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Working Paper Series - The Value Creation Process in the Tunisia Stock Exchange



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The Value Creation Process in the Tunisia Stock Exchange


Volume : 0

No : 0

ISSN : WPS9903

Publisher : Arab Planning Institute - Kuwait

Author (s) : Samy Ben Naceur , MohamedGoaied

Published Date : 1/1/1999


Contents :
This paper investigates thevalue creation process in the Tunisiastock exchange using a sample including more than 90% of the listed companies.In order to find out the determinants of the value creation of our selectedcompanies, we purpose to use the random probit model estimation procedure withunbalanced panel data. The results indicate that the probability of creatingfuture values is positively and significantly correlated with dividend policyand profitability factor. The results suggest also that the value creation isneither affected by industry patterns, nor by size. Finally, empirical resultssuggest that non observed heterogeneity between firms, such as quality ofmanagement, seems to be significant in the analysis of the value creation ofcompanies in the Tunisia Stock exchange.

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