Abstract

The dividend is a part of the profit that remunerates the shareholder, but in the deeper sense it is a tool that aims to cement at first sight the relationship between the company and its shareholders within the framework of a Shareholder Relationship Management (SRM).

Indeed, the dividend is dependent on the choice of the company, its size, its sector of activity but also on the economic situation of the country. Moreover, in times of crisis, some listed companies waive this distribution and others, on the other hand, seem more generous to absorb the fall in the stock market prices of their values in order to appease the losses suffered by their shareholders. In doing so, the objective of this research is to analyze the dividend distribution policy of listed companies who form the MSI 20 in order to verify the existence of the parachute effect of the dividend. For that, we choose a five-year study running from 2017 to 2021.

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