红利政策与危机:在法国背景下探索绩效与财务约束之间的相互作用
Saliha Theiri1, Salah Ben Hamad1, Mouna Ben Amor2
1University El Manar, Faculty of Economic Sciences and Management, Tunisia.
Heliyon
|October 16, 2023
概括
无论公司业绩如何,COVID-19危机和财务限制都对股息支付产生了负面影响. 法国企业应优先考虑股息,以在不确定性时期保持财务健康和声誉.
科学领域:
- 企业金融公司财务
- 金融经济学 金融经济学
- 流行病经济学 流行病经济学
背景情况:
- COVID-19 疫情造成了前所未有的经济不确定性.
- 了解它对公司财务决策的影响,就像股息政策一样,至关重要.
- 金融限制可能会加剧危机对股息支付的影响.
研究的目的:
- 确定Covid-19危机对股息政策和公司业绩的影响.
- 探索金融约束和绩效之间的相互作用,在危机期间塑造股息政策.
- 为法国公司提供关于在不确定性中分配股息政策的指导.
主要方法:
- 在6年的时间里 (2016-2021年) 分析了106家SBF上市公司.
- 这一时期分为危机前期,大流行期和整体时期.
- 应用系统通用时刻方法 (SGMM) 来解决内源性问题.
主要成果:
- COVID-19危机和财务限制 (KZ指数) 与股息支付水平 (DivPaid) 有负相关性.
- 公司业绩在危机期间并没有显著影响股息水平.
- 公司业绩受到股息支付,财务限制和危机的负面影响.
结论:
- 在Covid-19危机期间的股息政策主要是由危机本身和财务限制驱动的,而不是业绩.
- 建议法国公司优先支付股息,以维护声誉和财务健康.
- 调查结果为投资者,分析师和决策者提供了洞察力,他们在不确定的时期导航股息策略.
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