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Tytuł:
Dividend policy of companies listed on European and American capital markets – comparative analysis
Autorzy:
Jabłoński, Bartłomiej
Kuczowic, Jacek
Powiązania:
https://bibliotekanauki.pl/articles/950063.pdf
Data publikacji:
2016
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
dividend policy
dividend
investments
capital markets
Opis:
This paper discusses the issue of the dividend distribution from the perspective of capital market investors and dividend distributing companies, listed on the largest stock exchanges. The goal of the study is to demonstrate the specificity of the dividend policy of companies functioning on the world’s most developed capital markets – the USA and Western Europe. The study covers 150 companies, their dividend policy, as well as the regularity and dynamics of dividend distribution in the period 2011-2015. The results of the study indicate that in companies listed on the developed capital markets, systematic dividend distribution constitutes a stable element of remunerating investors. The analysis also pointed to the considerable differences between the dividend policy adopted by companies listed on the Warsaw Stock Exchange and the dividend policy of companies which are components of the S&P500, FTSE100, DAX, and CAC40 indices
Źródło:
Financial Sciences. Nauki o Finansach; 2016, 4(29); 35-48
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Polityka dywidend z perspektywy postaw inwestora indywidualnego – wyniki badań
Autorzy:
Jabłoński, Bartłomiej
Powiązania:
https://bibliotekanauki.pl/articles/950396.pdf
Data publikacji:
2015
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
behavioural finance
investment decisions
dividend policy
Opis:
The article describes the issues of dividend policy from the perspective of the psychology of the individual investor. A questionnaire survey conducted on 115 Polish stock exchange investors of different age, education, investment goals and professional activity aimed primarily at verifying the behaviour of the respondents in relation to the behaviour of the investors acting on the international market. The findings of the research not only confirm the convergence of the behaviour of Polish capital market investors against the behavioural dogmas of finance, but they also present new patterns of behaviour, provided that factors influencing an investment the decision-making process are taken into account.
Źródło:
Financial Sciences. Nauki o Finansach; 2015, 4(25); 51-76
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Dividend changes and future profitability changes – evidence from Polish listed companies
Zmiany w zakresie dywidend a zmiany rentowności spółek notowanych na GPW w Warszawie
Autorzy:
Kaźmierska-Jóźwiak, Bogna
Powiązania:
https://bibliotekanauki.pl/articles/425130.pdf
Data publikacji:
2017
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
dividend
dividend policy
signaling theory
panel data analysis
Opis:
The study attempts to extend the knowledge regarding the dividend policy of nonfinancial companies listed on the Warsaw Stock Exchange. In the previous part of the research the author analysed among others, determinants of dividend policy on the Polish capital market. The main aim of this paper, according to the dividend signalling theory, is to investigate whether the dividend changes convey some information about the future profitability of non-financial firms listed on the WSE paying dividends for at least two consecutive years. The study examines the relation between dividend changes and future profitability changes measured in terms of earnings per share payments of nonfinancial companies listed on the Warsaw Stock Exchange paying dividends in the 2007-2012 period using panel data analysis. The main hypothesis states that changes in dividends are positively correlated with changes of earnings in the year after the change in dividend. The research results show that firms that increase dividends are more profitable than firms that either decrease their dividends or do not make any changes in their dividend policy. Unpredictably, firms that cut dividends are more profitable than firms that leave dividends unchanged. The results of panel data analysis indicate that neither dividend increases, nor the dividend increases in the current year are related to future changes in earnings. Thus, the results do not support the hypothesis. To conclude, the current changes in dividends are not reliable signals of future earning changes one year ahead in the same direction.
Źródło:
Econometrics. Ekonometria. Advances in Applied Data Analytics; 2017, 4 (58); 95-104
1507-3866
Pojawia się w:
Econometrics. Ekonometria. Advances in Applied Data Analytics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
DIVIDEND POLICY FROM THE PERSPECTIVE OF AN INDIVIDUAL INVESTOR – RESULTS OF THE RESEARCH
Polityka dywidend z perspektywy postaw inwestora indywidualnego – wyniki badań
Autorzy:
Jabłoński, Bartłomiej
Powiązania:
https://bibliotekanauki.pl/articles/950415.pdf
Data publikacji:
2015
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
behavioural finance
investment decisions
dividend policy
Opis:
The article describes the issues of dividend policy from the perspective of the psychology of the individual investor. A questionnaire survey conducted on 115 Polish stock exchange investors of different age, education, investment goals and professional activity aimed primarily at verifying the behaviour of the respondents in relation to the behaviour of the investors acting on the international market. The findings of the research not only confirm the convergence of the behaviour of Polish capital market investors against the behavioural dogmas of finance, but they also present new patterns of behaviour, provided that factors influencing an investment the decision-making process are taken into account.
Źródło:
Financial Sciences. Nauki o Finansach; 2015, 4(25); 51-76
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The dividend policy of companies listed on the Warsaw Stock Exchange
Autorzy:
Bogołębska, Justyna
Powiązania:
https://bibliotekanauki.pl/articles/947629.pdf
Data publikacji:
2019
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
dividend policy
share price
investment decision
Opis:
Dividend policy is created and formulated by companies. For this reason, the focus of the analysis is on the message conveyed by the information on the dividend payout, the relationship between the dividend and financial indicators, the continuity of the payout and the amount of the dividend itself. Decisions on the dividend payment include two basic issues: what portion of profits should be paid out over a certain period of time and whether the company should maintain a steady and stable growth rate. If a steady and stable growth rate is maintained, then the level of earnings will increase from year to year. This phenomenon is confirmed by the growing number of companies paying dividends. The purpose of the article is to indicate significant differences in stock prices before the dividend payment and after the dividend payment, and to indicate significant differences in stock prices before the announcement of the dividend right and after the announcement of the dividend right.
Źródło:
Financial Sciences. Nauki o Finansach; 2019, 24, 2; 17-27
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Characteristics and realization of the dividend policy of companies quoted on the Warsaw Stock Exchange for the period 2008--2017
Autorzy:
Jabłoński, Bartłomiej
Powiązania:
https://bibliotekanauki.pl/articles/947709.pdf
Data publikacji:
2019
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
dividend policy
dividends
investments
capital markets
Opis:
The article takes up the issue of the characteristics and the implementation of the dividend policy of companies quoted on the Warsaw Stock Exchange in Warsaw for the period 2008-2017. The purpose of the research is the characteristics of dividend policy company satisfaction mechanism, including an assessment of its actual implementation. To study the characteristics and implementation of the dividend policy by the company’s dividend, eventually it was necessary to classify the companies that during the period of 2009-2018 paid dividends for the period 2008-2017 without a break (at 31.07.2018). The test results indicate a high average annual growth rate of paid dividends. Unfortunately, more than half of the companies developed a dividend policy and those that have it as the basis for their decision on the amount of payment of dividends indicate net profit and investment needs.
Źródło:
Financial Sciences. Nauki o Finansach; 2019, 24, 3; 1-12
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
EQUITY ISSUANCE AND CORPORATE DIVIDEND POLICY IN EMERGING ECONOMY CONTEXT
Autorzy:
Rohov, Heorhiy
Solesvik, Marina Z.
Powiązania:
https://bibliotekanauki.pl/articles/453403.pdf
Data publikacji:
2016
Wydawca:
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie. Katedra Ekonometrii i Statystyki
Tematy:
dividend policy
emission policy
random forest algorithm
Ukraine
Opis:
This article explores links between the size of a company, industrial sector in which a company operates, concentration of capital, size of business and emission and dividend policy in the Ukrainian corporate sector. Guided by insights from the bird-in-hand theory, clientele theory, signaling theory, and agency theory, we justify factors that determine the choice of shares’ placement by Ukrainian public joint stock companies and forming of their dividend policy related to the current operating conditions of the Ukrainian corporate sector. Using mathematical approach of tree classification construction in the form of random forest algorithm, we found out that maximization of the share capital value, that is involved in shares issuance of Ukrainian PJSCs, is not a priority for owners of corporate rights. 86.1 per cent of companies have selected private placements of shares. In the non-financial sector, 87.5 per cent of companies opted private placements. The study revealed also only a small share (3.5%) of Ukrainian joint stock companies paid dividends to shareholders. However, the dividend policy of Ukrainian joint stock companies changed when they listed their shares on foreign stock markets. In this case two thirds of explored firms paid dividends.
Źródło:
Metody Ilościowe w Badaniach Ekonomicznych; 2016, 17, 4; 114-137
2082-792X
Pojawia się w:
Metody Ilościowe w Badaniach Ekonomicznych
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland
Autorzy:
Oleksy, Paweł
Zyguła, Andrzej
Powiązania:
https://bibliotekanauki.pl/articles/1357388.pdf
Data publikacji:
2018-12-18
Wydawca:
Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
Tematy:
ownership structure
dividend policy
shareholder value
financialisation
Opis:
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.
Źródło:
Central European Economic Journal; 2017, 3, 50; 41 - 52
2543-6821
Pojawia się w:
Central European Economic Journal
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Realizacja polityki dywidendy w spółkach kapitałowych – zróżnicowanie sektorowe i własnościowe
Realization of dividend policy in capital companies – shareholding structure and sectoral diversification
Autorzy:
Piątkowska, Jowita
Powiązania:
https://bibliotekanauki.pl/articles/587400.pdf
Data publikacji:
2019
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Dywidenda
Polityka dywidendy
Struktura akcjonariatu
Dividend
Dividend policy
Shareholding structure
Opis:
Istotnym problemem decyzyjnym w strategiach finansowych przedsiębiorstw jest wybór sposobu podziału zysku netto. Ma to znaczenie nie tylko dla spółki, ale również dla wielu grup interesów. Celem opracowania jest ocena, w jakim stopniu zróżnicowanie własnościowe i sektorowe wpływa na realizację polityki dywidendy w spółkach. Dokonano tu porównania cech charakterystycznych różnych form transferu środków pieniężnych. Ponadto wykorzystano spółki giełdowe, które podjęły decyzję o realizacji polityki dywidendy, oraz zbadano, czy struktura własnościowa oraz sektor, w jakim przedsiębiorstwo działa, mają wpływ na realizację polityki dywidendy.
The aim of the article is to verify whether ownership structure and the sector in which company operates influences on taking decision concerning dividend payment. Judging on selected companies it has been proved that companies with State Treasure as the owner are prone to make decision about dividend payment. Sector in which company operates also has influence on dividend payment. As proven in article a lot of companies decide to realize dividend with State Treasure as the owner (for example PGNIG and PHN to name just a few). As a result of this tendencies income from dividend is the power source of national budget for public sector represented by State Treasure and entities of local governments. Although still it is more common that dividend is paid by companies which work in industries related to energetic and raw materials sector.
Źródło:
Studia Ekonomiczne; 2019, 380; 67-78
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Catering Approach to the Dividend Payment Policy on the Warsaw Stock Exchange
Autorzy:
Pieloch-Babiarz, Aleksandra
Powiązania:
https://bibliotekanauki.pl/articles/517212.pdf
Data publikacji:
2015
Wydawca:
Instytut Badań Gospodarczych
Tematy:
catering theory of dividends
dividend policy
propensity to pay dividend
behavioural finance
Opis:
Dividend payment policy is a significant issue of neoclassical theories of finance. One of the concepts which poses a challenge tothe neoclassical approach to dividend payment policy is behavioural finance, including a catering theory of dividends. The aim of the article is to examine whether and to what extent the catering theory of dividends is reflected in the behaviour of shareholders and managers on the WSE. The opportunity to accomplish the aim of this paper was conditioned by the empirical verification of research hypothesis stipulating that the number of dividend payers increases if the dividend payers are priced by the capital market higher that the nonpayers. The empirical verification of hypothesis was conducted basing on the equal- and value-weighted dividend premium as well as dividend payment ratios. Moreover, descriptive statistics, Spearman's rank correlation coefficient, linear regression and coefficient of determination were used. The study was carried out on the basis of companies operating in the electromechanical industry sector that were listed on the WSE in the period between 1999-2013. The figures were taken from the Stock Exchange Yearbooks, Notoria Serwis database and GPWInfostrefa platform. The preliminary results of empirical research in the range of the catering theory of dividends allow to draw a conclusion that this theory may be useful in explaining the dividend policy conducted by electromechanical industry companies listed on the WSE.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2015, 10, 2; 183-206
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Characteristics identifying the companies conducting different dividend policy: evidence from Poland
Autorzy:
Pieloch-Babiarz, Aleksandra
Powiązania:
https://bibliotekanauki.pl/articles/22444430.pdf
Data publikacji:
2020
Wydawca:
Instytut Badań Gospodarczych
Tematy:
diverse dividend policy
dividend determinants
investment attractiveness
Warsaw Stock Exchange
TOPSIS method
Opis:
Research background: Dividend policy has been a subject of many scientific studies. Although most of them focus on its determinants, there is still a research gap concerning the lack of comprehensive research on the differences between companies implementing different types of dividend policy. Furthermore, no at-tempt has been made to indicate which of them could be considered as more attractive for stock market investor that invests in dividend stocks. Purpose of the article: The aim of this paper is to carry out a comparative analysis of companies with different dividend policy from the point of view of their investment attractiveness. Methods: The empirical research is conducted among the regular dividend payers listed on the main market of the Warsaw Stock Exchange in years 2001?2017. The data for analysis is collected from Notoria Service and Stock Market Yearbooks. The main calculations are carried out using the technique for order of preference by similarity to ideal solution (TOPSIS), descriptive statistics and one-way analysis of variance ANOVA with Fisher?s LSD test. Findings & Value added: The value added of this paper is a holistic approach to comparison of companies conducting different dividend policy. The most significant differences are observed in case of extreme and residual dividend policy. The first policy should be of particular interest to investors investing for dividends, while the second one should be attractive to investors that invest for capital growth. The research is valuable due to the lack of academic studies concerning different dividend policy in the context of attractiveness of investing in dividend shares.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2020, 15, 1; 63-85
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Programy automatycznej reinwestycji dywidendy jako instrument polityki wypłaty dywidendy w spółce akcyjnej
Autorzy:
Kuciński, Andrzej
Powiązania:
https://bibliotekanauki.pl/articles/1836561.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet Marii Curie-Skłodowskiej. Wydawnictwo Uniwersytetu Marii Curie-Skłodowskiej
Tematy:
dividend
dividend policy
automatic dividend reinvestment programs
dywidenda
polityka dywidendy
plan automatycznej reinwestycji dywidendy
Opis:
Uzasadnienie teoretyczne: Zagadnienie programów automatycznej reinwestycji dywidendy jest rzadko poruszane w polskiej literaturze, brak jest całościowych opracowań dotyczących programów automatycznej reinwestycji dywidendy. Zagadnienie to najczęściej pojawia się przy omawianiu narzędzi polityki dywidendy.Cel artykułu: Przedstawienie założeń programów (planów) automatycznej reinwestycji dywidendy, które mogą stanowić narzędzie polityki wypłaty dywidendy w spółce akcyjnej, a także dokonanie analizy programów automatycznej reinwestycji dywidendy oferowanych przez 30 amerykańskich spółek reprezentujących Dow Jones Industrial Average Index.Metody badawcze: W opracowaniu wykorzystano jako metody badawcze analizę literatury oraz analizę dokumentów (broszur) opisujących programy automatycznej reinwestycji dywidendy.Główne wnioski: Programy automatycznej reinwestycji dywidendy zostały wdrożone przez wszystkie spółki wchodzące w skład Dow Jones Industrial Average Index. Znaczna część analizowanych programów zalicza się do grupy tzw. bezpłatnych programów reinwestycji dywidendy (No-Fee Dividend Reinvestment Programs). Z dokonanych obserwacji wynika, że często programy automatycznej reinwestycji dywidendy uzupełniane są o dodatkowe programy zakupu akcji, określane jako Optional Cash Purchase Plans (OCPs) lub Stock Purchase Plans (SPPs).
Theoretical background: The issue of automatic dividend reinvestment programs is rarely discussed in Polish literature, there are no comprehensive studies on automatic dividend reinvestment programs. This issue most often appears when discussing the tools of dividend policy.Purpose of the article: Presentation of the assumptions of automatic dividend reinvestment programs (plans), which can be an instrument of the dividend payment policy in a joint stock company, as well as analysis of the automatic dividend reinvestment programs offered by 30 American companies representing Dow Jones Industrial Average Index.Research methods: The study is based on a literature review and a documents (brochures) analysis describing dividend reinvestment programs.Main findings: Dividend reinvestment programs have been implemented by all companies included in the Dow Jones Industrial Average Index. A significant part of the analyzed programs belongs to the group of the so-called No-Fee Dividend Reinvestment Programs. The observations made show that often dividend reinvestment programs are supplemented by additional share purchase programs called Optional Cash Purchase Plans (OCPs) or Stock Purchase Plans (SPPs).
Źródło:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; 2020, 54, 4; 55-68
0459-9586
Pojawia się w:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The relevance of dividend smoothing in the construction companies listed on the Warsaw Stock Exchange
Autorzy:
Gostkowska-Drzewicka, Magdalena
Majerowska, Ewa
Powiązania:
https://bibliotekanauki.pl/articles/950174.pdf
Data publikacji:
2016
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
dividend policy
economic factors
corporate payout
Lintner model
logit model
Opis:
Dividend smoothing is a well-known empirical fact in developed countries. It is influenced by many factors. In this paper we analyse the relevance of dividend smoothing in the construction companies listed on the Warsaw Stock Exchange in 2000-2014. It is assumed that it is possible to estimate the level of dividend smoothing and to identify the factors determining this level. The implementation of the purpose and verification of the hypotheses required applying econometric models. The findings suggest that the Lintner model can be applied for construction companies listed on the Warsaw Stock Exchange because the smoothing effect was statistically significant in most cases. However, it was not possible to identify statistically significant smoothing factors, although these factors can be useful in order to estimate the logit model which is used to predict whether the company will pay a dividend or not
Źródło:
Financial Sciences. Nauki o Finansach; 2016, 2(27); 9-22
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Signaling theory in dividend policy
Autorzy:
Bogołębska, Justyna
Powiązania:
https://bibliotekanauki.pl/articles/27313649.pdf
Data publikacji:
2022
Wydawca:
Politechnika Śląska. Wydawnictwo Politechniki Śląskiej
Tematy:
finance
signaling theory
dividend policy
finanse
teoria sygnalizacji
polityka dywidendowa
Opis:
Purpose: The purpose of this paper is to examine the signaling theory of dividend policy in companies that are listed on the Warsaw Stock Exchange. Design/methodology/approach: Based on the literature review of signaling theory in dividend policy, the research hypothesis was stated: There is no relationship between future earnings and current dividend payments in the financial statements of Warsaw listed companies during the studied period 2010-2021. Accordingly, an empirical model was built which consisted of an explanatory variable (dividend in subsequent years) and explanatory variables (earnings in subsequent years). In addition, a research questionnaire was conducted for individual investors who have been investing in the Warsaw Stock Exchange for more than one year. Findings: The estimation results of the econometric model confirmed that there is no relationship between the dividend paid and the profit of a given company. On the other hand, the survey results indicated that dividend policy is an important element in the decision-making process of individual investors in the stock market. Originality/value: The research in the paper is complementary in nature - the signaling theory in dividend policy was examined in a multifaceted manner - econometric testing of the model and qualitative research in the form of a survey among 100 investors.
Źródło:
Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska; 2022, 158; 85--94
1641-3466
Pojawia się w:
Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The dividend policy of capital groups and other dividend companies listed on the Warsaw Stock Exchange − research results
Polityka dywidend grup kapitałowych oraz innych podmiotów notowanych na Giełdzie Papierów Wartościowych w Warszawie – wyniki badań
Autorzy:
Jabłoński, Bartłomiej
Powiązania:
https://bibliotekanauki.pl/articles/1819060.pdf
Data publikacji:
2021
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
capital group
dividend policy
determinants of dividend policy
Spearman’s rank correlation coefficient
grupa kapitałowa
polityka dywidend
determinanty polityki dywidend
współczynnik korelacji rang Spearmana
Opis:
The aim of the article was to present research on the characteristics of the dividend policy of capital groups and other dividend companies listed on the Warsaw Stock Exchange that paid dividends in 2012-2019 and to undertake a critical evaluation. The research relates to the methods of describing the dividend policy implemented by companies listed on the Warsaw Stock Exchange, which publish consolidated financial statements (capital groups) and measures of the system of payout of dividends by these entities. Based on the conducted research, it should be stated that capital groups are of a higher average annual dividend growth rate than companies publishing only separate financial statements, whilst the latter boast a higher average cumulative rate of dividends. The conducted research shows that the parent companies do not show whether they receive dividends from their subsidiary companies. However, based on the Spearman’s Rho analysis and the Pearson linear correlation coefficient for the analysed companies, it was found that there was a statistically significant link for capital groups and other companies between the average annual rate of return and the cumulative rate of dividends, and only for the remaining companies, a positive link between the average annual dividend growth rate and the cumulative rate of dividends (yet, this has not been confirmed by the Pearson’s linear correlation coefficient). The added value and application value are recommendations regarding the attractiveness of investing in dividend companies – capital groups or companies without related entities.
Celem artykułu było przedstawienie badań dotyczących charakterystyki polityki dywidendowej grup kapitałowych i innych spółek dywidendowych notowanych na Giełdzie Papierów Wartościowych w Warszawie, które wypłacały dywidendy w latach 2012-2019, oraz podjęcie krytycznej oceny. Badania dotyczą sposobów opisu polityki dywidend realizowanej przez spółki notowane na Giełdzie Papierów Wartościowych w Warszawie, które publikują skonsolidowane sprawozdania finansowe (grupy kapitałowe), oraz mierników systemu wypłaty dywidend przez te podmioty. Na podstawie przeprowadzonych badań należy stwierdzić, że grupy kapitałowe charakteryzują się wyższą średnią roczną stopą wzrostu dywidendy niż spółki publikujące jedynie jednostkowe sprawozdania finansowe, natomiast te ostatnie mogą pochwalić się wyższą średnią skumulowaną stopą dywidendy. Z przeprowadzonych badań wynika, że spółki dominujące nie wykazują, czy otrzymują dywidendy od spółek zależnych. Jednak na podstawie analizy współczynnika Rho Spearmana oraz współczynnika korelacji liniowej Pearsona dla analizowanych spółek stwierdzono, że dla grup kapitałowych i pozostałych spółek istnieje statystycznie istotny związek pomiędzy średnioroczną stopą zwrotu a skumulowaną stopą dywidendy, a jedynie dla pozostałych spółek pozytywny związek pomiędzy średnioroczną stopą wzrostu dywidendy a skumulowaną stopą dywidendy (nie zostało to jednak potwierdzone współczynnikiem korelacji liniowej Pearsona). Wartością dodaną i aplikacyjną są rekomendacje dotyczące atrakcyjności inwestowania w spółki dywidendowe – grupy kapitałowe lub spółki bez podmiotów powiązanych.
Źródło:
Financial Sciences. Nauki o Finansach; 2021, 26, 1; 1-21
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 41

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