The Relationship Between Dividend Payments And Firm Performance: A Study Of Listed Companies In Morocco

Many theories have been documented on the relevance and irrelevance of dividend policy. Authors continue to come up with various conclusions with regard to dividend policy from their empirical studies. This paper sought to examine the relationship between dividend policies and financial performance of selected listed firms in Morocco. Data were sourced through secondary means from the annual reports of the sampled quoted firms and was analyzed using panel data regression model. Two models were developed in an attempt to provide a theoretical explanation on the birds-in-hand dividend relevance theory and the Modigliani and Miller’s (MM) dividend irrelevance theory. The findings indicated that Dividend policy is an important factor affecting firm performance. Their relationship was also strong and positive. This therefore showed that dividend policy was relevant. It can be concluded, based on the findings of this research that dividend policy is relevant and that managers should devote adequate time in designing a dividend policy that will enhance firm performance and therefore shareholder value. Management of companies should also invest in projects that give positive Net Present Values, thereby generating huge earnings, which can be partly used to pay dividends to their equity shareholders

2-mercaptobenzothiazole corrosion inhibitor deposited at ultra-low pressure on model copper surfaces

International audienceAdsorption of 2-mercaptobenzothiazole (2-MBT) at ultra-low pressure and room temperature on metallic and pre-oxidized Cu(111) surfaces and its thermal stability were investigated using X-ray photoelectron spectroscopy in order to better understand the interfacial corrosion inhibiting properties. 2-MBT is lying flat in the monolayer with two sulphur atoms bonded to Cu and decomposes partially yielding atomic sulphur when interacting with metallic copper prior to forming molecular multilayers. Decomposition is prevented by surface pre-oxidation with 2D oxide dissociation accelerating the 2-MBT initial adsorption kinetics. 2-MBT further decomposes and partially desorbs above 100 • C. A pre-adsorbed 2-MBT monolayer on metallic copper inhibits surface corrosion

Des Pierres sauvages à La Pierre sans chagrin.

Henry Bauchau possédait dans sa bibliothèque le roman écrit par l’architecte François Pouillon, Les Pierres sauvages. L’ouvrage, paru en 1964, relate la construction de l’abbaye du Thoronet au XIIe siècle. En 1966, paraît le recueil, La Pierre sans chagrin – poèmes du Thoronet. Il y a là plus qu’une coïncidence, l’article montre par comparaison d’extraits des deux ouvrages qu’Henry Bauchau s’est inspiré tout autant du roman de F. Pouillon que de la célèbre abbaye cistercienne. Le poème tend à l’épure, la lecture du roman ajoute à sa compréhension. Au-delà des deux œuvres, on constate que leurs auteurs se sont servis de la littérature comme moyen de se reconstruire après des épreuves douloureuses

Molecular scale insights into interaction mechanisms between organic inhibitor film and copper

A model experimental approach, providing molecular scale insight into the build up mechanisms of a corrosion inhibiting interface, is reported. 2-mercaptobenzimidazole (2-MBI), a widely used organic inhibitor, was deposited from the vapor phase at ultra-low pressure on copper surfaces in chemically-controlled state, and X-ray photoelectron spectroscopy was used in situ to characterize the adsorption mechanisms upon formation of the inhibiting film. On copper surfaces prepared clean in the metallic state, the intact molecules lie flat at low exposure, with sulfur and both nitrogen atoms bonded to copper. A fraction of the molecules decomposes upon adsorption, leaving atomic sulfur on copper. At higher exposure, the molecules adsorb in a tilted position with sulfur and only one nitrogen bonded to copper, leading to a densification of 2-MBI in the monolayer. A bilayer is formed at saturation with the outer layer not bonded directly to copper. In the presence of a pre-adsorbed 2D oxide, oxygen is substituted and the molecules adsorb intactly without decomposition. A 3D oxide prevents the bonding of sulfur to copper. The molecular film formed on metallic and 2D oxide pre-covered surfaces partially desorbs and decomposes at temperature above 400 °C, leading to the adsorption of atomic sulfur on copper

L’art comme expérience et la pragmatique du spectateur, entre performance et philosophie

En prenant pour point de départ les thèses développées par Jacques Rancière dans Le spectateur émancipé, cet article se demande à quelles conditions la philosophie pourrait jouer un rôle constructif dans l’étude de l’engagement du spectateur. L’article propose de se tourner vers la philosophie pragmatique de John Dewey telle qu’elle est exposée dans L’art comme expérience : pensée comme transformation des énergies corporelles, l’expérience esthétique définie par Dewey est somatique, rythmique et relationnelle, permettant le dépassement des oppositions acteur/spectateur, activité/passivité. La théorie esthétique tout entière de Dewey fait une large part à l’expérience du spectateur en tant qu’elle est créative. En explorant les influences qu’a eues L’art comme expérience sur le développement des arts américains et dans l’esthétique pragmatique selon Richard Shusterman, l’article met en évidence la part performative constitutive de l’expérience esthétique. En concevant le spectateur comme partie prenante d’une performance, le pragmatisme pousse à revisiter du même mouvement le rôle et la fonction de la philosophie : aux prises avec la question de l’engagement du spectateur, la philosophie peut alors être envisagée dans ses propres dimensions performatives, selon une approche telle que celle du réseau de chercheurs récemment créé « Performance Philosophy ».By taking as its point of departure the theses developed by Jacques Rancière in The Emancipated Spectator, this article examines the conditions needed for philosophy to play a constructive role in the spectator’s engagement. The author proposes turning to the pragmatic philosophy of John Dewey as presented in Art as Experience: conceived as the transformation of bodily energies, the aesthetic experience defined by Dewey is somatic, rhythmic and relational, allowing us to get past the oppositions of actor/spectator, activity/passivity. Dewey’s aesthetic theory as a whole emphasizes on the spectator’s experience insofar as it is creative. By exploring the influences of Art as Experience on the development of American art and in pragmatic aesthetics according to Richard Shusterman, the article highlights the performative component essential to the aesthetic experience. By conceiving of the spectator as a part of the performance, pragmatism encourages us to simultaneously revisit philosophy’s role and function: faced with the issue of the spectator’s engagement, philosophy can then be envisaged in its own performative dimensions, based on an approach resembling that of the recently created researcher network “Performance Philosophy.

New insight on early oxidation stages of austenitic stainless steel from in situ XPS analysis on single-crystalline Fe–18Cr–13Ni

International audienceIn situ X-ray photoelectron spectroscopy real-time measurements and angular-dependent high resolution core level analysis were used for the first time to investigate the Cr enrichment and oxide growth mechanisms on a model 304 austenitic stainless steel surface in the very initial stages of oxidation leading to pre-passivation. The oxidation kinetics was followed for increasing oxygen exposure and temperature, revealing an early nucleation regime (for exposure < 10 L) leading to the formation of a strongly Cr-enriched Cr 3+ /Fe 3+ mixed layer followed by an oxide growth regime where preferential iron oxidation takes over and mitigate the initial chromium enrichment

Stochastic Geometry-based Modelling of Mobile UAV Relay Networks under Realistic Fading

We consider a relay network based on Unmanned Aerial Vehicles (UAV). Terrestrial Base Stations (TBS) and UAV Relay Nodes (RN) are modelled using two Homogeneous Poisson Point Processes (HPPP). UAVs can hover at a fixed position or move following specific displacement schemes. The Coverage Probability (CP) of a typical user equipment (UE) is derived, either when it communicates via a direct link (from the TBS to the UE) or via a relay link (from the TBS to the UE through a UAV RN). Every link can be in Line-of-Sight (LoS) or Non Line-of-Sight (NLoS), and suffers from Rician fading with distance-dependent parameters. This coverage is calculated by means of both stochastic geometry (SG) and Monte-Carlo (MC) simulations. The benefits of the use of UAV as RNs are analysed depending on their altitude, density, and mobility scheme.Comment: 10 pages, 4 figures. Complete technical paper, associated with a submission at the 2021 IEEE 93rd Vehicular Technology Conference (VTC2021-Spring) (https://events.vtsociety.org/vtc2021-spring/) with DOI https://doi.org/10.1109/VTC2021-Spring51267.2021.9448745 First version published on Arxiv on 13/10/2020, added to IEEE Xplore on 15/06/202

Mobilités contraintes, parcours professionnels, vie privée: Quels enjeux pour les cadres bancaires

Este artículo versa sobre los ejecutivos del sector bancario, grupo socio-profesional considerado privilegiado. Sin embargo, un análisis de las trayectorias de estos ejecutivos, hombres y mujeres, a través de entrevistas en profundidad, evidencian las tensiones entre vida profesional y vida conyugal: están obligados a aceptar mobilidades geográficas para ellos mismos y su familia para asegurarse una carrera. El modelo clásico de la división de la división sexual del trabajo dentro de las parejas pone al asalariado en una doble obligación de éxito frente a su empleador, frente a su familia que consiente seguirle en su nomadismo profesional. Las contradicciones observadas, factores de desestabilización, pueden convertirse en factores de resistencia cuando esos ejecutivos rechazan el coste conyugal de una mobilidad geográfica y que las parejas se opengan a los imperativos manageriales