Faculté des Sciences Economiques et de Gestion de Mahdia. Université de Monastir.
  • Chokri TERZI Faculté des Sciences Economiques et de Gestion de Sousse, Université de Sousse Tunisie. LEGI, Ecole polytechnique de Tunis, Université de Carthage, Tunisie. https://orcid.org/0000-0002-9478-2941
Mots-clés: Structure de Propriété-Politique de Dividendes-Racine Unitaire-Cointégration-VECM

Résumé

Cet article examine les effets de la structure de propriété sur la politique de dividende pour sept entreprises cotées en bourse de Tunis durant la période 1996 et 2017. Le modèle utilisé dans cette étude inclus la taille et la tangibilité comme variables de contrôle. Afin de tester la présence d’une relation d’association à long terme entre les variables, les tests de racine unitaire et de cointégration on été élaborés. Selon les résultats de ces tests, l’étude vise l’estimation d’un modèle de vecteur à correction d’erreur VECM pour un panel à l’aide des méthodes de régression en présence de cointégration DOLS et FMOLS. Un résultat remarquable des estimations de long terme, la concentration de propriété a un effet négatif et significatif contrairement aux autres effets qui sont positifs et significatifs sur la politique de dividende. À court terme, la tangibilité a un effet positif et significatif. La valeur des termes de correction d’erreur permet d’apprécier une vitesse d’ajustement vers l’équilibre de long terme qui dépasse 65%.

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Publiée
2020-12-31
Comment citer
CHERTEL , A., EL AMMARI , A., & TERZI, C. (2020). Impact de la structure de propriété sur la politique de dividendes . Journal of Academic Finance, 11(2), 260-279. Consulté à l’adresse https://www.scientific-society.com/journal/index.php/AF/article/view/424
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