Universal Journal of Accounting and Finance Vol. 4(2), pp. 89 - 95
DOI: 10.13189/ujaf.2016.040205
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The Relationship between Ownership Structure and Dividend Policy in an Emerging Market: A Moroccan Study


Aziz Mossadak , Richard Fontaine , Hanen Khemakhem *
School of Management Sciences, University of Quebec in Montreal, Canada

ABSTRACT

The objective of this study is to examine the effect of ownership structure on dividend policy in the context of an emerging market. In the academic literature, covering various economic contexts, research shows contradictory results. Therefore, based on a sample of 146 observations, we analysed the relationship between the ownership structure and the dividend policy in Morocco. The results of our study show a positive and significant relationship between ownership structure and dividend policy; however, one of the ownership structures (institutional ownership) did not show a significant relationship with dividend policy. Our results are surprising as they contradict Aguenaou et al. [1] and Pablo and González [2] who instead find negative relationships. Our results add to the existing literature by providing unique results in an emerging market such as Morocco.

KEYWORDS
Ownership Structure, Dividend Policy, Emerging Markets

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Aziz Mossadak , Richard Fontaine , Hanen Khemakhem , "The Relationship between Ownership Structure and Dividend Policy in an Emerging Market: A Moroccan Study," Universal Journal of Accounting and Finance, Vol. 4, No. 2, pp. 89 - 95, 2016. DOI: 10.13189/ujaf.2016.040205.

(b). APA Format:
Aziz Mossadak , Richard Fontaine , Hanen Khemakhem (2016). The Relationship between Ownership Structure and Dividend Policy in an Emerging Market: A Moroccan Study. Universal Journal of Accounting and Finance, 4(2), 89 - 95. DOI: 10.13189/ujaf.2016.040205.