Purpose

The purpose of this paper is to observe whether the entrenchment of managers can affect firms’ dividend disbursement decisions and investor sentiment in the Tunisia context.

Design/methodology/approach

The sample includes all non-financial listed stocks in the Tunisia stock exchange during the years 2004–2017. Moreover, the entrenchment of managers is measured by five proxy explained the managers rooting from all listed firms. The propensity to pay dividends is measured by the dividend yield.

Findings

The findings yield qualitatively consistent with the previous research. After controlling for the effect of a manager’s behavior and different entrenchment phase, the result shows that entrepreneurial the firm’s decision to pay dividends could be influenced by the managers’ entrenchment.

Research limitations/implications

The result is limited at the level of the non-financial companies listed in the BVMT, but in future studies, the investigation with other countries can be compared.

Practical implications

Moreover, investors in Tunisia show their preference for a dividend to self-control and satisfaction and increase their profit, especially in an abnormal economic situation explained by the Tunisian political crisis.

Originality/value

The originality of this paper is to investigate both the important role of the entrenchment and cycle life of the manager on the decision to distribute dividends and the investor sentiment. Moreover, the author’s problem may be a reference for future investigation talking about the managers’ psychology like opportunism.

中文翻译：

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经理人的紧缩是否会影响企业的股息决策和投资者情绪？

目的

本文的目的是观察在突尼斯的背景下，管理人员的晋升是否会影响公司的股息支付决策和投资者情绪。

设计/方法/方法

样本包括2004-2017年期间突尼斯证券交易所的所有非金融上市股票。而且，经理人的进修由五个代理人来衡量，这些经理人根植于所有上市公司。支付股息的倾向以股息收益率衡量。

发现

这些发现在质量上与先前的研究一致。在控制了经理的行为和不同的入职阶段的影响之后，结果表明，企业家对公司支付股息的决定可能会受到经理入职的影响。

研究局限/意义

结果仅限于BVMT中列出的非金融公司，但是在将来的研究中，可以与其他国家进行调查。

实际影响

此外，突尼斯的投资者表现出了对自我控制和满足感以及增加利润的偏好，特别是在突尼斯政治危机造成的异常经济形势下。

创意/价值

本文的独创性是研究保管制度的重要作用和经理在分配红利的决定和投资者情绪方面的生命周期。此外，作者的问题可能是以后进行有关管理者心理（如机会主义）的调查的参考。