La relation entre les caractéristiques du conseil d'administration et les politiques de paiement des dividendes

cas des 40 entreprises cotées au JSE

Auteurs-es

  • Tankiso MOLOI University of Johannesburg https://orcid.org/0000-0002-5362-7099
  • Tatenda NHARO Université de Johannesburg
  • Modi HLOBO Université de Johannesburg

DOI :

https://doi.org/10.59051/joaf.v12i1.439

Mots-clés :

Dividend pay-out ratio, resource dependence theory, agency theory, corporate governance

Résumé

Objectif: étudier la relation entre les caractéristiques du conseil de gouvernance d'entreprise et le paiement des dividendes (par exemple, le ratio de distribution des dividendes).

Méthode: Une analyse de régression par panel a été entreprise pour étudier la relation entre les caractéristiques du conseil de gouvernance d'entreprise et le paiement des dividendes (par exemple, le ratio de distribution des dividendes). Les données ont été collectées auprès d'un échantillon de 29 entreprises dans le top 40 de la Bourse de Johannesburg (JSE). Les données collectées se sont étalées sur une période de cinq ans de 2013 à 2018.

Résultats: Les résultats obtenus démontrent qu'il existe une relation significative entre la diversité du conseil, telle que mesurée par l'appartenance ethnique, l'indépendance du conseil et le ratio de distribution des dividendes.

Originalité / pertinence: Des études antérieures ont affirmé que la gouvernance d'entreprise affecte le niveau des dividendes versés par une entreprise. Ce qui n'est pas clair avec les études précédentes, c'est si le versement de dividendes est un résultat ou un substitut à une gouvernance efficace.

Contributions théoriques / méthodologiques: Les résultats suggèrent qu'il existe une forte évidence en faveur de l'hypothèse de substitution, où les 40 meilleurs conseils d'administration de JSE avec un degré d'indépendance plus élevé n'ont pas besoin d'utiliser les dividendes comme outil de suivi du comportement managérial. Les résultats illustrent des preuves étayant les théories de lissage des échéances et des dividendes, et ceci est observé à travers les relations significatives établies entre la rentabilité, le dividende antérieur et le ratio de distribution des dividendes.

Contributions sociales / de gestion: La principale contribution de cette étude est l’établissement des déterminants de la politique de distribution des dividendes dans les sociétés cotées en bourse JSE d’Afrique du Sud.

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Bibliographies de l'auteur-e

Tankiso MOLOI, University of Johannesburg

Tankiso Moloi is a professor of accounting and the ETDPSETA-UJ Chair in 4IR Skills

Tatenda NHARO, Université de Johannesburg

Ms Tatenda Nharo is an assistant lecturer in the School of Accounting

Modi HLOBO, Université de Johannesburg

Ms Modi Hlobo is a Senior Lecturer in the School of Accounting

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Publié-e

2021-06-23

Comment citer

MOLOI, T., NHARO, T., & HLOBO, M. (2021). La relation entre les caractéristiques du conseil d’administration et les politiques de paiement des dividendes: cas des 40 entreprises cotées au JSE. Journal of Academic Finance, 12(1), 30–52. https://doi.org/10.59051/joaf.v12i1.439

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