Polityka dywidend w spółkach notowanych na Giełdzie Papierów Wartościowych w Warszawie w latach 1994-2002

• Autorzy: Joanna Wyrobek

Warianty tytułu

Dividend Policies in Companies Listed on the Warsaw Stock Exchange in 1994-2002

• Języki publikacji: PL

Abstrakty

Przeprowadzono analizę polityki wypłaty dywidend w okresie transformacji systemowej w Polsce. Zbadano czy istniała zależność pomiędzy źródłem pochodzenia kapitału (głównie z zagranicy) a polityką dywidend, oraz jakie czynniki determinowały wypłacanie dywidendy. Badaniami objęto spółki notowane na Giełdzie Papierów Wartościowych w Warszawie w latach 1994-2002.

EN

The paper presents the results of the research on dividend policies adopted by companies listed on the Warsaw Stock Exchange in 1994-2002. The conducted research does not confirm the correlation between the country of origin and the amount of dividends, or the probability of the payment of dividends (hypothesis 1). No direct correlation has been found between the speed of expansion and the amount of dividends, or the probability of the payment of dividends (hypothesis 2). The third hypothesis assumes the correlation between the payment of dividends and the country's macro economic environment. This hypothesis has been partly confirmed, as companies do not directly respond to macro economic factors, but rather to the performance of a given industry. The correlation has been confirmed between the dividend and the accumulated financial result of the previous years (hypothesis 4), and the dependence of the decision to pay out the dividend on the company's previously adopted policies in this area (a number of companies retained 100% of their earnings and did not pay the dividend, even though their financial results were very good). The results of the research indicate that dividend payment policies are mainly based on the company's financial standing and adopted strategy. The above justifies the author's statement that dividend policies were rational and did not pose any threat to companies' long-term expansion plans.(original abstract)

Słowa kluczowe

PL

Dywidenda; Inwestycje kapitałowe; Giełda papierów wartościowych; Modele ekonometryczne

EN

Dividend; Capital investments; Stock market; Econometric models

• Czasopismo: Zeszyty Naukowe / Polskie Towarzystwo Ekonomiczne
• Rocznik: 2004
• Numer: nr 2
• Strony: 237--261

Twórcy

autor

Joanna Wyrobek

Bibliografia

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