<abstract xmlns="http://www.w3.org/1999/xhtml"><p>In the paper, we examine the impact of ownership structure on dividend policy and shareholder value in non-financial companies from construction sector in Poland. More specifically, by distinguishing between financial and non-financial shareholders, we verify the involvement of financial institutions in company ownership and how it translates into changes in major dividend and shareholder value indicators. Our results show that the presence of financial investors in the ownership structure has a positive impact on probability that the company will pay out dividends, what is symptomatic for financialisation. However, there is not enough evidence to support similar conclusion regarding shareholder value creation.</p></abstract>

In the paper, we examine the impact of ownership structure on dividend policy and shareholder value in non-financial companies from construction sector in Poland. More specifically, by distinguishing between financial and non-financial shareholders, we verify the involvement of financial institutions in company ownership and how it translates into changes in major dividend and shareholder value indicators. Our results show that the presence of financial investors in the ownership structure has a positive impact on probability that the company will pay out dividends, what is symptomatic for financialisation. However, there is not enough evidence to support similar conclusion regarding shareholder value creation.

The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland

Central European Economic Journal

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

In the paper, we examine the impact of ownership structure on dividend policy and shareholder value in non-financial companies from construction sector in...

The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland

Published Online: Dec 18, 2018

Page range: 41 - 52

DOI: https://doi.org/10.1515/ceej-2017-0016

Keywords
ownership structure, dividend policy, shareholder value, financialisation

© 2017 Paweł Oleksy, Andrzej Zyguła published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland

Published Online: Dec 18, 2018

Page range: 41 - 52

DOI: https://doi.org/10.1515/ceej-2017-0016

Keywordsownership structure, dividend policy, shareholder value, financialisation

© 2017 Paweł Oleksy, Andrzej Zyguła published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
ownership structure, dividend policy, shareholder value, financialisation