M. Albouy, R. Bah, C. Bonnet, and D. Thévenin, The perception of dividends by managers: Do French managers differ from their North-American peers, Bankers, Market and Investors, vol.116, p.1, 2012.

F. Allen and R. Michaely, Payout policy. Handbook of the Economics of Finance, vol.1, pp.337-429, 2003.

L. J. Aste, Reforming French corporate governance: A return to the two-tier board, George Washington Journal International Law & Economics, vol.32, p.1, 1999.

N. Aubert and T. Rapp, Employees' investment behavior in a company based savings plan, Revue Finance, p.1, 2010.

M. P. Baker and J. Wurgler, Behavioral Corporate Finance: An Updated Survey, Handbook of the Economics of Finance, vol.2, 2013.

M. Baker and J. Wurgler, A catering theory of dividends, The Journal of Finance, vol.59, issue.3, pp.1125-1165, 2004.

M. Baker and J. Wurgler, Appearing and disappearing dividends: The link to catering incentives, Journal of Financial Economics, vol.73, issue.2, pp.271-288, 2004.

N. Barberis and H. Huang, Mental accounting, loss aversion, and individual stock returns, Journal of Finance, vol.56, pp.1247-1292, 2001.

F. Belot, E. Ginglinger, M. B. Slovin, and M. E. Sushka, Freedom of choice between unitary and two-tier boards: an empirical analysis, Journal of Financial Economics, vol.112, issue.3, pp.364-385, 2014.
URL : https://hal.archives-ouvertes.fr/halshs-00973546

S. Bhattacharya, Imperfect information, dividend policy, and" the bird in the hand" fallacy, The Bell Journal of Economics, pp.259-270, 1979.

S. Bhattacharya, Nondissipative signaling structures and dividend policy, The quarterly journal of Economics, vol.95, issue.1, pp.1-24, 1980.

W. Breuer, M. O. Rieger, and K. C. Soypak, The behavioral foundations of corporate dividend policy a cross-country analysis, Journal of Banking & Finance, vol.42, pp.247-265, 2014.

M. J. Brennan, Taxes, market valuation and corporate financial policy, National Tax Journal, vol.23, issue.4, pp.417-427, 1970.

D. Daniel, D. Hirshleifer, and A. Subrahmanyam, Overconfidence, arbitrage, and equilibrium asset pricing, Journal of Finance, vol.56, pp.921-965, 2001.

H. Deangelo, L. Deangelo, M. Stulz, and R. , Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory, Journal of Financial Economics, vol.81, pp.227-254, 2006.

D. J. Denis and I. Osobov, Why do firms pay dividends? International evidence on the determinants of dividend policy, Journal of Financial Economics, vol.89, issue.1, pp.221-82, 2008.

F. H. Easterbrook, Two agency-cost explanations of dividends, The American Economic Review, vol.74, issue.4, pp.650-659, 1984.

E. J. Elton and M. J. Gruber, Marginal stockholder tax rates and the clientele effect, The Review of Economics and Statistics, vol.52, issue.1, pp.68-74, 1970.

E. F. Fama and K. R. French, Disappearing dividends: changing firm characteristics or lower propensity to pay?, Journal of Financial economics, vol.60, issue.1, pp.3-43, 2001.

S. P. Ferris, N. Sen, and H. P. Yui, God Save the Queen and Her Dividends: Corporate Payouts in the United Kingdom*, The Journal of Business, vol.79, issue.3, pp.1149-1173, 2006.

S. P. Ferris, N. Jayaraman, and S. Sabherwal, Catering effects in corporate dividend policy: The international evidence, Journal of Banking & Finance, vol.33, issue.9, pp.1730-1738, 2009.

E. Ginglinger, W. Megginson, and T. Waxin, Employee ownership, board representation, and corporate financial policies, Journal of Corporate Finance, vol.17, issue.4, pp.868-887, 2011.
URL : https://hal.archives-ouvertes.fr/halshs-00626310

G. Grullon, R. Michaely, and R. Thaler, Dividend changes do not signal changes in future profitability, Journal of Business, vol.78, issue.5, pp.1659-1682, 2005.

J. Hamon and B. Jacquillat, Le marché français des actions: études empiriques 1977-1991, 1992.

G. Hoberg and N. R. Prabhala, Disappearing dividends, catering, and risk, Review of Financial Studies, vol.22, issue.1, pp.79-116, 2009.

T. Jeanjean and H. Stolowy, Determinants of board members' financial expertise-Empirical evidence from France, The International Journal of Accounting, vol.44, issue.4, pp.378-402, 2009.
URL : https://hal.archives-ouvertes.fr/hal-00580151

M. C. Jensen, Agency costs of free cash flow, corporate finance, and takeovers, The American Economic Review, vol.76, issue.2, pp.323-329, 1986.

K. John and J. Williams, Dividends, dilution, and taxes: A signalling equilibrium, The Journal of Finance, vol.40, issue.4, pp.1053-1070, 1985.

J. M. Kuo, D. Philip, and Q. Zhang, What drives the disappearing dividends phenomenon, Journal of Banking & Finance, vol.37, issue.9, pp.3499-3514, 2013.

L. Porta, R. Lopez-de-silanes, F. Shleifer, A. Vishny, and R. W. , Agency problems and dividend policies around the world, The Journal of Finance, vol.55, issue.1, pp.1-33, 2000.

W. Li and E. Lie, Dividend changes and catering incentives, Journal of Financial Economics, vol.80, issue.2, pp.293-308, 2006.

J. Lintner, Distribution of incomes of corporations among dividends, retained earnings, and taxes, The American Economic Review, vol.46, issue.2, pp.97-113, 1956.

M. H. Miller and F. Modigliani, Dividend policy, growth, and the valuation of shares, The Journal of Business, vol.34, issue.4, pp.411-433, 1961.

M. H. Miller and K. Rock, Dividend policy under asymmetric information, The Journal of Finance, vol.40, issue.4, pp.1031-1051, 1985.

J. M. Poterba and L. H. Summers, New evidence that taxes affect the valuation of dividends, The Journal of Finance, vol.39, issue.5, pp.1397-1415, 1984.

M. Rozeff, Growth, beta and agency costs as determinants of dividend payout ratios, Journal of Financial Research, vol.5, issue.3, pp.249-259, 1982.

H. Shefrin, Behavioral corporate finance, Journal of Applied Corporate Finance, issue.3, p.14, 2001.

H. M. Shefrin and M. Statman, Explaining investor preference for cash dividends, Journal of Financial Economics, vol.13, issue.2, pp.253-282, 1984.

H. Von-eije and W. L. Megginson, Dividends and share repurchases in the European Union, Journal of Financial Economics, vol.89, issue.2, pp.347-374, 2008.