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Strategies of Dividend policy of the companies listed on the Warsaw Stock Exchange

References Bulan, L. & Subramanian, N. (2009). The Firm Life Cycle Theory of Dividends, (12.05.2014). Baker, H.K., Powell, G.E. & Veit, E.T. (2002). Revisiting Managerial Perspectives on Dividend Policy. Journal of Economics and Finance, 26 (3). Benninga, S.Z. & Sarig, O.H. (2000). The company’s finance. Methods of evaluation. Warsaw: WIG-Press. Brav, A., Graham, J.R., Harvey, C.R. & Michaely, R. (2005). Payout Policy in The 21st Century

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The Determinants of Corporate Dividend Policy in Poland

References Al-Ajmi J., Hussain H.A. (2011), Corporate dividends decisions: evidence from Saudi Arabia, The Journal of Risk Finance , Vol. 12, Issue 1, p. 41–56. Almeida L.A.G., Pereira E.T, Tavares F.O. (2015). Determinants of Dividend Policy: evidence from Portugal, Review of Business Management, Vol. 17, No. 54, p. 701–719. Al-Najjar B. (2011), The inter-relationship between capital structure and dividend policy: empirical evidence from Jordanian data, I

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Influence of Investment Projects on Dividend Policy of a Company in Conditions of Fuzzy Information

References Baker, H.K., Powell, G.E. & Veit, E.T. (2002). Revisiting Managerial Perspectives on Dividend Policy. Journal of Economics and Finance , 26 (3). Benninga, S.Z. & Sarig, O.H. (2000). Company Finance, Methods of Valuation , Warsaw: WIG-Press. Brav, A.J. and others (2005). Payout Policy in the 21st Century, Journal of Financial Economics , 77. Brealey, R.A. & Myers, S.C. (2003). Principles of Corporate Finance . 7th ed., New York: McGraw-Hill. Brigham, E

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Characteristics and Realization of the Dividend Policy of Companies Quoted on the Warsaw Stock Exchange for the Period 2008-2017

References Baker H.K., Powell G.E., Veit E.T., 2002, Revisiting managerial perspectives on dividend policy , Journal of Economics and Finance, vol. 26, no. 3. Benninga S.Z., Sarig O.H., 2000, Finanse przedsiębiorstwa. Metody wyceny, WIG-Press, Warszawa. Brealey R.A., Myers S.C., 2003, Principles of Corporate Finance – Ed. 7, McGraw-Hill, New York. Brigham E.F., Houston J.F., 2015, Zarządzanie finansami , PWE, Warszawa. Cwynar A., Cwynar W., 2007, Kreowanie wartości spółki poprzez długoterminowe decyzje finansowe, Wydawnictwo

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Impact of a Company’s Dividend Policy on the Liquidity of Shares Listed on the Warsaw Stock Exchange

References Adjaoud, F., Ben-Amar, W. (2010). Corporate Governance and Dividend Policy: Shareholders’ Protection or Expropriation. Journal of Business Finance & Accounting, 37 (5-6), 648-667. Afsari, N. (2014). Relationship between Corporate Governance and Dividend Payment Policy of Companies Listed in Tehran Stock Exchange. International Research Journal of Applied and Basic Sciences, 8 (11), 1891-1899. Akerlof, G. (1970). The Market for “Lemons”: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, Vol. 84 , No

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

survey the effect of ownership structure on dividend policy and shareholder value of selected non-financial companies in Poland. More specifically, we examine the involvement of financial investors in ownership of non-financial companies and examine how it influences the dividend policy and determines the shareholder value creation. Construction industry has been chosen because it belongs to the traditional sectors of the economy and plays a significant role in creation of Gross Domestic Product (GDP). According to the Central Statistical Office of Poland, for the last

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Do Investor Preferences Drive Corporate Dividend Policy?


This research paper aims at assessing whether managers adapt their dividend policies to the changing preferences of investors, as predicted by the catering theory of dividends. To answer this question, we used an modified approach based on the method proposed by Baker and Wurgler [2004a] in their studies on dividend catering.

We noted a systematic decline in percentage of companies that paid out dividends in a sample of American publicly-traded companies, excluding companies of low capitalization and low profitability. Next, we observed a parallel declining tendency in dividend premiums in our sample. The decrease in the readiness to pay out dividends among companies on the American market can be linked to the fact that investors have assigned less weight to dividends over the years, and so in turn they were less willing to reward dividend-paying companies with higher valuations. Periodic fluctuations in investor mood with regard to dividend-paying companies, and the resulting changes in their relative valuation, influence the propensity of managers to pay out dividends. We showed a statistically significant relationship between changes in dividend premiums in one year, and the proportion of companies that paid out dividends in the following year. Additionally, it looks like companies try to compensate shareholders by paying out dividends in years of worse performing market and are less likely to distribute their earnings when shareholders gain on rising stock price. We found a negative correlation between the change in proportion of companies paying out dividends and changes in the S&P500 index. However, this does not seem to reflect investor preferences and taste for dividends. We found no statistically significant correlations between the change of the dividend premium and changes in the S&P500 index and, surprisingly, we observed relatively worse valuation of dividend-paying frms in years of market downturn.

In terms of originality, our work contributes to the ongoing dividend puzzle discussion in a number of ways. First, we use a sample of American companies after excluding small capitalization stocks. Second, we assume a time lag between a shift in investor preferences and a change in corporate payout policy. Finally, our studies also account for the impact of general market conditions on dividend decisions.

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Dividend Policies and Business Groups: the Case of Croatia

REFERENCES Agrawal, A. & Jayaraman, N. (1994). The Dividend Policies of All-Equity Firms: A Direct Test of the Free Cash Flow Theory. Managerial and Decision Economics, 15(2), 139-148. DOI: 10.1002/mde.4090150206. Aivazian, V., Booth, L. & Cleary, S. (2003). Do Emerging Market Firms Follow Different Dividend Policies From U.S. Firms?. Journal of Financial Research, 26(3), 371-387. DOI: 10.1111/1475-6803.00064. Alchian, A. (1969). Corporate management and property rights. In Manne, H. (Eds.), Economic policy and the regulation of corporate

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Determinants of Corporate Dividend Policy in Polish Companies Listed on WSE

R eferences Al-Najjar, B. (2011). The Inter-relationship between Capital Structure and Dividend Policy: Empirical Evidence from Jordanian Data. International Review of Applied Economics, 25(2), 209–224. Amidu, M., Abor, J. (2006). Determinants of Dividend Payout Ratios in Ghana. The Journal of Risk Finance, 7(2), 136–145. Andres, C., Betzer, A., Goergen, M., Renneboog L. (2009). Dividend Policy of German Firms: A Panel Data Analysis of Partial Adjustment Models. Journal of Empirical Finance, 16(2), 175-187. Anil, K., Kapoor, S. (2008

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The Influence of Inflation on the Real Value of Paid Out Dividends on the Warsaw Stock Exchange in the Years 2000–2012

. Inflation, Hyperinflation, Adjustment Lags: Why TIPS Don’t Guarantee Real Rate of Return. Journal of Financial Planning, 26(5), pp. 54-59. Lee, T., 2000. Economics for stock-exchange investors. Warsaw: Wig-Press. Lipsey, R.G., Ragan, C.T.S., 2008. Macroeconomics. Toronto: Pearson Education. Maule, B., Pugh, A., 2013. Do inflation expectations currently pose a risk to the economy?. Bank of England Quarterly Bulletin, Q2, pp. 110-121. Modigliani, F., 1982. Debt, Dividend Policy, Taxes, Inflation and Market

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