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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.

Auteurs :Séverin Éric
Extrait de la revue BMI 115