Stock Repurchases and Dividend - Determinants of the Payout Policy of the Firm

• Autorzy: Elżbieta Rychłowska-Musiał

Warianty tytułu

Wykup akcji własnych, a dywidenda - determinanty wyboru optymalnej strategii zwrotu gotówki akcjonariuszom

• Języki publikacji: EN

Abstrakty

EN

We have considered a payout policy of the firm as a trade-off between eliminating the agency problems and preserving financial flexibility. The key results from this analysis are as follows: • Dividends are paid by firms threatened by high agency problems of free cash flow or poor governance. • Stock repurchase program execution is advantageous to shareholders of firms with high growth opportunities, well governed and firms with low excess cash level. • The more poor governed firm the higher insider (managers) ownership to stock repurchase program could be executed. • High growth but poor governed firms do not undertake any forms of cash transfer to shareholders. At the end it is interesting to join these model results with the empirical observations. (original abstract)

Istnieją dwa główne kanały dystrybucji wolnych środków pieniężnych do akcjonariuszy -dywidenda pieniężna oraz programy wykupu i umorzenia akcji. Obie te formy mają swoje dobre i złe strony i są stosowane w różnych okolicznościach przez różnego typu spółki. (abstrakt oryginalny)

Słowa kluczowe

EN

Stock rate of returns; Shares; Dividend; Return on Investment (ROI); Distribution channels; Shareholders; Shareholder Value (SHV); Optimal decisions

PL

Stopa zwrotu akcji; Akcje; Dywidenda; Stopa zwrotu kapitału; Kanały dystrybucji; Akcjonariusz; Wartość dla akcjonariuszy; Decyzje optymalne

• Czasopismo: Zeszyty Naukowe / Uniwersytet Ekonomiczny w Poznaniu
• Rocznik: 2009
• Numer: nr 122
• Strony: 184--197

Twórcy

autor

Elżbieta Rychłowska-Musiał

• Poznań University of Economics, Poland

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