Loyalty and Agency Problems: Study Comparing France Tunisia – Empirical Validation

Two points will be discussed in turn: this is, first, to present the progress of the research methodology (method of data collection and measurement techniques selected) and then present the results of the study.
A- Data co llection: The method adopted for data collection to validate our assumptions outlined above is the questionnaire. In our case, this method is very relevant because it allows direct use of quality information and private decision-makers obtained themselves.
In addition, the use of quantitative methods can not verify some questions related to the perception of leaders, particularly in terms of divergence of interest and loyalty. Although relatively uncommon in finance, this methodology has been used to study the management practices related to the shareholder, such as studies Lemoine and Onne, Labelle, Bonnet, Chakroun and Matoussi, etc..
The questionnaire consists of questions designed to measure the determinants of loyalty in the relationship shareholders / directors. Some determinants are the subject of two or four questions in order to limit the risk of bais in the responses. The questions are related to characteristics of the company’s relationship management shareholders / directors. All these questions are measured on a Likert scale of 1 to 5 points. The questionnaire was sent, in 2009, the financial managers of nearly 80 French companies and 50 Tunisian companies listed. Despite several reminders, only 60 questionnaires were usable, 46% of the total sample. The questionnaire has been pre-tested with five fund managers.
We explain below the method of measurement of the variables used.
B-The measure adopted
The dependent variable: the agency problems
To know the objectives of the leaders, we used the variables used by the agency Ang et al which are respectively under-valuation, asymmetric information, the free cash flow and overinvestment. This determines whether the objectives of the leaders are the same as those of shareholders. This leads also to clarify how to use corporate resources to increase the activity and invest in profitable projects.
The explanatory variable: Loyalty
Loyalty is structured by four kinds of assumptions about the behavior expected of shareholders: trust, satisfaction, attracting new shareholders already close to the small shareholders and, increasing the holding period of shares. This variable was measured by a series of questions to approach these four dimensions derived from a previous investigation of the loyalty of the individual shareholder.
Mediating variables:

•    Managers shareholders, respondents indicate the part of managers’ participation in the capital and specify if they are beneficiaries of the plan of share options or not.
•    The dividend policy: this variable was measured by two dimensions on the adoption of a policy of non-fluctuating and stable distribution and its implications.
•    Communications Policy: he was asked to indicate how the balanced relationship between shareholders and managers requires the publication of quality information and choice of communication tools well suited.