Author(s)

Asséréou C. M. Houewou¹, Bertin Chabi², Boniface Bampoky³

¹Department of Economics and Management Sciences, University of St. Charles Lwanga (UCL), Sarh, Tchad.
²Africain Center for Advanced Studies in Management (CESAG), Dakar, Sénégal.
³Department of Management, Higher Polytechnic School (ESP), Dakar, Sénégal.

The study on dividend policy and investment efficiency was carried out with the aim of providing empirical evidence on the moderating role that the quality of accounting information can play in decision-making related to investment and dividend policy on the West African stock market. To carry out this study, forty-one (41) BRVM companies over a period from 2011 to 2023 were studied, excluding companies from the Finance and insurance sector and also those which disclosed incomplete information over the period study. To test the study’s hypotheses, panel data was used. The results of the study revealed a positive and significant effect of dividend policy on investment efficiency under the moderating effect of the quality of accounting information. This justifies that the effect of dividends on investments is less negative for companies whose quality of accounting information is higher than those whose quality of accounting information is lower.

Dividend Policy, Quality of Accounting Information, Investment

Houewou, A. , Chabi, B. and Bampoky, B. (2025) Dividend Policy and Investment Efficiency: Analysis of the Moderating Effect of the Quality of Financial and Accounting Information of Companies Listed on the West African Stock Market: Case of BRVM. Open Journal of Business and Management, 13, 1137-1153. doi: 10.4236/ojbm.2025.132060.