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L’impact de l’affectation du free cash flow sur la création de valeur actionnariale: le cas de la politique d’endettement et de dividendes des entreprises françaises cotées

Author

Listed:
  • Thierry Poulain-Rehm

    (CREFF - Université Montesquieu - Bordeaux 4)

Abstract

Selon la théorie du free cash flow,l'endettement, tout comme la distribution de dividendes, en réduisant le free cash flow, permettraient de limiter le pouvoir discrétionnaire des dirigeants, et contribueraient à la création de valeur actionnariale. Cette théorie est infirmée par cette recherche selon laquelle l'affectation du free cash flow au service du remboursement de la dette exerce une influence négative, statistiquement significative, sur la richesse des actionnaires. Dans le même temps, l'impact d'un réinvestissement des fonds discrétionnaires sous forme de distribution de dividendes n'est pas décelable.

Suggested Citation

  • Thierry Poulain-Rehm, 2005. "L’impact de l’affectation du free cash flow sur la création de valeur actionnariale: le cas de la politique d’endettement et de dividendes des entreprises françaises cotées," Post-Print hal-01430992, HAL.
    • Handle: RePEc:hal:journl:hal-01430992
    as

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