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This paper provides literature on dividend policy decisions by the corporates in the perspective of shareholder's wealth. Dividend payment is a signal of performance of Firms. If dividend increases, share price will also increases, which leads to the creation of shareholder's wealth. Although, extant literature review have examined issues of dividend policy, still they produced inconclusive results on the dividend policy decisions. Thus a good model that combines dividends with share buybacks is a fairly good compromise due to its advantage of flexibility, tax treatment and intangible gains. Share repurchases leads to better tax treatment than dividend and are more flexible than regular dividends for the company.
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Review of Financial Economics
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For decades, the company's dividend policy has been the subject of intense researches. These researches tried to establish on one side a link between the dividend policy and other factors. From other sides, these studies also aimed to study the interaction between these factors. Such as, the existing link between the dividend policy and taxation. This article presents a literature review of recent and old researches concerning the dividend policy. It studies and analyses the contributions of the diverse currents of thought. Indeed, this paper provides a summary of the work of authors who contribute to the hypothesis of the clientele effect. Résumé Depuis des décennies, la politique de dividendes de l'entreprise a fait l'objet d'intenses recherches. Ces recherches tentent d'établir un lien entre la politique de dividendes et d'autres facteurs et la manière dont ces facteurs interagissent. Par exemple, le lien entre la politique de distribution de dividende et .
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Journal of Business …
The first author is Professor of Finance, Université Paris 1 Panthéon Sorbonne, France, and Université Libre de Bruxelles, Solvay Business School. The second author is Professor of Finance, Université de Sherbrooke, Québec, Canada. The third author is Professor of .
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