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RESEARCH PRODUCT

L'apport de la finance d'entreprise comportementale à l'explication de la politique de dividendes

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Behavioural corporate finance is an area that has attracted a lot of interest from financial economists, psychologists and neuroscientists over the past decade. This research falls within the scope of behavioural corporate finance, which proves to be an new and promising field of research. The question of dividends, although recurrent, continues to occupy an axiological position in recent research in Finance. Since 2015, France has been considered as one of the most generous countries in terms of dividend distribution in the European Union (EU). At this level, it is a question of research aimed at delimiting the real contours of the determinants of the decision and the amount of the dividend distributed. In concrete terms, the objective of this work is to study certain exogenous factors likely to explain the dividend distribution policy, on the one hand, and to assess their impact on the payment decision and the distribution rate through the investor sentiment and behavioural biases of French executives, on the other hand. In terms of objectives, this thesis has sought to provide some answers to the questions of the importance of sectoral sentiment in the decision to pay dividends, which is the subject of the first chapter (the Catering theory). The results show that the investor sentiment does not have a significant impact on the decision to distribute dividends in the French case (Ferris et al. (2009); La Porta et al. (2000). Contrary to Anouar and Aubert (2017), our results highlight a positive and significant impact of the investor sentiment on the probability of dividend payment in the industrial sector. Such a result shows that companies in the industrial sector are able to meet investors' needs based on their demand for dividend distribution. Regression analysis confirms that sectoral sentiment is an appropriate indicator to test the Catering theory (Baker and Wurgler 2004a). The second chapter analyses the impact of managerial overconfidence on dividend distribution policy. By using a sample of French companies, we show that the excess confidence of managers plays a decisive role in explaining the dividend policy of French companies. Over-confidence of CEO has a positive effect on the dividend payout. The third chapter examines the implications of governance in terms of accountability and rationalization of decisions and its effects on the moderation of the impulses of agents' irrationality. Our main results concerning this analysis (quantile regression) show that the coefficients of the managers' overconfidence index are positive and significant, respectively, in the quantile of 30%, 50%, 60% and 80% dividend distribution. The over-confidence of French executives is reflected by an increase in dividend payments. However, the sentiment index is non-significant for different dividend distribution quantile.