This paper investigates the determinants of the Tunisian banks' performances during the period 1980-1995. Results show that the principal determinants of a bank's performance are by order of importance: labour productivity, bank portofolio composition, capital productivity and bank capitalization.
This paper investigates the value creation process in the Tunisia stock exchange using a sample including more than 90% of the listed companies. In order to find out the determinants of the value creation of the selected companies, it uses the random probit model estimation procedure with unbalanced panel data. The results indicate that the probability of creating future values is positively and significantly correlated with profitability factor. In addition, the results also suggest that the value creation is affected by industry patterns (listed banks are the more value creator in the Tunisia stock exchange), by size (the probability to create value is stronger in small firms than in big ones) and by nature of property (the probability to create value is stronger in private-owned firms than in public-owned ones). Last but not least, the time trend factor is positive and highly significant. This finding suggests that the progressive reforms of the Tunisian stock exchange have attracted new investors, who have contributed by their purchase to the appreciation of the value of listed shares.
The authors study the dividend policy of 48 firms listed on the Tunisian Stock Exchange during the period 1996-2002. The study tests whether or not managers of Tunisian listed firms smooth their dividends. Moreover, the study outlines the main determinants that may drive the dividend policy of Tunisian quoted firms. To answer the first question, we use Lintner's model in a dynamic setting. The results clearly demonstrate that Tunisian firms rely on both current earnings and past dividends to fix their dividend payment. However, the study shows that dividends tend to be more sensitive to current earnings than prior dividends. To find out the determinants of dividend policy, dynamic panel regressions have been performed. First, profitable firms with more stable earnings can afford larger free cash flows and thus pay larger dividends. Furthermore, they distribute larger dividends whenever they are growing fast. However, neither the ownership concentration nor the financial leverage seems to have any impact on dividend policy in Tunisia. Also, the liquidity of stock market and size negatively impacts the dividend payment. The results are somewhat robust to different specifications. Copyright (c) International Review of Finance Ltd. 2007.
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