1,720,956 research outputs found
Le niveau du « free cash-flow » impacte-t-il le paiement de dividendes ? Le cas de la bourse de Casablanca
Get PDFCet article a pour objet d’investiguer la relation entre la politique de dividende et le « free cash-flow » de 63 sociétés cotées en bourse au Maroc sur une période qui s’étale de 2003 à 2018. La théorie de l'agence suggère que le free cash-flow est un déterminant de la politique de dividende en raison des conflits d'intérêts entre les actionnaires et les managers. Par conséquent, la réduction dudit cash-flow limiterait les coûts d’agence grâce notamment à une distribution élevée des dividendes. Le modèle à effets fixes a été retenu afin de tester la corrélation entre la politique de dividendes et le free cash-flow. Les résultats ont démontré que ce dernier ne représente pas un déterminant significatif de la politique de dividendes. Néanmoins, les variables de contrôle liées à l'âge et la taille de l'entreprise, aux opportunités de croissance et aux reports créditeurs ont affiché des résultats significatifs. L’étude permet de noter qu’en dépit de l’insuffisance de cash-flows, les montants des dividendes distribués pourraient ne pas en être affectés. Les acteurs économiques au sein de la bourse de Casablanca doivent ainsi accorder plus d’importance aux autres facteurs significatifs susmentionnés lors de l’appréciation de la politique de dividendes
Les déterminants de la politique de dividendes : Revue de littérature et proposition d’un modèle de recherche
No full textThis article aims to present the evolution of the theoretical framework of dividend policy from irrelevance theory to the life cycle theory and try to suggest a research model on the basis of various empirical studies carried in several financial markets. Indeed, several theories have tried to explain the choices of dividend policy made by firms and have presented the main determinants of dividend policy. Thus, the various theories presented in this article which are the "Bird in hand" theory, the irrelevance theory, the signal theory, the agency costs theory, the life cycle theory and the residual theory have all attempted to analyze the dilemma of paying dividends or keeping internal funds for other use. Each of these theories attempted to provide an explanation to justify dividend policy choices made by firms. It should also be noted that this decision is crucial both for the investors, and more particularly shareholders, and for the managers of the company, hence the interest of analyzing the evolution of dividend policy theoretical framework. Furthermore, this article will present the results of some empirical studies conducted on the determinants of dividend policy. Thus, several determinants of the dividend policy have been empirically tested in different financial markets such as profitability, free cash flow, company’s size and age, growth opportunities and reports. This review of the literature will thus allow us to propose a research model in order to be able to identify the main theories which explain the choices of payment of dividends by mobilizing different variables to be tested.
Keywords: dividend policy, signal theory, information asymmetry, agency costs, life cycle theory.
Classification JEL: G35
Paper type: Theoretical ResearchCet article a pour objectif de présenter l’évolution du cadre théorique de la politique de dividendes allant de politique de la non-pertinence à celle du cycle de vie et de proposer un modèle de recherche sur la base de différentes études empiriques menées sur plusieurs marchés financiers. En effet, plusieurs théories se sont succédé pour expliquer les choix en matière de paiement de dividendes et pour présenter les principaux déterminants de ladite politique. Ainsi, les différentes théories présentées dans cet article, notamment les théories du « Bird in hand », de la non-pertinence, du signal, de l’agence, du cycle de vie ou la théorie résiduelle de dividendes, ont toutes essayé d’analyser le dilemme relatif au paiement de dividendes ou au maintien des fonds en interne. Chacune de ces théories a essayé d’apporter une explication susceptible de justifier les choix en termes de politique de dividendes. À cet égard, il convient de préciser que cette décision est capitale aussi bien pour les investisseurs, et plus spécifiquement les actionnaires, que pour les managers de la société, d’où l’intérêt d’analyser l’évolution de ce cadre théorique relatif à la politique de dividendes. En outre, cet article présentera les résultats de quelques études empiriques menées sur les déterminants de la politique de dividendes. À ce titre, plusieurs déterminants de la politique de dividendes ont été testés empiriquement dans différents marchés financiers tels que la rentabilité, le « free cash-flow », la taille et l’âge de la société, les opportunités de croissance et les reports créditeurs. Cette revue de littérature nous permettra ainsi de proposer un modèle de recherche afin de pouvoir dégager les principales théories qui expliquent les choix du paiement de dividendes en mobilisant différentes variables à tester.
Mots clés : politique de dividendes, théorie du signal, asymétrie d’information, coûts d’agence, théorie du cycle de vie.
Classification JEL : G35
Type de l’article : article théorique
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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