Authors: Wissem Daadaa; Fathi Jouini
Addresses: FSEG de Nabeul, Campus Universitaire Mrezga, Route Hammamet, 8000, Nabeul, Tunisia ' Faculty of Economic and Management of Sousse, University of Sousse, Riadh city, 4023, Sousse, Tunisia
Abstract: This study tries to examine the effect of ownership structure on the dividend policy of 102 French companies listed on the SBF1201 index for a period of five years from 2010 to 2014 with a total of 510 observations. Based on agency and signal theories, we have empirically demonstrated the role of substitution between corporate governance mechanisms and dividend payout. Our study also demonstrates the role of dividend policy in disciplining manager behaviour (or in reducing managers' opportunistic behaviour). Our results indicate that firms with institutional, largest, managerial and family shareholders pay lower dividends.
Keywords: ownership; payout; dividend yield.
International Journal of Governance and Financial Intermediation, 2018 Vol.1 No.1, pp.18 - 36
Received: 24 Jul 2017
Accepted: 30 Sep 2017
Published online: 24 Apr 2018 *