Politique de distribution de dividendes des sociétés cotées sur les marchés en développement : Cas de la BRVM

OUATTARA, Aboudou (2017): Politique de distribution de dividendes des sociétés cotées sur les marchés en développement : Cas de la BRVM.

Abstract

This study was initiated to identify the stylized facts of the dividend policy of companies listed at the BRVM. To achieve this, data on the annual results and dividends distributed over the period 2011-2016 were mobilized. These were analyzed using descriptive statistic and econometric techniques. From this analysis, we can conclude that the decision to pay a dividend is influenced by the amount and the change in operating income, the previous period’s dividend amount. it is very resilient. On average, 71% of companies choose this option each year and pay on average a dividend of 5,87 € for each share issued and with an average return between 6.22% and 7%. This dividend is growing at around 5% per annum. These results provide an answer to the readability of the dividend policy in a developing financial market such as BRVM. They question the validity of the models developed in the context of advanced markets and tested in the specific case of the WAEMU zone, a developing economy.

• Item Type: MPRA Paper
• English Title: Dividend policy of companies listed in developing financial markets: Case study of the BRVM
• Language: French
• Keywords: politique de dividende; marchés financiers en développement; BRVM
• Subjects: G - Financial Economics > G3 - Corporate Finance and Governance > G35 - Payout Policy

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