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Diversité du conseil d'administration et politique de dividende des grands groupes bancaires systémiques: théories et investigations empiriques

Éric Vernier, Régis Dumoulin () and Hodonou Dannon
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Éric Vernier: IRIS - Institut de Recherche Interdisciplinaire sur les enjeux Sociaux - sciences sociales, politique, santé - UP13 - Université Paris 13 - EHESS - École des hautes études en sciences sociales - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - CNRS - Centre National de la Recherche Scientifique - PSL - PSL Research University
Régis Dumoulin: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut National de l'Horticulture et du Paysage, UA - Université d'Angers
Hodonou Dannon: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut National de l'Horticulture et du Paysage

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Abstract: This study examines the association between the diversity of the board of directors of the 30 systemic banking groups and their dividend distribution policy. The analysis of panel data using the GMM (Generalised Method of Moments) estimator was used over the period 2010 to 2015. Overall, the results confirm Lintner's (1956) dividend smoothing hypothesis and indicate that dividend cuts are rarely observed in large systemic banking groups. In addition, the proportion of women on the board of directors and the proportion of independent directors are significantly and negatively associated with bank's dividend per share. The same is true of the frequency of board meetings and the increase of specialized committees of this board. However, the duality of the leadership style is positively and significantly related to the dividend distribution. The effects of size, liquidity and growth opportunities on the dividend distribution of systemic banking groups are in line with the Fama & French (2001) theory.

Keywords: Diversity; Governance; Dividend; Banks; Diversité; Gouvernance; Dividende; Banques (search for similar items in EconPapers)
Date: 2017-12-01
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01856607
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Published in Management & Sciences Sociales, Kedge Business School, 2017, La diversité : regards croisés. Aujourd’hui et demain, 23, pp.48-61

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