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Dividend Policy

Eric Séverin Professor University of Lille 1

104 Avenue du Peuple Belge, 59000 Lille, France

Email: [e-mail]

Philippe Du Jardin Professor

Edhec School Business 393, Promenade des Anglais

BP 3116

06202 Nice Cedex 3

Email: [e-mail]

Abstract: The aim of this article is to analyze the various aspects of dividend policy. Emphasizing tax issues, theoretical frameworks of informational asymmetry of corporate governance and life cycles, we show that a static vision of dividends has been gradually replaced by a dynamic vision. Nevertheless, in spite of the numerous studies dealing with this topic, Black’s (1976) “dividend puzzle” still remains unsolved.

JEL Classification: G35