Dividend distribution cultures and investment opportunities in Cameroonian SMEs: the relevance of methodological hybridity

Abstract

The objective of this article is to better understand the decision to distribute dividends to shareholders and to determine the impact of growth opportunities on them in Cameroonian SMEs. To achieve these objectives, we borrowed a combined (mixt approach), thus qualified as a “harmonious methodological marriage” The results from the qualitative study allowed us to have a panoramic vision of the different dividend distribution practices in Cameroon. This study was able to highlight new variables little dealt with in the literature such as the influence of the personality of the leaders, the corporate culture, the questioning of the explanatory power of the signal theory and confirmed the way in which dividend distribution cultures are carried out like the predictions of the agency theory. In addition, this qualitative study coupled with the quantitative study, benefited from secondary data through statistical and Fiscal Statements (DSF) over a period of 6 years; question to examine the subject’s relationship. In this sense, our empirical validation matches the work of Rozeff (1982) ; Bajaj and Vijh (1990) ; Wang and al., (1993), Agrawal and Jayaraman (1994) ; La Porta and al., (2000) ; Fama and French (2001) ; Mancinelli & al., (2006) ; Kim and Gu, (2009) and contradicts the work of Walter, (1956); Brennan, (1970).