%0 Journal Article
%T On the Determinants of Dividends¡¯ Information Content
%A Hatem Ben Said
%J Journal of Management and Sustainability
%D 2012
%I 
%R 10.5539/jms.v2n2p276
%X This paper examines the determinants of dividends¡¯ information content. We put an emphasis on the role of ownership structure in explaining the impact of dividends on shareholders¡¯ wealth. To this end, our study examined a sample of 136 French firms during the year 2007 to empirically validate our model. The empirical results show a negative reaction of stock prices to dividend announcement. This finding is consistent with the hypothesis of deterioration of growth opportunities. However, we have concluded that firms¡¯ characteristics significantly affect dividends¡¯ information content.
%U http://www.ccsenet.org/journal/index.php/jms/article/view/18105