De l'hypothèse de revenu permanent en politique de distribution des profits des sociétés: une polémique

Jean-Pierre Chateau

Revue Économique, 1972, vol. 23, issue 2, 283-309

Abstract: [fre] La transposition, en politique de distribution des profits des sociétés, de l'hypothèse de revenu permanent met en évidence certaines implications financières intéressantes de cette politique de ventilation. Toutefois, les comportements différents du consommateur et de la firme appellent certaines réserves quant à la transposition directe. Aussi une approche alternative fut envisagée, consistant à examiner la réceptivité des formulations traditionnelles de la politique de distri­bution à l'hypothèse friedmannienne. Dans cette optique, il s'est avéré que les formulations sont généralement réceptives à cette procédure à l'exception de l'hypothèse de distribution généralisée, formulation synthétique de l'hypothèse de la vitesse d'ajustement de Lintner. [eng] Transposition of the permanent income hypothesis to dividend policy has interesting implications for the financial features of the firm's allocation policy. However, since the firm and the consumer behave differently in allocating their respective income, it becomes apparent that the direct transposition of Friedman's hypothesis is inappropriate. We therefore reverted to an alternative and slightly less rigorous approach calling for the adaptation of the main characteristics of the permanent income hypothesis to traditional dividend policy models. It was then found that with the exception of the generalized dividend model — an improved version of Lintner's speed of adjustment model — the varions formulations tested were consistent with the permanent income hypothesis.

Date: 1972
Note: DOI:10.3406/reco.1972.408020
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