Résumé:
This research investigates the impact of dividend policy on the performance of large private
Algerian firms. The study is based on a panel data comprising 61 firms observed over the period
2019 to 2023, totaling 305 firm-year observations. To explore the relationship between dividend
policy and firm performance, we employ panel data regression techniques that account for both
cross-sectional and temporal variations. Firm performance is measured using the Return on
Assets (ROA) ratio, while dividend policy is represented by the dividend payout ratio (DPR),
both of which are widely utilized indicators in financial research. The model also includes a set
of control variables, including liquidity, leverage, asset tangibility, and firm size. The findings
reveal that dividend policy has a significant and positive impact on firm performance, suggesting
that firms distributing dividends tend to achieve higher performance levels. Additionally,
liquidity and firm size are found to have a positive influence on performance, whereas asset
tangibility and leverage exhibit a negative relationship
