محددات سياسة توزيع الأرباح في المؤسسات الخاصة الجزائرية

الملخص EN

Dividend policy is one of the most important financial decisions in the enterprise.

It is determined by several considerations which can no longer be ignored such as agency cost, taxes, policy informational dimension and the availability of sufficient liquidity to cover the distribution of profits.

Many theories attempted to explain the managers’ behaviour towards dividend policy although they differed between pro-and neutral about the effect of stock dividend policy on the value of the enterprise After reviewing the various theories and models that addressed the dividend policy, the applied work over a sample of private Algerian institutions showed that two factors are the main determinants of the dividend payout ratio, total companies profits and taxes on corporate profits.

While cost-effectiveness short-term debts and reserves are considered as indicators of distinction between dividends distributing and non-distributing enterprises.