The determinants of the distribution of cash flows in listed Moroccan companies

Abstract

The objective of this paper is to examine the determinants of the dividend distribution policy of companies listed on the Moroccan stock exchange, more precisely, this work seeks to highlight the effect of concentration, family shareholding, profitability and previous distribution on the dividend. In order to answer this problem, we adopted a panel made up of 37 listed companies, giving rise to 222 observations distributed between 2013 and 2018, tested by the GMM estimator in the "R" software. The results of this work, affirm in this context of emergence, a positive and significant effect, of the profitability and the previous distribution. As well as a negative effect of the concentration of capital and family shareholding on the distribution of dividends.