Ownership structure and dividend policy evidence from the Tunisian stock market

European Journal of Scientific Research

Volumn 25, Issue 1, 2009, Pages 42-53

  Kouki, Mondher ^a   Guizani, Moncef ^b  

^a UNIVERSITY OF TUNIS EL MANAR   (Tunisia)

^b ISIG Kairouan ^*  (France)

Author keywords

Agency costs; Control; Dividend policy; Expropriation; Free cash flow; Large shareholder; Ownership structure

Indexed keywords

EID: 65349186254     PISSN: 1450216X     EISSN: 1450202X     Source Type: Journal    
DOI: None     Document Type: Article

References (51)

1. Allen, F., and R. Michaely (2001), "Payout policy" working paper, the Wharton school.
2. Barclay M, C Holderness and D Sheehan (2003), "Dividend and Dominant Shareholders" Working paper, Rochester University.
3. Barclay, M.J, Smith, c.w and R.L Whatts (1995) "The determinants of corporate leverage and dividend policies", Journal of applied corporate finance, vol 7, pp 4-19.
4. Bebchuk L.A, R.Kraakman and G.Triantis (1999), "Stock pyramids, cross-ownrship, and dual-class equity: the creation and agency costs of separating control from cash-flow rights" NBER Working paper 6951.
5. Bena, J and J Hanousek (2005), "rent extraction by large shareholder: evidence using dividend policy in the Czech Republic", working paper, CERGE-EI.
6. Bennedsen, M., and D. Wolfonsen (2000), "The balance of power in closely held corporations" Journal of Financial Economics 58, 113-139.
7. Berle, A., and G. Means (1932)," The modern corporation and Private Property", Macmillan, New York, USA.
8. Bloch, F., Heye (2001), "Multiple shareholders and control contests", NBER Working Paper.
9. Burkart, M., Gromb, D, and F. Panunzi (1997), "Large shareholders, Monitoring, and the value of the firm", Quarterly Journal of Economics112, 693-728.
10. Claessens, S., S. Djankov and Larry H.P Lang (2000)," Expropriation of shareholders in East Asia", Journal of financial Economics, 58 p 8-81-112.
11. Crutchly, C., and R Hansen (1989), "A test of the agency theory of managerial ownership, corporate leverage and corporate dividends", Financial Management, vol 18, pp 36-76.
12. Dutta, A., Collins M.C, and J.W, Wansley (2000),"An examination of the non linear effect of Insider ownership on corporate policy choices" working paper.
13. Easterbrook, F.H (1984), "Two agency-cost Explanation of Dividends", American Economic review, vol 74, pp 650-659.
14. Faccio, M, Larry H.P Lang and L.Young (2001), "Dividend and Expropriation" American Economic Review, vol 91. pp 54-78.
15. Faccio, M and Larry H. P. Larry (2000), "Separation of ownership from control: an analysis of ultimate ownership in Western Europe", working paper, the Chinese University of Hong Kong.
16. Farinha, J (2002)," Dividend policy, corporate governance and the managerial entrenchment hypothesis: An empirical analysis", Working paper.
17. Farinha, J (2005), "the relation between dividends and insider ownership in different legal systems: international evidence", working paper, CETE-Centro de Estudos de Economia Industrial.
18. Gadhoum, Y.(2000), "Family control and grouping: possible expropriation via dividends", working paper, CENTOR.
19. Gomes, A (2000), "Going public without Governance: Managerial reputation effects" Journal of finance vol 52. pp 615-646.
20. Gomes, A., and W. Novaes (2001), "Sharing of control as a corporate governance mechanism", working paper, the Wharton school.
21. Gugler K (2001), "Corporate Governance and Economic performance" Oxford University Press
22. Gugler, K., B. Yurtoglu (2003), "Corporate governance and dividend pay-out policy in Germany", working paper, University of Vienna.
23. Holderness c, D Sheehan, (2000), "Constraints on Large-Block Shareholders" in Concentrated corporate ownership NBER, university of Chicago Press
24. Hsiao C (1996)" Analysis of Panel Data" Econometric society monographs, Cambridge University Press 1996.
25. Jensen, G, D Solbery and T. Zoun (1992), "Simultaneous Determination of Insider ownership, debt and dividend policies" Journal of Financial and quantitative Analysis, vol 27, pp 247-263.
26. Jensen, M (1986), "Agency costs of Free cash-flow, corporate finance and Takeovers", American Economic Review, vol 76, pp 323-329.
27. Jensen, M and W. Meckling (1976), "Theory of the firm: Managerial behaviour, Agency costs and ownership structure", Journal of financial economics, vol 3, pp 305-360.
28. Kalay, A, (1982), "Stockholder-Bondholder conflict and dividend constraints", Journal of financial economics, vol 10, pp 211-233.
29. Khan, T (2005), "company dividends and ownership structure: evidence from UK panel data", working paper, Nuffield College, Oxford.
30. Kouki M (2004) "Les Déterminants de la Politique Financière de l'Entreprise en matière de Distribution de Dividende" Thèse Doctorat, FSEG Tunis, février 2004.
31. Kouki M (2006), "Corporate Dividend behavior: a case study of firms listed with Tunisian stock market" Euro-Mediterranean Economics and Finance Review, January 2006-vol1, N° 1.
32. Lang, H. P., and R. H. Litzenberger (1989), "Dividend announcements: cash flow signalling vs. free cash flow hypothesis?" Journal of Financial Economics, vol 24, pp 181-191.
33. La Porta, R, F. Lopez -De- Silanes and A. Shleifer (1999),"Corporate ownership around the world", Journal of finance, vol 54, pp 471-517.
34. La Porta, R.F. Lopez-De-Silanes, A.Shleifer and R.W.Vishny (2000),"Agency problems and dividend policies around the world", Journal of finance, vol 55, pp 1-33.
35. Maury C.B, and A. Pajuste (2002), "Controlling shareholders, Agency problems, and dividend policy in Finland", working paper, swidish school of Economics and Business Administration.
36. Michealy, R and M.R Roberts (2006), "The dividend policies of Private Firms: Insights into Smoothing, Agency Costs, and Information Asymmetry", working paper.
37. Miller M. H, and F. Modigliani (1961), "Dividend policy, Growth, and the valuation of shares", Journal of Business, vol 34, pp 411-433.
38. Mollah A. S, K. Keasey, and H. Short (2000), "the influence of Agency costs on dividend policy in an emerging market: Evidence from the Dhaka stock Exchange" working paper, Leeds university Business school.
39. Morck, R., A. Shleifer and R. Vishny (1988)," Managerial ownership and Market valuation", journal of financial Economics, vol 20, pp 293-315.
40. Myers, S. (2000), "outside Equity", journal of Finance, vol 55, pp 1005-1037.
41. Pagano, M., and A. Roell (1998), "the choice of stock ownership structure: agency costs, monitoring, and the decision to go public", the quarterly journal of economics.
42. Rozeff, M. (1982), "Growth, Beta and agency Costa as Determinants of Dividend payout Ratios", journal of financial Research, vol 5, pp 249-259.
43. Schooley, D.K. and L.D. Barney (1994), "Using Dividend policy and managerial ownership to reduce agency costs", journal of Financial Research, vol 17, pp 363-373.
44. Shleifer, A., and R. Vishny (1986), "Large Shareholders and corporate control", journal of Political Economy, vol 94, pp 461- 488.
45. Shleifer, A., and R. Vishny (1997), "A survey of corporate Governance", journal of Finance, vol 52, pp 737-783.
46. Short, H., H. Zhang, and K. Keasey (2002), "The link between dividend policy and institutional ownership", journal of corporate Finance, vol 8, pp 105-122.
47. Smith, C.W., and Watts (1992), "The Investment opportunity Set and corporate Financing, Dividend and compensation policies", journal of Financial Economics, vol 32, pp 263-292.
48. Stulz, R.M (1988), "Managerial control of Voting Rights: Financing Policies and the market for corporate control", journal of Financial Economics, vol 20, pp 25-54.
49. Thomsen, S. (2004), "Blochholder ownership, dividends and firm value in continental Europe", working paper, Copenhagen Business school.
50. Wei, G., Zhang, W., and J. Z. Xiao, (2003)," Dividend policy and ownership structure in China", working paper, Cardiff University.
51. Zweibel J (1995), "Block Investment and Partial benefits of corporate control. Review of Economic studies 62 p161-185.