Auteur(s) : Brom Alexane, Michel Aurélien , Sagne Aurélie , Sakho Kadiatou
Directeur : Petey Joël
Composante : EMS
Date de création : 30-06-2018

Description : Comptabilité, Contrôle, Finance, The subject of the following case study was designed by Mr. Petey who was inspired after reading the article “The rise in dividend payments” by Michelle Bergmann. This article studies the dividends paid by Australian listed companies. The first part of our work consisted in gathering articles supporting the various theories around dividend distribution policies. We organised this articles and presented them in the Literature review. Each theory is supported by one or more articles at different periods in time. We chose to organise the theories in what was for us the most logical way without exactly following the timeline. We discovered theories in opposition as well as theories that completed each other so we regrouped the latter and closed with the most recent theory diverging a little from the previous focus point. We presented the articles, further explained their relevance regarding our subject and questioned the assumptions and conclusions made by the authors. This primary research allowed us later to know more easily what to look for in financial statements and the different ways they can be interpreted. This leads to the second part of our work. For this part we were to follow the frame of Mrs Bergmann’s article. We settled for the European oil industry based on data accessibility and geographical preference. This part consisted in gathering data on a dozens of companies in the European Oil Industry. Each of us was to collect data on between 3 and 4 companies. The list of companies had to evolve because of data accessibility issues but we finally had our sample of 14 companies. We put together our findings and computed the various ratios and created the graphs. The latest challenge after computation was to interpret the results from a rather small and surprisingly heterogeneous sample and link them to the theories we had previously learned about. What this paper taught us is that there is a thin line between Market and Corporate finance and dividend policies in our specific sector are crucial for a company’s success. The European oil industry, which suffered from the global crisis but managed to recover rather quickly for most, now faces new challenges as renewable energies threaten their longevity even more than the fact that fossil fuel plants are becoming scarcer. They have an urgent need to diversify and can no longer afford to distribute as much dividend as they used to.
Mots-clés libres : Industrie pétrolière et gazière Thèses et écrits académiques Europe, distribution des dividendes, industrie pétrolière européenne, case study, études de cas, 650
Couverture : FR